Joint Press Release
MALAYSIA STEEL INSTITUTE, RAM SUSTAINABILITY SDN BHD
andPENJANA EKO SDN BHD
MOU signed by Malaysia Steel Institute (MSI) jointly withRAM Sustainability Sdn Bhd and Penjana Eko Sdn Bhd to facilitate adoptionof Environmental, Social and Governance (ESG) in theIron and Steel Industry
KUALA LUMPUR, 30 September 2022 - Malaysia Steel Institute (MSI) today signed amemorandum of understanding (MOU) with RAM Sustainability Sdn Bhd and Penjana Eko Sdn
Bhd. The MOU aims to facilitate the adoption of Environmental, Social and Governance (ESG)
best practices to improve the Malaysian steel industry’s compliance with international standards.
According to the World Economic Forum (WEF), steel is the largest carbon emitting
manufacturing sector, generating 7% of all man-made emissions. More than 85% of its energy
consumption comes from fossil fuels. The emphasis for the steel industry to move towards ESG
is relevant, apt, and essential.
During the signing of the MOU, CEO of MSI, Mr. Jarrod Lim Keng Yow, echoed that thiscollaborative effort is a crucial first step in carving a pathway to further assist the industry’s
adoption of ESG best practices, in line with global trends. An ESG-compliant steel industry will
also in turn better support other steel-consumer industries like automotive, electrical, electronicand shipbuilding in the country.
The Deputy Group CEO of RAM Holdings Berhad & CEO of RAM Sustainability, Promod Dasshighlighted that “the Malaysian steel sector should get on board the ESG train as the banking
fraternity is becoming more averse to carbon-intensive sectors like steel”. Internationalcooperation on carbon pricing, carbon border tax adjustments or product specification standards
will help create a differentiated and economically viable market for first movers into the lowemission steel industry. “Therefore, bringing together RAM Sustainability’s ESG acumen, MSI’sstrong base on standards and industry network, together with Penjana Eko’s access to global
ESG data platform technology will be key to the development of green standards,” said Penjana
Eko CEO, Nor’ Azamin Salleh.
MALAYSIA STEEL INSTITUTE
30 SEPTEMBER 2022

About MSI
MSI is an industry-driven enterprise supported and funded by the Ministry of International
Trade & Industry on a shared responsibility basis with the iron and steel industry. MSI’s vision
is to reshape and facilitate the necessary environment for a sustainable iron and steelindustry. MSI was established with the objectives to:• Promote and develop the competitiveness, resilience and sustainability of theMalaysian iron and steel industry;• Provide advisory services and carry out, commission, or promote the study of thescientific, technology and economic aspects of iron and steel industry development inMalaysia; and• Promote iron and steel product standardisation and utilisation within Malaysia.
About RAM Sustainability
RAM Sustainability is a provider of sustainability services and ESG analytics. It is the first
ASEAN-based provider of sustainability ratings and second opinions and has the distinction of
being the first Registered Observer of the International Capital Market Associations’ (ICMA)
Green Bond Principles (GBP), Social Bond Principles (SBP) and Sustainability Bond Guidelines
in ASEAN. It is a member of ICMA’s Advisory Council to the GBP and SBP Executive Committee fora third consecutive term. On 12 August 2020, RAM Sustainability became an Approved Verifier
for the certification of climate bonds under the Climate Bonds Standard & Certification Scheme
after having been awarded the status by the Climate Bonds Standards Board. For furtherdetails, visit https://www.ram.com.my/sustainability.
About Penjana Eko
Penjana Eko is a management consulting company specialising in ESG enterprise platforms
and carbon credit, trading and exchange technologies. It was set up with the idea ofgenerating environmental / ecological solutions through innovative technology and thinking.
Penjana Eko, through exclusive agreements with our technology partners, has solutions thatcan help organisations collect, manage and analyse ESG data, either from the organisational
perspective or the clients’ perspective and facilitate more transparent and acceptable
reporting. Penjana Eko’s partner, Turnkey Group, a leading global ESG analytics provider,offers an ESG platform product called Sustainion – a SaaS deployment that can capture datain terms of energy, operations, water, waste, business travel, health and safety, and anyother ESG-related parameter, and translate them in accordance with globally acceptable
frameworks like GRI, TCFD and PRI, among many more. The platform will also helporganisations achieve their Net Zero target by predicting and analysing future scenarios.
Our carbon technology partner, Metaverse Green Exchange Pte Ltd (MVGX), offers a carbon
management system which is able to quantify, verify and certify carbon credits for trading
while placing this on a blockchain to ensure the integrity of the carbon credit is traceable.
Licensed by the Monetary Authority of Singapore, MVGX has signed partnerships with banksin Singapore to help them assess carbon emissions of potential lending clients for green funds.

Media Contact
Malaysia Steel InstituteNoor Syakirah Ibrahim(603) 6208 4657
syakirah@malaysiasteelinstitute.com
RAM Sustainability Sdn Bhd
Tho Li Ming
(603) 3385 2511
liming@ram.com.myPenjana Eko Sdn Bhd
Adlan Azhar(6017) 885 5585
Adlan@penjana-eko.com

Date of release: 30 September 2022