NO country remains shielded from the ravages of climate change.
Even Malaysia, a country typically free from natural disasters, was battered by the country's worst flood in 100 years last December, followed by a series of mini tornadoes that upended thousands of lives.
The earth has warmed by 1.1°C, and very few natural disasters feel "natural" anymore.
If anything, recent disasters tell us that climate change is rapidly outpacing our ability to cope and adapt for survival. Living sustainably is a necessity that must be executed now.
The most significant way to do so is to adopt a low-carbon lifestyle. However, doing so requires a collective response from every unit of the society, and this includes corporations.
Leading the charge in Malaysia, Sunway Group is geared up for climate action. At the heart of Sunway's climate change agenda is decarbonisation.
The group wants to halve its carbon emissions by 2030 and reach net zero emissions by 2050, in line with the Intergovernmental Panel on Climate Change's recommendation to slash greenhouse gas emissions by 45 per cent from 2010 levels by 2030.
It is an ambitious goal needed to in order to achieve net zero carbon emissions, and Sunway has implemented a host of measures to reduce carbon, with a carbon pricing strategy being the group's latest instrument.
Starting 2022, Sunway has capped the carbon price at RM15 per tonne of carbon dioxide above a pre-defined threshold level, until 2024. This carbon price will be recalibrated progressively in subsequent years.
The group has also set a carbon emission cap for all its business divisions, based on the best industry benchmarks. If a business segment emits more carbon than it should, it must compensate with a portion of its earnings.
In fact, Sunway is the first corporation in Malaysia, and among the earliest in Asia, to put a carbon pricing framework in place for its businesses.
The group believes that sustainability and survival are the two sides of the same coin. To keep up with the ever-changing world, it is necessary for corporations be well prepared in order to survive, rebuild and recover in a post-pandemic world.
However, putting a price on carbon emissions is certainly not the be-all and end-all in decarbonising industries. It is what the corporate community does to cut down their carbon footprint that makes the real impact.
Sunway has made great strides in this regard. The group's lifelong journey to sustainability is a reflection of the dedication and vision of its founder and chairman Tan Sri Dr. Jeffrey Cheah, who firmly believes that sustainable development is vital to the future well-being of our planet.
"Climate change and the sustainability agenda will be the driving force for many across the region. That is why Sunway Group has embraced the 17 Sustainable Development Goals adopted by the United Nations in 2015. The SDGs chart a holistic and comprehensive path to help us build a sustainable future for an ailing planet and its people.
"Those of us who have benefitted from extracting nature's resources have a special obligation to help revive a bleeding Mother Earth," he said.
Take Sunway City Kuala Lumpur, for example. The area where the city now stands was an abandoned tin mining land.
While others saw a deep scar in the Earth, Cheah had a very different vision to rehabilitate the land, turning it into a sprawling township as well as the country's first fully-integrated green township.
Now, it is one of Malaysia's most dynamic "living labs" that strives to improve human lives and protect the environment.
One of Sunway's latest initiatives is the establishment of Sunway Centre for Planetary Health. One of just a handful of such entities in the world, the centre based in Sunway University will pioneer the application of the planetary health approach to address the causes and consequences of human health and environmental change.
Urban farms are among the latest "experiments" that the city has embarked on. These farms cultivate vegetables in underutilised spaces like rooftops, car parks and indoor spaces, and are located within walking distance from the local communities. This makes food accessible, while reducing carbon footprint and food miles.
Another way Sunway's corporate community, particularly its hospitality division, has reduced its carbon footprint is by optimising resources.
From composting food waste, to repurposing leftover soap bars, and converting used cooking oil into biodiesel, Sunway Group has diverted nearly four per cent of waste from landfills in 2020.
Going solar has also been Sunway's way forward to slash carbon emissions across its business segments. Schools, universities and malls under Sunway now harness solar power, gradually cutting down reliance on fossil fuels for energy.
By 2030, the same year that it wants to halve carbon emissions, Sunway wants to source at least 25 per cent of electricity from renewables.
The group's strategy of inculcating a low-carbon lifestyle has, over the years, shaped and shifted their consumption patterns.
A recent report indicates that Malaysian public-listed companies are faring well in environmental, social and governance (ESG) factors among its Asean counterparts and are comparatively advanced in embracing global standards.
Recently rated top for its ESG efforts, Sunway has integrated clear ESG targets with its corporate goals in alignment with the broader UN-SDGs and is in a unique position to drive meaningful change in sustainability practices
"ESG practices contribute to a company's overall risk management strategy. Poor risk management is something that we cannot afford. In recent years, there has been an increase in global ESG-related disputes. And this has the ability to severely impact not just the profitability of a business but its reputation, its credibility and its brand.
"Our own experience here at Sunway demonstrates that sustainability and profitability can go hand in hand," Cheah added.
With the introduction of a carbon pricing framework, Sunway's 13 business divisions can better prepare for climate-related risks and implementation of a carbon tax.
More importantly, climate scientists have recently warned that it is 'now or never' to prevent climate disaster. Tackling climate change must be a collective effort.
Global emissions must drop by 7.6 per cent from 2020 to 2030 per year to limit global warming below 2°C.