7 in 10 newly constructed Grade-A buildings in APAC are green-certified
Over half a billion square feet of Grade A office space in the region built before 2011
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JC3’s Greening Value Chain program will be used to help Entrepreneurs with funding and power development.Businesses will benefit from the platform’s ability to speed up decarbonization processes and optimize their coal reporting requirements.A Centralized Sustainability Intelligence ( CSI ) Platform is being developed by Bursa Malaysia for use by both publicly…Continue Reading
shabby picturesAccording to a statement, major international banks are investing in businesses that make traditional Chinese medicines with tiger and animal components.
Both species are considered to be in danger.
The businesses in question have been contacted by the BBC for opinion.
Global investment firms like The Goldman Sachs, UBS, Deutsche Bank, and BlackRock, as well as UK financial services behemoths like HSBC, Prudential, Legal & amp, General, are among the companies.
Lions and animals are in danger, so it is likely that they will go extinct in the near future. In an effort to ensure that their success in the wild is not in danger, both are also listed on the Mentions( Convention on International Trade in Endangered Species of Wild Fauna and Flora ) treaty, which forbids foreign corporate industry in them and their parts.
The three medical firms that are highlighted in the EIA review are Jilin Aodong Pharmaceutical Group, Tianjin Pharmaceutical party, and Tong Ren Tang Group.
Although not all of the businesses listed in the EIA review make investments in all three, they all make at least one.
Leopard bone is used as a tiger bone substitute in traditional Chinese medicine( TCM ). Tiger tooth is thought to help eliminate breeze, strengthen bones and limbs, and relieve pain. Pangolin weights are rumored to improve nursing, blood circulation, and chronic pain relief. Medical evidence does not support these assertions.
Following the report’s release, EIA Legal & amp, Policy Specialist Avinash Basker urged the Chinese government to” fulfill CITES recommendations and forbid the use of leopard, pangolin, tiger, and rhino body parts from all sources for all commercial purposes in its domestic markets.”
” The international community’s CITES tips to protect these types are disregarded when highly threatened animals like leopards, pangolin, elephant, and tigers are used in conventional medicine products.” This is apply on a truly professional scale, which can only bring these species ever-closer to extinction while instantly sending contradictory messages to consumers, increasing demand for their parts and derivatives, and tarnishing TCM’s reputation around the world, he claimed.
He continued,” It’s especially disheartening to see so many significant banks and financial institutions actually supporting this harmful using, especially given how many have vowed to do otherwise.” ” They need to withdraw from TCM producers using threatened species as soon as possible if their environmental credentials are to have any trust.”
The lion or anteater derivatives were not being sourced, according to the EIA, which claimed it was unable to do so.
” No a direct investment and does not have direct exposure to these organizations ,” according to HSBC in an interview. It also states that HSBC Global Asset Management Canada responded to the EIA statement by saying that its” opportunities in the TCM businesses were limited to passive or” sensor” money rather than actively managed funds.” This implies that funds are immediately invested in stocks based on a linked indicator that they track, such as the FTSE 100.
According to Deutsche Bank, the report is focused on property managers and was directed to DWS, an property management firm that was formerly a part of DB but is now on its own.
According to a statement from DWS, it has” different ESG-related ] environmental, social, and governance” policies that offer instructions on how to incorporate the information from the environment into our investment processes, engagement, or proxy voting activities, where we combine our voting rights for active and passive funds.
There are no positively managed DWS money invested in any of these three manufacturers nationally, according to the statement.
According to Legal & amp, General Investment Management” manages many funds against various index providers to meet a wide range of client demands.”
According to the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Service( IPBES ), which covers the exploitation of wild species,” LGIM is aware that one of the key drivers of nature-loss” is” natural resource use and” exploitation ,” the company said.
In order to address these IPBES owners, we are creating a” nature model” that integrates and discloses high-quality, consistent, location-specific data that relates to business behavior in relation to these important nature-related issues.
BlackRock opted not to say anything.
For reply, the BBC has contacted UBS, Tong Ren Tang, Tianjin Pharmaceutical Group, and Jilin Aodong Pharma Group.
Once again, the halls of the Bangkok Post resonate with the thrill of honouring brilliance and innovation within the corporate sphere. In our steadfast commitment to recognising exceptional leadership, we take immense pride in presenting the “Bangkok Post CEO of the Year 2023” awards.
Building upon our tradition of acknowledging trailblazers who have reshaped industries and ignited change, this year’s awards pay homage and extend applause to chief executive officers and top leaders for their unwavering guidance, transforming ordinary companies into beacons of success, progress and inspiration.
The awards encompass a diverse array of categories, each representing a facet of the dynamic business world. From visionary strategies to transformative leadership, these accolades spotlight not only corporate triumphs but also the remarkable contributions these leaders have made to society and the economy at large.
As we venture into a new era with 14 distinctive awards, each winner’s captivating story will be told, illuminating why they have captured the public’s imagination and admiration. Their narratives, achievements, innovative strategies and contributions that propel their organisations into the future will be spotlighted in the days ahead.
To mark the “CEO of the Year 2023” announcement, the Bangkok Post is from today launching a series about awarded CEOs on every working day, showcasing their achievements, business strategies, and inspirational visions both in the print edition and on our website.
CEO Montri Rawanchaikul understands the economic necessity for secure sources of energy, but vows that the firm will always keep the environment in mind
Mr Montri has been a driving force at PTTEP, leading initiatives to reduce carbon dioxide emissions and pave the way for sustainable approaches.
Chief Executive Officer Montri Rawanchaikul believes one key mission for PTT Exploration and Production Plc (PTTEP) is to devise ways to reduce the impact of its businesses on the environment, particularly by reducing the company’s carbon dioxide emissions.
Mr Montri said he is aware the company needs to continue to secure enough fuel to support the Thai economy, but this effort should not ignore the cost to the environment.
As someone who sets policies and strategic plans for PTTEP, Mr Montri has helped the company promote projects to cut carbon dioxide emissions, seek new alternative energies and pave the way to operate in a more sustainable manner.
One such project is developing Thailand’s first carbon capture and storage (CCS) facility at the Arthit gas field in the Gulf of Thailand, one of several efforts aimed at helping the government curb carbon dioxide emissions in the country.
The CCS project fits with the company’s campaign against global warming and the environmental, social and corporate governance (ESG) principles, which promote business development and taking better care of the environment and society, said Mr Montri.
ESG refers to a set of standards that are said to be able to lead to business sustainability.
“We expect the CCS project to store up to 1 million tonnes of carbon dioxide during gas production at Arthit within 2027,” said Mr Montri.
The company has already completed the preliminary front-end engineering and design phase of the project. It expects the CCS facility to start operating by 2027.
The Gulf of Thailand offers great potential to store carbon dioxide, amounting to roughly 40 million tonnes a year, because, geographically, the terrain is a sink area, which is suitable for the storage of carbon dioxide.
PTTEP is also cooperating with five companies from France and South Korea to produce green hydrogen in Oman, said Mr Montri.
Green hydrogen, which is used to fuel power generation and manufacturing processes, is produced by using electricity made from renewable energy to split water molecules into oxygen and hydrogen.
This project shows the company is not solely focused on the exploration and production of petroleum, as it is also seeking new opportunities to develop future energy.
Under a contract made with Hydrom Oman SPC, which operates under the government of Oman, PTTEP and its partners were awarded a 47-year concession to produce green hydrogen at Block Z1-02 in Dugm in eastern Oman.
The production facility, to be run by 5 gigawatts of solar and wind power, is expected to open in 2030, with an estimated 220,000 tonnes of hydrogen produced annually.
These two projects indicate PTTEP is focusing more on the environmental aspects of its businesses, which will, in turn, partly help the government to run a campaign to combat global warming successfully.
At the 26th UN Climate Change Conference held in Glasgow in 2021, Thailand announced it is determined to achieve carbon neutrality, a balance between carbon dioxide emissions and absorption, by 2050, along with a net-zero target, a balance between greenhouse gas emissions and absorption, by 2065.
PTTEP also has its own plan under — EP Net-Zero 2050 — concept, which aims to achieve a net-zero target by 2050.
“The CCS and green hydrogen projects will support PTTEP’s environmental efforts, driving Thailand and the world at large towards a low-carbon society,” said Mr Montri.
Greater care for the environment will be a crucial part of PTTEP’s work in the future.
“The company will go on expanding its investment in natural gas production, but at the same time, it will also incorporate the greenhouse gas emission issue in the decision-making process of new gas projects,” said Mr Montri.
National energy security is important to fuel the growth of the country’s economy, but its development must be sustainable, which will be achieved through better environmental management, he said.
