MIDF to partner MGTC, helps SME clients in ESG adoption
Malaysian Industrial Development Finance Bhd (MIDF) signed a Memorandum of Collaboration (MOC) with the Malaysian Green Technology and Climate Change Corporation (MGTC) on 4 October 2023 during the International Greentech & Eco Products Exhibitions & Conference Malaysia (IGEM) held from 4 until 6 October 2023 at the Kuala Lumpur Convention Centre.
The MoC outlines a partnership between the parties to conduct capacity-building and intervention programmes. It also includes offering consultancy, guidance, and support, which may encompass access to financing, to MIDF's clients in the realm of Environment, Social & Governance (ESG) adoption. MGTC will provide technical advice, upskilling training through its Green Academy, and consultancy services to both MIDF and our clients.
MGTC operates as an agency under the Ministry of Natural Resources, Environment, and Climate Change with a specific mandate to lead the nation in the fields of green growth, climate change mitigation, and promoting environmentally friendly lifestyles. This mission is achieved through initiatives such as green tax incentives, the introduction of the MyHijau mark for public sector procurement, as well as publicity and awareness campaigns aimed at fostering collaboration between the government and the private sector.
MGTC has also created a cloud-based carbon management platform called the Low Carbon Operating System (LCOS), specifically designed to assist both corporations and SMEs in seamlessly measuring, managing, and mitigating their greenhouse gas (GHG) emissions.
This innovative system simplifies the process for organizations by enabling them to begin with basic data inputs, such as their monthly electricity consumption and monthly vehicle fuel usage. Once an organization has established its emissions baseline, LCOS facilitates the establishment of emission reduction targets and provides a means to monitor GHG emissions on a monthly basis.
Furthermore, organizations can use LCOS to plan and coordinate their emissions reduction initiatives, perform in-depth year-on-year performance analysis, and benchmark their progress against industry standards and peer organizations.