Enhancing the quality of life and empowering the communities where we operate
I am pleased to present an update on key sustainability initiatives that Malakoff Corporation Berhad had undertaken during the year 2019. This report encapsulates the measures we have taken and ways we have worked with all our stakeholders to generate power with a purpose, which is to fuel our nation’s growth in a responsible manner.
World leaders have long agreed that a rapid response is needed to combat climate change and action groups have implored lawmakers to act to limit rising temperatures. A concerted effort around the world led to a target to limit global average temperature increase to 1.5°C, which can only be realised with a major global energy industry transformation and change in consumption trends.
This comes amidst world population growth and global economic expansion that sets the stage for an explosion of energy demand, which is projected to rise by as much as 27% by 2040, and puts immense pressure on landfills across the globe with municipal solid waste expected to reach a whopping 2.2 billion tonnes by 2025.
To support this global climate agenda, various industry groups have announced measures to reduce emissions, including the energy sector, leading to an unprecedented transition in our industry as it heads towards low-carbon energy with wind and solar power generation expanding rapidly in many parts of the world. Industry players are racing to generate cleaner energy, led by wind and solar, boosting investments in renewable assets with Renewable Energy (“RE”) possibly tripling over the next two decades in order to depress carbon emissions by around 30%.
For us at Malakoff, we can and must respond effectively to the global agenda of climate change. Therefore, we make our business decisions with decarbonisation in mind, investing in new technologies and working aggressively to grow our RE portfolio whilst ensuring continued reliable and affordable electricity supply to our communities.
Meanwhile, we are encouraged by the Malaysian government, who has set a national target of 20% RE generation by 2025, to further develop the renewables market through a number of initiatives. The availability of these government initiatives and other opportunities in the market pave the way for Malakoff to work towards its aspiration of more than 1,000 MW in renewable power generation capacity.
Meanwhile, waste remains one of our core strategies. Our ambition is to accelerate the reuse and recycle of power generation waste such as ash and waste water, as well as employ newer waste treatment technologies for sustainable outcomes. Plans are afoot to venture into Waste-to-Energy as a complementary source of power generation.
Efforts to enhance energy efficiency at our buildings is also part of our green initiative.
Evidently sustainability is more than just the focus of producing electricity simply to meet the nation’s demand. We understand that sustainability is important to our stakeholders and recognise the need to make a positive impact on our environment as well as creating opportunities for our communities while continuing our role in powering economic activities.
Additionally, as an international power and water industry player especially in the Middle East and North Africa (“MENA”) region, most of Malakoff’s power and water assets abroad are in compliance with local and international environmental standards with the objective to minimise the negative impacts on the environment. Therefore, at Malakoff, sustainability is prioritised in the boardroom, integrated into our strategy, actions and embedded into our work culture, and followed through with affirmative action. Our five-year Business Plan will guide us to shape a more sustainable future by generating energy in a sustainable and responsible manner, taking into account impact on the community and environment. As a responsible industry steward, strict compliance with laws and standard operating procedures are expected of us while greater transparency and disclosure to help our stakeholders better understand our challenges and strategies also form part of our obligations. Our move to create a healthy, safe and secure workplace for all who work with us, support our community, safeguard people and the environment, and work cohesively to tackle climate change, help us sustain the Group’s long-term success. We are confident that our sustainability strategies outlined in this Statement will support our growth momentum along with economic, environmental and social priorities. We are encouraged by the positive outcome from our response to mitigating the various impact of our business operations and strengthening the Group with continued compliance, resource management, cleaner electricity options, and investment in emerging technologies. Our journey continues with the support of our pool of talents working in a harmonious work environment with open engagement and equal opportunities, and the strong relationships we built with local communities alongside our outreach programmes that have helped shape the future of our youths. We are convinced that our sustainability strategy will help us remain resilient and relevant in this time of change as we operate more efficiently, manage the impact from our business, find ways to respect and better care for our people as well as protect our environment. I thank you for your interest in our sustainability efforts. DATO’ AHMAD FUAAD KENALI Chief Executive Officer
For the full Sustainability Statement as published in the Malakoff Annual Report 2019, kindly follow the button below: