In efforts to spur low carbon adoption, OCBC Bank (Malaysia) Berhad has inked an agreement with Malaysian Green Technology and Climate Change Corporation to incorporate its online carbon management platform Low Carbon Operating System (LCOS) into its transition financing plan for corporate and SME customers.
With the signing of the agreement, OCBC Bank becomes the first financial institution in the country to formulate specific plans to help businesses decarbonise their greenhouse gas (GHG) emissions using MGTC’s LCOS. The platform will guide SMEs to improve efficiency, reduce wastage in their business activities and ultimately achieve long-term cost savings.
LCOS currently helps businesses measure their carbon footprint, so emissions are well managed. Using a report that LCOS generates, companies can take impactful action to mitigate the amount of carbon their operations produce.
CEO of MGTC, Ts Shamsul Bahar Bin Mohd Nor, emphasised that ESG developments are driven by the growth in the global supply chain, which also sees SMEs abiding by the procurement obligations set out by multinational companies.
“The financial sector holds enormous power in funding and accelerating the global transition to a low-carbon economy. They can offer services or direct capital flows to projects with meaningful social and environmental impacts, motivating others to improve their sustainability performance. We hope this collaboration will help OCBC Bank’s customers achieve their financial goals and aspirations to contribute to a more sustainable world,” he said.
