THRIVING IN A NET ZERO ECONOMY:
A Guide For Malaysian Businesses
For Positive Climate Actions
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Introduction for "MYClimateAction Guide"
Let us imagine for a moment that we have reached the middle of the century, 2050. In many places around the world, the air is clogged with pollution, there is a worsening state of wildfires, extreme hurricanes and tropical storms, over 90% of the coral reefs have disappeared - resulting in a shortage of our seafood supply, and diseases such as malaria, dengue, and respiratory illnesses are rampant.
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The situation sounds bleak, and what we know is, unabated climate change will transform our world into something unrecognizable. The good news is that - the transformation has already begun - however, more ambitious climate goals are required. This 3-part Guide seeks to bring business leaders on a journey to address the “What, Why, and How” of climate change, alongside various localised case studies to inspire positive climate action.
Background
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As the globe deals with the ongoing impacts of COVID-19, lives and livelihoods were threatened. As awful as this pandemic is, the impact of climate change could be worse. Greenhouse gas (GHG) emissions hit a new high in 2019, and 2020 represents one of the three hottest years ever measured. Wildfires, storms and droughts continue to wreak havoc while glaciers melt at unprecedented rates.
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Despite the 8% dip in carbon emissions due to the pandemic-linked economic slowdown, it had an insignificant impact on long term climate change efforts. With the current trajectory, it is predicted that we are heading towards a catastrophic temperature rise of more than 3°C by the end of this century - far beyond the Paris Agreement goal of limiting global warming to well below 2°C or preferably, 1.5°C.
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Given the dire consequences of this trend, UN Secretary-General António Guterres had to leave no room for doubt, but to call on governments to declare a “state of climate emergency” and to fulfil their promises to slash carbon pollution as they recover from the Covid-19 pandemic.
Increased “Net Zero” Commitments
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In response, ambitious commitments to reach Net Zero emissions have more than doubled in less than a year since 2019 - as of October 2020, they cover at least 826 cities, 103 regions, and 1,565 companies across all continents. This also includes countries representing more than 65% of global carbon dioxide emissions such as the EU, alongside Asian giants Japan and South Korea by 2050 and China by 2060.
Climate Change & Malaysia
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Despite a slow start, the climate agenda has quickly moved up the priority list among the other ESG issues faced by Malaysia’s regulators and businesses. Some recent announcements include the launch of the climate change & principles based taxonomy by Bank Negara Malaysia; Net Zero commitments by PETRONAS,Axiata & the Malaysian Aviation Group, and participation in the Science-Based Target Initiative by Sarawak Energy Bhd.
However, more work needs to be done in terms of building the business case for Malaysian corporate leaders as those who have committed to climate goals only represent a fraction of the millions of companies in the country. In addition, the growing momentum behind ambitious climate commitments also creates a need for guidance & frameworks to translate climate ambitions into tangible actions.
Purpose of the Guide
In Malaysia, climate change remains one of the most undermined risks which organizations face today (especially among small-mid cap companies & SMEs). Many leaders incorrectly perceive the implications (of climate change) to be either long-term or presume its impact on their operations to be minimal; and therefore, take delayed actions to engage with these issues.
Given the crucial role of businesses in leading Malaysia towards achieving a low carbon future, this guide is produced with the aim to:
How To Use The Guide ?
Why should businesses embrace a low carbon strategy? This Guide takes the reader through the physical climate risks expected to be faced by various Malaysian sectors by 2050, and highlights the key risks/opportunities for businesses (both large and small) from a climate change perspective. Read this guide to find out more.
Taking on climate change effectively at an organisational level requires having a robust climate management strategy. Download our Total Climate Management and utilize the accompanying tools to make better decisions on your organization’s strategy and actions towards climate change.
What do PETRONAS, Sarawak Energy, MRCB and Axiata have in common? These Malaysian leaders have already made ambitious climate commitments and embarked on their Net Zero journey. Download this case study book today to understand what actions they are taking.
Interested to know how you can best adopt your climate strategy within your organization? We are here to help!
Please contact us at: info@ungcmalaysia.org
Disclaimer
While the information on this Guide has been verified to the best of our abilities, we cannot guarantee that there are no mistakes or errors.
We reserve the right to change the contents at any given time. If you wish to be updated with the latest information, we advise you to frequently visit this page.
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