Chief executive Sara Lamsam’s vision is for the insurer to become the country’s most trusted life and health partner
Mr Sara believes positive factors will support the growth of the country’s life insurance industry.
Sara Lamsam is the driving force behind the success of Muang Thai Life Assurance (MTL), one of Thailand’s most prominent life insurance companies.
Backed by 30 years of experience within the Lamsam family in the life insurance industry, the 54-year-old president and chief executive officer has played an integral role in outlining and implementing business strategies that have driven MTL’s steady growth for decades.
A key strategy that led to the company’s outstanding performance and its ability to win accolades has been MTL’s provision of a range of innovative products and services.
MTL this year announced its goal of becoming a life insurer that stands out in terms of its product offerings via online platforms to reach various groups of customers and maintain a leadership position in the country’s life insurance industry.
Consumers can now access MTL’s products via both traditional and new distribution channels. The company established the Fuchsia innovation centre under a “think out of the box” concept to strengthen innovations in relation to its products, services, and management processes. The centre is an example of MTL’s collaborations in the form of business alliances to develop products that serve different groups of customers, particularly those requiring a unique product.
MTL Click, an application developed to allow customers to access all of the company’s services in one location, received the Business+ Product Innovation Award 2023 in May after over 800,000 individuals downloaded the app.
Two months earlier, the insurer launched MTL Fit, an app to help make people’s healthcare hassle-free. It offers dynamic pricing under an “MTL Fit Reward” feature for discounts of up to 15% on insurance premiums.
Last month, the company joined hands with Line BK to offer an innovative life insurance product for lower-income consumers and freelancers. These groups can easily access information and pay a small amount for life insurance protection via Line Pay.
Mr Sara said offering products and services that are easy to understand and equipped with innovation for the convenience and accessibility of customers enables MTL to meet the needs of every kind of lifestyle at different stages of life. That, in turn, enables MTL to be connected with more targeted customers.
Such a strategy helps the company expand its customer base while core products such as health coverage, critical illness coverage, unit linked-insurance, and pension insurance continue to expand well, supporting MTL’s ability to grow continuously and stand out in the life insurance sector.
Mr Sara, early this year, announced his vision for MTL to become the country’s most trusted life and health partner and become a market leader as the “health provider” of innovation in terms of health insurance coverage and wealth management under the concept of “MTL Next to You”.
He emphasised the concept of life insurance products that meet the needs of consumers through an “outside in” perspective. Using this strategy, the company offers services with new innovations through both digital and non-digital systems to meet the needs of customers who prefer either self-service or service with a human touch.
“The life insurance business today has changed the way of thinking as companies cannot only rely on an ‘inside out’ dimension in offering insurance coverage,” said Mr Sara.
“Nowadays, the world of life insurance is about personalised or ‘outside in’ to serve customers. Finding products that meet customer needs is very important, so big data and innovation is a key success tool for today.”
Using information systems to develop insurance plans via online and offline channels is a strategy that keeps customers satisfied, making MTL successful and its operating results grow even in times of crisis, he said.
The life insurance industry overall continued to grow in this year’s first half, with total insurance premiums reaching 300 billion baht, up 3.78% compared to the corresponding period last year. For the entire year, premiums are projected to grow 0-2% year-on-year to 613 billion to 624 billion baht.
In the first five months, MTL recorded higher growth than the overall market, with insurance premiums surging 14.4% year-on-year to 29.9 billion baht. Of the total, new insurance premiums accounted for 10.5 billion baht, up 13.8% year-on-year, and insurance renewal premiums soared 14.8% to 19.4 billion baht.
In his capacity as president of the Thai Life Assurance Association, Mr Sara believes that positive factors will support the growth of the country’s life insurance industry as people become more aware of the importance of life insurance and additional health or critical illness insurance policies. The trend of increasing medical expenses and uncertainty regarding the spread of emerging diseases such as Covid-19 have driven the growth of the insurance industry so far this year.
Life insurance policies, relative to the size of the Thai population, average 38%, while the value of the life insurance industry contributes roughly 3.8% to GDP at present. In some countries, life insurance companies can reach a larger number of people and can contribute up to 15% to GDP.
The life insurance business in Thailand still has plenty of room to grow, as many people are yet to be covered by insurance products.
Moreover, 95% of the funds in the life insurance system are invested in debt instruments, government bonds, and stocks. This suggests that the insurance business is connected to the country’s ecosystem.
The bank will continue to support its clients in growing and diversifying their investments in offshore markets, said Mr Gamba.
