According to the World Economic Forum (WEF), steel is the largest carbon-emitting manufacturing sector, generating 7% of all man-made emissions; and more than 85% of its energy consumption comes from fossil fuels. In addition, a report by S&P Global Ratings highlights that the environmental risks for steel companies are among the highest across all sectors as they are extremely power-intensive. This makes it even more essential for the steel industry to move towards becoming more environmentally friendly, through Environmental, Social, and Governance (ESG) guidelines and standards.
As an end-to-end Carbon as a Service (“CaaS”) provider, MetaVerse Green Exchange (MVGX) has helped improve ESG practices in emerging economies through its Carbon Management System (CMS). This can be seen in the most recent case of Malaysia Steel Institute (MSI) signing a memorandum of understanding (MOU) with RAM Sustainability Sdn Bhd and Penjana Eko Sdn Bhd. The MOU aims to facilitate the adoption of ESG best practices to improve the Malaysian steel industry’s compliance with international standards.
As their carbon technology partner, we provide the technical expertise that contributed to the fruition of this MOU by offering Penjana Eko our full CMS system. Our CMS helps organizations calculate and report their carbon footprint accurately and efficiently as well as credibly certifying their carbon footprint and/or carbon neutrality with the British Standards Institution (BSI) or Tuv SUD, to attain the highest levels of certification – ISO 14064-1:2018 Carbon Footprint Verification and PAS 2060 Carbon Neutrality Verification.
Michael Sheren, President of MVGX and formerly head of Green Finance at Bank of England and Co-Chairman of G20 Green Finance Study Group, highlighted that:
“While some markets across the globe may have positioned themselves as sustainability leaders, growing interest in ESG and climate policy is on the rise in Southeast Asia. As more countries set and hope to achieve their net-zero targets, national carbon registries will play a leading role in enabling governments to meet their Nationally- Determined Contributions.”
As such, MVGX is dedicated to providing support to governments and organizations as they look to become more environmentally friendly and incorporate ESG goals into their business in order to meet climate goals. We provide both consultancy and technology to businesses and governments as they try to navigate their way to attaining carbon neutrality.
Contact us at contact@mvgx.com to find out more!
Leave a reply