Sunway Rated Top for ESG Efforts by Global Indices, Receives ESG Rating Upgrade to “A”
Sunway Berhad now ranks among the top 15% percentile of its Industry Classification Benchmark (ICB) Supersector that has been assessed by FTSE Russell and has also received an ESG rating of “A” by Morgan Stanley Capital International (MSCI).
Sunway has also been ranked by Bursa Malaysia to be among the top in the country by ESG Ratings in the FTSE Bursa Malaysia Index assessed by FTSE Russell. Sunway was one of the first companies to be listed on the FTSE4Good Bursa Malaysia Index and has maintained its listing for seven consecutive years. Sunway is also a constituent of the FTSE4Good Bursa Malaysia Shariah Index that was launched in July 2021.
In tandem, Sunway Berhad also received its highest Morgan Stanley Capital International (MSCI) ESG Ratings, upgraded from “BBB” to “A”. MSCI is a leading provider of critical decision support tools and services for the global investment community The MSCI ESG Ratings aim to measure a company’s resilience to long-term ESG risks.
Sunway has well-surpassed global industry averages according to financials as well as the real estate holding and development subsector averages across all themes – environmental, social and governance (ESG), underscoring its persistent and progressive efforts in championing the sustainable development agenda.
“We have been progressively enhancing our efforts in championing the sustainable development agenda. This achievement, benchmarked against the industry’s best will drive us further to pursue long-term sustainability and success with constantly improving ESG practices at the core of our journey,” said Sunway Group President Tan Sri Chew Chee Kin.
“We have every intention to grow our value for our stakeholders meaningfully and responsibly, while fostering a sustainable future for all. We will pursue responsible growth by leveraging on our unique strengths and build-own-operate business model. We remain committed to our employees’ welfare by providing a supportive, safe and healthy work environment, and investing in their career growth.”
In line with Sunway’s aspiration to build a sustainable future and the Paris Agreement, the group has committed to set Science-Based Targets.
Sunway aims to achieve net zero carbon emissions by 2050, with an interim target to halve emissions by 2030 by focusing on reducing residual emissions by improving energy efficiency and energy substitution.
Last year, the group became one of the first few Malaysian companies to pledge support to the Task Force on Climate-related Financial Disclosures (TCFD), demonstrating its transparency in reporting its risk and opportunities related to climate change. Sunway will be publishing its first TCFD report in its upcoming Sustainability Report 2021.
Sunway is among the first corporation in Asia, and the first in Malaysia, to introduce a carbon pricing framework into its business. From 2022 to 2024, the price will be set at RM15/tonne of CO2 (carbon dioxide) above a pre-defined threshold level. This price will be recalibrated progressively, with each of Sunway’s business divisions working toward their own decarbonisation targets. Business units that fail to meet their targets will need to pay a price, by having an amount deducted from their bonus pool.
The group has established a set of 19 targets across five goals to benchmark against the group’s yearly performance.
The goals are: transforming its portfolios to low carbon sustainable cities; advocating a responsible value chain; developing a safe, equal and dignified workforce; investing in community inclusivity and respecting ethical principles.
Find out more about Sunway Group’s commitment to the United Nations Sustainable Development Goals, performance and progress against its sustainability goals at www.sunway.com.my/corporate-sustainability.
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