HSBC Thailand is leveraging its global connectivity and investment expertise to help both Thai and international clients grow their businesses worldwide, while maintaining a long-term commitment to expanding the bank’s business in the Thai market.
The bank aims to establish itself as the leading international bank in Thailand for outbound business, supporting the expansion of large Thai corporations regionally and globally.
“Globalisation is the bank’s superpower in connecting our clients to new business opportunities within Asean and beyond,” said HSBC Thailand’s Chief Executive Officer Giorgio Gamba.
In the wealth space, HSBC Thailand has been actively enhancing its capabilities in Thailand to better serve the country’s high-net-worth individuals and their families.
The bank will continue to support its clients in growing and diversifying their investments in offshore markets.
HSBC Thailand launched its onshore asset management business in September 2022 after introducing private banking business to the country in February 2021, and the bank has been able to grow the business segment satisfactorily, he said.
Foreign direct investment (FDI) has been growing in various countries and industries in the region, including Thailand. Japan accounts for one-third of Thailand’s inbound FDI.
China ranked second in terms of FDI last year and will play an increasingly important role in investment as many of that country’s companies are relocating their manufacturing bases to Thailand.
Thailand has attracted FDI in several industries, but especially agriculture, hospitality, healthcare, and manufacturing, particularly EV production and the automotive-related supply chain.
In addition, HSBC Thailand aims to continue to be the leader when it comes to inbound international business in the Thai market.
The bank earned its leadership position based on the growth potential of both the Thai and regional economies.
Meanwhile, Asean continues to be the world’s fastest-growing trade bloc, offering significant wealth and trade opportunities for businesses and investors alike.
“Thailand is a country where we see tremendous potential to grow and expand our business, so we have ambitious growth plans here,” Mr Gamba said.
HSBC Thailand announced an impressive performance in 2022, with revenue growing 28% and profit growing 55% year-on-year, representing a record high over a 10-year period. Strong relationships with customers, employees and the wider community are key to achieving these remarkable rates of growth.
Moreover, the bank will continue to invest in people, digital infrastructure as well as other resources to bolster its existing operations, which span wholesale banking, market and securities services, and private banking.
In response to local business expansion, HSBC Thailand has completed a capital increase, in line with the nation’s economic growth, he said.
HSBC’s country strategy was developed in parallel with Thailand’s national development plan.
With global networks and a high level of investment expertise, international connectivity is the bank’s key business strategy in supporting corporate clients investing and expanding worldwide.
The bank focuses on helping customers expand businesses in the world’s key economic corridors, where HSBC has an active presence, notably in China, the US, Europe, Asean, and the Middle East.
The bank supports Thai clients in growing their businesses in 42 countries.
HSBC Thailand has set out an ambitious plan to prioritise sustainable financing and investment that supports the transition to a net zero global economy, said Mr Gamba.
The bank also encourages Thai clients to strategise their portfolios and raise capital for renewable investment.
The bank committed to providing US$1 trillion of sustainable finance and investments by 2030 after achieving $211 billion in 2022.
Although CEO Montri Rawanchaikul is aware of the financial need for reliable energy sources, he promises that the company will generally keep the environment in mind.
One of PTT Exploration and Production Plc’s( PTTEP ) main goals, according to Chief Executive Officer Montri Rawanchaikul, is to find ways to lessen the environmental impact of its operations, particularly by lowering carbon dioxide emissions.
At PTTEP, Mr. Montri has been a driving force behind efforts to cut carbon dioxide emissions and open the door for environmentally friendly methods.
Mr. Montri acknowledged that the company still needs to find enough energy to support the Thai business, but he cautioned against ignoring the environmental impact of this effort.
Mr. Montri has assisted the company in promoting projects to reduce carbon dioxide emissions, looking for new alternative & nbsp, energies, and paving the way for operations to be more sustainable as someone who sets policies and strategic plans for PTTEP.
One such initiative is creating Thailand’s first carbon capture and storage ( CCS ) facility at the Arthit gas field in the Gulf of Thailand, one of many initiatives to assist the government in reducing carbon dioxide emissions.
According to Mr. Montri, the CCS project is in line with the company’s efforts to combat global warming as well as the environmental, social, and corporate governance ( ESG ) principles, which support business growth and environmental and societal preservation.
A set of requirements known as ESG is said to be capable of promoting business sustainability.
