Insights Malaysia | Gas reserves threaten 1.5°C limit | Corporate sustainability talkshop | View/share online → 4 September 2023 | | --- | | | | --- | | | | --- | | | | --- | | Editor’s Note Malaysia's leaders pledge to transition away from fossil fuels Prime Minister Anwar Ibrahim (centre) launching the National Energy Transition Roadmap, flanked by his economy and environment ministers, as well as leaders of national utilities firm Tenaga Nasional and national oil company Petronas. Image: Anwar Ibrahim/X Samantha Ho Regional correspondent Dear EB reader, At the much-anticipated launch of Malaysia's new energy transition roadmap last week, prime minister Anwar Ibrahim signalled a shift away from a "traditional fossil-fuel based economy", a marked contrast to remarks he made just two months ago at an energy conference that emphasised Malaysia's reliance on fossil gas as a transition fuel. But up until 2025, the oil-producing country will continue to see the expansion of newly-approved gas reserves, which will reportedly threaten global progress towards the critical 1.5-degree Celsius global warming limit. Proponents argue that continued gas production is crucial to energy security and affordability, considering the growing energy needs of developing countries across Asia. The least fossil fuel producers can do is to cut their own emissions as quickly as possible, especially when it comes to methane. Energy Defense Fund chief Fred Krupp argues that cutting methane emissions is the fastest way to slow down climate change. Are these measures enough for Malaysia to meet its 2050 net-zero commitment? How can we ensure that our energy transition is both climate-positive and equitable? We consider these questions at the Malaysian edition of Unlocking Capital for Sustainability 2023 this Friday, 8 September at Sofitel Damansara Kuala Lumpur. Register now for complimentary tickets. | | --- | | Top stories | | --- | | Malaysia’s prime minister pledges economic shift away from fossil fuels RM2 billion (US$430 million) will be made available for “marginally bankable” projects, for instance, in electric vehicles, hydrogen fuel and carbon capture. Read now → | | --- | | Newly approved gas reserves in Malaysia, Vietnam threaten 1.5°C warming limit: report At least 19 new gas fields in Southeast Asia are incompatible with scientific consensus on climate change, said Global Energy Monitor. Read now → | | --- | | Corporate governance structures in Asia: Does where the sustainability function sits affect a company’s climate strategy? When communications departments house corporate sustainability functions, does that mean sustainability is more about image than action? Read now → | | --- | | ‘Justice for our lost forests’: Shut out of the courts, Sarawak's Indigenous tribes take to the stand at mock tribunal to air grievances Fresh lawsuits have once again put the plight of local communities in the spotlight, more than 30 years after their activism began. Read now → | | --- | | Explainer: Pricing in nature-related risks – a turning point for biodiversity loss? The draft TNFD framework is set become the baseline standard for nature-related risk reporting, but NGOs are sceptical of its effectiveness. Read now → | | --- | | Sustainability-linked bonds and how to use them credibly How can this emerging financing instrument be structured to ensure greater transparency? Read now → | | --- | | EB Studio Cutting methane emissions is key to slowing down climate change: EDF president Fred Krupp Humanity isn't doing enough to stem global warming, says the president of the Environmental Defense Fund. The fund hopes to tackle methane emissions with its upcoming methane-tracking satellite. Read the full story → | | --- | | Snapshots More funds needed to help protect forests and Orang Asli Minister of natural resources, environment and climate change Nik Nazmi Nik Ahmad said he is asking the finance ministry for a bigger budget as it is getting more costly to handle and fix issues around the forests and Orang Asli community. He also promised to raise all Orang Asli issues in Parliament ahead of the Budget 2024 tabling in October to address the multiple problems faced by the Indigenous tribes in the peninsula which include encroachment, illegal logging and loss of produce. Malaysia’s EV push to accelerate? Sime Darby, a Malaysian conglomerate, said it is buying a majority stake in industrial group UMW Holdings for RM 3.57 billion ($768.90 million) in a deal that could spearhead the country's electric vehicle (EV) journey. The country's top asset manager Permodalan Nasional Berhad plans to merge the two holding firms and create a bigger automotive group. The move comes amid a push by the government to position Malaysia as a key player in Southeast Asia's EV landscape. Tioman airport project scrapped The Malaysian government agreed in principle to cancel plans to build a new airport on Tioman island. Natural resources, environment and climate change minister Nik Nazmi Nik Ahmad said that the government took note of concerns raised about how sea reclamation of marine areas could destroy coral reefs near the biodiverse island, which is a gazetted marine park. | | --- | | Stay updated Eco-Business 1 Rochester Park Singapore Singapore 139212 | | --- | | Want to change how you receive these emails? You can manage your subscriptions or unsubscribe from all emails | | --- |