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MALAYSIA TO LAUNCH ESG FRAMEWORK BY YEAR-END - TENGKU ZAFRUL

--------------------------------------------------------------------------------


 * Corporate News

 * Tuesday, 11 Apr 2023
   
   2:37 PM MYT
   


   RELATED NEWS
   
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BANGI: The government will launch a framework on environmental, social and
corporate governance (ESG) standards by year-end to help local companies
transition into renewable energy, said International Trade and Industry Minister
Tengku Datuk Seri Zafrul Abdul Aziz today.

He said the framework will focus on small and medium enterprises (SMEs) to help
them in terms of funding and capacity building for export.



"A lot of our export markets are asking exporters to be ESG-compliant, so we
need to prepare our companies, especially our SMEs to transition to be more
ESG-compliant," he told reporters after the launch of Malaysia's first battery
energy storage system (BESS) for renewable energy here today.

The system was developed by Citaglobal Genetec Sdn Bhd, a special-purpose
vehicle formed by Citaglobal Bhd and Genetec Technology Bhd.




The launch showcased the fully operational one-megawatt BESS prototype (MYBESS)
that was developed and piloted in December 2022 and currently supports Genetec
Technology EPIC plant’s energy needs.

Tengku Zafrul said one of Malaysia’s competitive advantages was renewable energy
and local innovation such as MYBESS would attract more investment into Malaysia.

"The framework involves consultations with the industry as well. We want to be
fair because we do not want to come out with a policy that is not in line with
what the industry is ready for,” he added.

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GET INTO THE FESTIVE SPIRIT AT EAST COAST MALL THIS HARI RAYA HAJI

Earlier in his speech, Tengku Zafrul said the presence of MYBESS can serve as
one of the main initiatives under the National Automotive Policy 2020 to support
the development of the Electric Vehicle Interoperability Centre (EVIC).

"This will further enhance the smart grid integration between electric vehicles
and infrastructure in Malaysia. This development will support both
upstream-downstream industries and complete the demand-supply of battery’s
repurposing, power generation and carbon reduction initiatives,” he added.

Tengku Zafrul said that at one megawatt per unit, MYBESS is industrial capacity
ready, while also being viable for homes, retail services such as electric
vehicles charging stations, micro industries, businesses, markets and rural
electrification.

"Over time, all efforts contribute to Malaysia’s efforts to achieve our Net Zero
Carbon commitment by 2050, while improving the overall quality of lives and
access to key enabling facilities and amenities for the rakyat, he added.

"And we must capitalise on this first-to-market advantage to embed this
Malaysian-grown MYBESS solution in the global renewable energy supply chain.

"By doing so, we can pave the way for Citaglobal Genetec BESS and many more
Malaysian companies to develop this early mover advantage in the renewable
energy space that is rapidly unfolding, but looks set to have a long runway
ahead of it,” he added. - Bernama



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Tags / Keywords: Tengku Zafrul , ESG , framework , electric vehicles ,
 Citaglobal Genetec BESS.

Topic:

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MARKET SUMMARY

--------------------------------------------------------------------------------

Quotes are delayed by at least 15 mins
Updated: 26 Jun 2023|6:50 PM


FBM KLCI

1389.88

-1.01

-0.07%

Vol ('00)


25,630,181

FBMKLCI



Day's Range

Low

1388.41

High

1394.3
52 Weeks Range

Low

1369.41

High

1528
Gainers292
Losers476
Unchanged465
Untraded1085
Go to Market Watch


MARKET MOVERS

View More

--------------------------------------------------------------------------------

 * Active
 * Gainers
 * % Gainers
 * Losers
 * % Losers

 * SymbolOpenHighLowLastChg%ChgVol ('00)SCIB 0.430 0.445 0.430 0.435
   0.0102.35698,881 TANCO 0.540 0.555 0.535 0.550 0.0152.80483,034 WIDAD 0.420
   0.425 0.415 0.420 0.0000.00361,700 TOPGLOV 0.860 0.860 0.820 0.830
   -0.030-3.49261,747 RGB 0.340 0.345 0.330 0.330 -0.005-1.49241,028 UCREST
   0.115 0.135 0.115 0.125 0.0108.70219,724 REACH 0.040 0.040 0.030 0.035
   -0.005-12.50217,378 VELESTO 0.220 0.225 0.215 0.220 0.0000.00211,541 TANCO-WC
   0.220 0.235 0.220 0.230 0.0104.55204,362 YTL 0.935 0.950 0.920 0.950
   0.0252.70200,350 PTRB 0.470 0.530 0.465 0.520 0.05010.64193,436 SUNVIEW 0.925
   0.930 0.850 0.880 -0.035-3.83170,204 SYNERGY 0.390 0.430 0.390 0.430
   0.04010.26159,207 WCEHB 0.535 0.545 0.520 0.545 0.0152.83156,028 YONGTAI
   0.460 0.465 0.415 0.435 -0.030-6.45124,009





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