According to Mr. Montri,” we anticipate the CCS job to keep up to 1 million kilograms of carbon dioxide during oil output at Arthit within 2027.”
The project’s initial front-end engineering and design period has already been finished by the business. The CCS ability is anticipated to begin operations by 2027.
Because the ground in the Gulf of Thailand is a fall area, which is suitable for the storeroom of carbon dioxide, there is significant potential to save it, amounting to about 40 million tonnes per year.
According to Mr. Montri, PTTEP is also working with five French and North Korean businesses to produce clean hydrogen in Oman.
Water molecules are broken down into oxygen and hydrogen using electricity generated from solar energy to produce clean hydrogen, which is used to fuel manufacturing and power generation processes.
This task demonstrates that the business is not just interested in the exploration and production of gas; it is also looking for fresh ways to develop new sources of energy.
PTTEP and its partners received a 47-year yielding to produce clean hydrogen at Block Z1 – 02 in Dugm, eastern Oman, as part of an agreement they made with Hydrom Ocean SPC, an entity that is governed by the OMAN state.
With an estimated 220,000 tonnes of hydrogen produced every, the manufacturing facility, which will run on 5 gigawatts of solar and wind energy, is scheduled to open in 2030.
These two initiatives show that PTTEP is putting more of an emphasis on its businesses’ environmental concerns, which will help the authorities successfully launch a battle to combat global warming.
Thailand declared at the 26th UN Climate Change Conference, held in Glasgow in 2021, that it is committed to achieving carbon neutrality— a balance between carbon dioxide emissions and absorption — by 2050 and a net-zero target of balancing emissions of greenhouse gases and absorbtion by 2065.
In accordance with the EP Net – Zero 2050 principle, PTTEP also has a program that aims to reach net-zero levels by the end of the year.
According to Mr. Montri,” The CCS and clean hydrogen projects will help PTTEP’s economic efforts, promoting a low-carbon society in Thailand and the rest of the world.”
In the future, PTTEP’s work may be heavily reliant on increased environmental protection.
According to Mr. Montri,” The company will continue to increase its investment in natural gas production, but at the same period, it will also add the greenhouse gas emission issue into the decision-making process of fresh gas projects.”
Federal strength security is crucial to sustaining the nation’s economy, but it must be developed sustainably, which will be made possible by better economic management, he said.
Panelists promote the proper” thinking, plan, and help infrastructure.”The Ministry of Economy views KL as a business hub because it is located between China, India, watts, SEA, and nbsp.Key participants in Malaysia’s business ecosystem gathered on October 17 at the Entrepreneurs Summit IV in Kuala Lumpur to encourage entrepreneurs to be…Continue Reading
Kiu Jia Yaw, a lawyer for sustainable development and an advocate for climate change, told CNA that ASEAN needed to expand on the Transboundary Haze Pollution Agreement from 2002, which establishes guidelines for collaboration and resource discussing in relation to the cloud.
Like Greenpeace, he advocated for Malaysia to enact its own laws, which would then be followed by other nations, and suggested that ASEAN part states hold their own organizations accountable for their operations abroad. & nbsp,
He cited Indonesia as an example, where it was recently revealed that 203 businesses had received warnings and 20 had been told to close as a result of their presence in the fires, including Indonesian company subsidiaries.
The Indonesian government could conjure any of those subsidiaries to provide an explanation regarding claims of flames on their agreement lands, he said. & nbsp,
In contrast to Singapore’s law, which purports to have power over institutions outside of the Republic, he emphasized that any such law may only apply to Malaysian businesses. The following are: & nbsp;
He noted that Indonesia had violated Singapore’s Transboundary Haze Pollution Act and had not cooperated with the Republic in 2015. He said that each country would govern its individual businesses to ensure that they don’t interfere with those of another country and prevent any issues of independence.
Singapore had then looked into four Indian businesses in connection with starting or encouraging fires that led to unhealthful levels of cloud in the city-state.
According to Mr. Kiu, stricter business regulations would ultimately increase ASEAN agricultural products’ competitiveness in international markets because they would perform better in the areas of & nbsp, business, and human rights.
