@Green September/October 2020 | Page 6

06 local news

@ green | September-October , 2020

Bank Negara urges financial industry to step up green projects efforts

Bank Negara Malaysia urges financial industry players and others from the private sector to play more proactive roles in increasing funding pathways for green and sustainability-related projects .
According to The Star Online , Bank Negara Assistant Governor Fraziali Ismail in his closing remarks at Malaysia Showcase during Climate Week NYC 2020 in New York , urged for strong commitment to combat climate change and take immediate actions to take charge of future economic growth .
“ For corporations and businesses , over and above concerns on regulation and legal risks , is the need to commit to investing in doing the right thing for ‘ people , profit and planet ’.
“ Corporations and businesses that align their policy and advocacy agenda to climate action have an important role in averting a path towards climate catastrophe , ” he said . Fraziali pointed out that as the world heads towards a climate-conscious future , and for the whole system to change at the needed pace and scale , policymakers need to step up as well .
For emerging economies such as
Malaysia , there is a careful policy balance between transitioning to a low-carbon economy while addressing needs of society and businesses .“ This is meant to minimise unintended consequences of channelling financing towards non-green and non-sustainable practices and to minimise transition risk , ” he added .
He said Bank Negara was cognisant of this in crafting its strategies to respond to climate risk .“ Our commitment stems from the direct relevance that climate change has to our mandates in preserving monetary stability and financial stability .“ Approximately 11.7 per cent of Malaysian financial institutions assets are potentially exposed to climate change . We aim to ensure that financial institutions are adequately measuring , mitigating and building buffers against climate risk .
“ Our target is for climate risk to be featured more visibly in the risk management practices of financial institutions by 2022 . Of equal importance is our resolve to build their capacity to become effective agents of change in facilitating the transition towards a low-carbon economy , ” he said .
Fraziali noted that it was paramount that there should be a common language to categorise economic activities to help facilitate financial flows towards activities that would support the transition to a lower-carbon economy . For this purpose , Bank Negara issued the Climate Change and Principles-Based Taxonomy Discussion Paper in December 2019 . The taxonomy is now undergoing further refinements , and a pilot implementation for selected financial institutions commenced in September .
He added Bank Negara values contribution and collaboration with various stakeholders . This includes the financial industry in planning an orderly transition towards a more climate-resilient economy . He pointed out the Joint Committee on Climate Change ( JC3 ) was set up in September 2019 as a platform for financial regulators and financial institutions in Malaysia to work together to deepen understanding on climate risks and develop tools to respond to those risks effectively .
The JC3 is chaired by Bank Negara and the Securities Commission , with Bursa Malaysia and 19 financial institutions as members .

SP Setia opens world ’ s first solar-powered hybrid F & B hub in Setia Alam

SP Setia Berhad has launched D ’ Network , the world ’ s first solar-powered hybrid food and beverage ( F & B ) hub at Setia Eco Park in Setia Alam , Selangor .
Spanning across 3.16 acres , D ’ Network is a realisation of SP Setia ’ s vision to build a green and sustainable hub that effectively runs on solar power .
D ’ Network is powered by 345kWp of hybrid solar energy , complementing the supply from traditional electricity grids .
The hub is centred on providing a different class of unique F & B experiences through its offering of dining and retail , and an array of community activities that are all powered by sunlight , the New Straits Times reported .
A balanced mix of tenants from various backgrounds includes F & B , grocery , spa , fashion , garden resources , delivery point and e-services .
“ D ’ Network is created out of Setia ’ s vision for more energy-efficient and environmentally-friendly developments . To diminish the impact of the environment , we chose to make use of solar energy as it is one of the cleanest and non-polluting renewable energy sources available ,” said SP Setia senior executive vice president ,
Datuk Koe Peng Kang at the launch .
SP Setia pioneered solar power at Setia Eco Park in 2007 , with the estimated current capacity of 2mWp , which is equivalent to a mini power plant .
During the day , photovoltaic cells in the solar panels transform solar power into electricity for usage in the common areas while the excess current will be injected into the national grid .
At night , solar energy that was stored and what is generated by the solar power system is used for lightings , ventilators , air-conditioners , irrigation systems , musical fountain , as well as the waste composting machine which produces fertiliser for plants .
“ Food waste will be turned into bio-compost through a solar-powered microbial compression technology shortly . The bio-compost will then be used to nourish the beautiful plants you see in our landscapes . We create a Malaysianthemed garden , illustrating the type of beautiful flowers that can grow in the country ,” Koe said .
Another distinctive feature in this F & B hub is the world ’ s first solar musical fountain . Songs can be chosen by the patrons in advance to give a different dining experience .
With just 3.7 units per acre , Setia Eco Park is one of the largest high-end enclaves with low-density gated and guarded developments in the Klang Valley consisting of semi-detached homes and bungalows .
Setia Eco Park dedicates 25 per cent of its eco-landscape to parks , streams , and lakes while introducing nectar plants and aquatic reeds to recreate a habitat and nesting ground for the resident wildlife like birds , butterflies , and fish .