FGV'S ENHANCED SUSTAINABILITY FRAMEWORK AIMED AT CREATING LONG-TERM VALUE

SERDANG, July 14 (Bernama) -- FGV Holdings Bhd has launched its enhanced Sustainability Framework to contribute towards the country’s efforts in transforming the palm oil industry and, ultimately, to the nation’s overall sustainability goals.

The enhanced Sustainability Framework builds upon FGV’s existing sustainability commitments and comprises five pillars: Economic Growth, Governance, Social, Environment, and Innovation and Technology.

“The framework is a testament to the company’s dedication to inclusive economic growth, social responsibility and environmental protection.

“We believe that working together can positively impact the palm oil industry and related sectors and drive momentum to build a better future for the community and the country,” said group chief executive officer Datuk Nazrul Mansor after the launch of the framework here today.

The launch was officiated by Deputy Prime Minister and Minister of Energy Transition and Water Transformation Datuk Seri Fadillah Yusof.

 At the same event, Fadillah also launched FGV’s ground-breaking four-month trial of B100 biodiesel on its fleet, making it one of the few companies in Malaysia to test tankers running on this renewable fuel.

He also witnessed FGV submitting workers’ membership forms to the National Union of Plantation Workers.

According to the agribusiness group’s statement, the framework marks a significant milestone in FGV’s ongoing commitment to the environmental, social and governance (ESG) agenda.

Key enhancements include identifying specific focus areas under each pillar based on the current global ESG trends.

This includes, among others, operational excellence; human rights and labour standards; diversity, equity and inclusion; sustainability certification, traceability, responsible sourcing and supply chain management; community engagement and development; climate action; renewable energy and energy management; and biodiversity and land management.

In line with the Sustainability Framework, FGV has enhanced its labour practices, including strengthening the company’s policies and procedures and due diligence measures for the recruitment process and providing improved infrastructure and facilities, including housing for workers.

In addition to that, the company is also developing greenhouse gas (GHG) reduction plans to meet the mid-term and long-term targets for the company’s emission reduction.

In lowering carbon emissions, FGV also utilises biomass from the operations to generate renewable energy. FGV currently has two biomass power plants with a total installed capacity of approximately 20 megawatts (MW).

FGV has 28 biogas plants of which a capacity of 15.4 MW is committed to the Feed-in Tariff (FiT) programme.

 As the largest owner of palm biomass feedstock derived from both FGVs and smallholders’ land banks in Malaysia, the group is poised to be the largest bioenergy producer in the country, facilitating broader access to bioenergy solutions for stakeholders.

 FGV continues to focus on conservation programmes. To date, it has rescued 86 sun bears, of which 75 have been rehabilitated and released.

The programme also saw 16 gibbons released to the wild after successfully rewilding them and 14 individual baby pangolin births in captivity.

-- BERNAMA