They would perform better in terms of environmental, social, and governance( ESG ) performance, which would make it easier for them to export into other markets. They would be able to complete an increasing number of ESG due diligence procedures from the standpoint of funding and investors, he said. The following are: & nbsp, , S & P,
According to Dr. Helena Varkkey, an associate professor of climate politics at the Department of International and Strategic Studies, ASEAN already has a framework in place for the cloud, but it was difficult to put it into practice. & nbsp,
She stated that having a arranging center to deal with the cloud and ensure uniformity in the information used to solve the problem, such as the air quality information, would be of utmost importance. In addition, & nbsp,
” You are in a situation where the Air Pollution Index ( API ) in Johor and Singapore’s pollution standards index ( PSIC ) have different readings. All of these issues need to be resolved, she said. & nbsp,
Pre-Series A made via Khazanah-backed Gobi Dana Impak Ventures fund
Uses repurposed shipping containers located in situ, growing vegetables
Asia-focused venture capital firm, Gobi Partners is doubling down on its commitment to Environment, Social and Governance (ESG)-friendly investments through its latest funding, for an undisclosed amount, into Malaysian AgriTech startup, BoomGrow’s Pre-Series A…Continue Reading
Comprises team of 50+ climate change and sustainability professionals
Focus areas include traceability, supply chain decarbonisation, circular business models & tax incentives
The EY organisation recently launched the EY Center for Sustainable Supply Chains. Based in Singapore, the Center provides tailored service offerings that help organizations at every stage of their supply chain…Continue Reading
PT Sarana Multi Infrastruktur (PT SMI), a dedicated infrastructure entity under the jurisdiction of Indonesia’s Ministry of Finance, announced recent success in obtaining a $700 million sustainability-linked syndicated term loan facility. The firm serves as a financing vehicle for the development of nationally significant infrastructure projects, through public-private partnerships (PPPs).
“This syndicated loan is intended to refinance existing projects as well as to fulfil new financing needs primarily for sustainable infrastructure projects in Indonesia,” the press release noted.
The new funds will be used to refinance a maturing $700 million offshore syndicated term loan that was first arranged in 2020. The sustainability-linked offering closed on September 13 with aggregate commitments of $1.8 billion and was 2.6 times oversubscribed.
Key performance indicators (KPIs) linked to the facility include growing the company’s sustainability financing portfolio, and increasing the number of employees undertaking environment, social, and governance (ESG) training.
Green opportunity
Speaking to FinanceAsia about the transaction, Colin Chen, head of ESG finance for Asia Pacific at MUFG Bank, which served as one of the transaction’s mandated lead arrangers and bookrunners (MLABs), highlighted the opportunities brought by sustainability-linked financing for companies active in “hard-to-abate sectors,” given no requirements around the use of proceeds.
Kunardy Lie, director of institutional banking at DBS Indonesia – also a MLAB – said his team sees “abundant opportunities” to push the sustainability agenda through green and transition financing solutions in the local market.
Although emerging economies like Indonesia are tasked with driving economic growth alongside a low carbon budget, environmental and socially-conscious funding initiatives can help advance sustainability agendas, Lie noted. He cited the market’s PPP scheme as a policy catalyst which convenes industry players, financial institutions and regulators to establish common practices to approach ESG issues.
First introduced in 2005, the state-backed PPP Project Book lists out a range of infrastructure projects that are open to private sector participation, with a view to bridging the existing infrastructure funding gap and driving Indonesia’s national economy. PT SMI is actively involved in the scheme and acts as a crucial financier in some of the key national infrastructure projects.
“We are excited to support PT SMI in their venture to finance ongoing projects including sustainable infrastructure projects,” Lie said, noting that DBS’s relationship with PT SMI started in February 2020 around the arrangement of the original working capital facility.
Renewables projects, as well as other forms of energy transition segments constitute growing sub-sectors within the domestic infrastructure market, Chen added.
He cited supportive policy initiatives, including the Just Energy Transition Partnership (JETP) which was signed off during last November’s G20 summit, and the country’s rich solar and wind resources as helping to drive Indonesia’s developing green economy.
“We will want work closely with policymakers and the private sector to leverage this important initiative in support of Indonesia’s net zero transition,” Chen said.
“This sustainability-linked syndicated term loan facility is a real example of innovative fundraising, by also implementing our commitment towards sustainability target,” Edwin Syahruzad, president director of PT SMI, commented in the press release.
In addition to DBS and MUFG, the MLABs for the transaction included Bank of China (Hong Kong), CTBC Bank Co., Ltd., Mizuho Bank, and United Overseas Bank (UOB). UOB also acted as the MLABs’ transaction and overall sustainability coordinator for the transaction.
PT SMI and the remaining MLABs did not respond to FA’s requests for comment.
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