BUSINESS

UEM'S SUSTAINABILITY SUKUK FRAMEWORK MEETS GREEN FINANCE STANDARD - RAM SUSTAINABILITY

16/11/2023 06:03 PM

KUALA LUMPUR, Nov 16 (Bernama) -- UEM Group Bhd’s Sustainability Sukuk Framework meets recognised green finance standards after completion of its external review, said RAM Sustainability Sdn Bhd.

RAM Sustainability is a wholly owned subsidiary of RAM Holdings Bhd, specialising in sustainability services and environmental, social and corporate governance (ESG) analytics.

In a statement, it opined that the green initiatives to be financed under the framework for renewable energy (RE), energy efficiency, clean transportation and pollution prevention and control have the potential to contribute towards national decarbonisation targets as defined in the National Energy Transition Roadmap and the 12th Malaysia Plan.

“We have assigned the highest Tier-1 Environmental Benefit (EB) rating to the respective eligible RE projects for solar, hydropower and biogas, reflecting their potential contribution towards significant climate and wider environmental benefits.

“The EB ratings for other eligible projects under the framework range from Tier-2 to Tier-3," it said.

RAM Sustainability said the framework is aligned with the disclosure requirements of the SRI Sukuk Framework, ASEAN Green Bond Standards and Green Bond Standards.

The framework is aligned with all core areas and 10 out of 20 recommendations in the pre-issuance checklist of the Green Bond Principles.

"At this juncture, RAM Sustainability’s review is limited to the green bond and sukuk perspectives as the current framework has yet to exhibit social projects or sustainability-linked components.

"UEM plans to update the framework in the future with more eligible projects and sustainability-linked components," it added.

-- BERNAMA


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