KPMG, a global professional services company, has formed an alliance with Maybank Singapore and three other partners to help businesses across Southeast Asia undergo decarbonisation to achieve their net-zero goals.
The partnership, which focuses on facilitating low-carbon and energy-efficiency implementations, aims to help businesses raise green financing, gain accreditations and certifications, and leverage digital tools for cost-effective growth.
Through the KPMG Asean Decarbonisation Hub, the alliance aims to develop companies' capabilities in innovative energy-efficient technologies and green financing solutions. Sectors targeted for fast-track decarbonisation comprise energy, transport and real estate.
The other partners are Bureau Veritas, Energy Institute, and two research institutes at the National University of Singapore. These organisations will work together with KPMG in its hub, an initiative to provide businesses with pathways for decarbonisation.
"As businesses strive to achieve net-zero commitments, they must develop implementable plans and document their carbon footprint through climate accounting infrastructure to demonstrate progress," said Sharad Somani, partner at KPMG Singapore and head of KPMG ESG.
Working with both governments and the corporate sector, the hub will help companies implement decarbonisation using strategies such as energy efficiency and shifting to renewable energy, he said.
Hub projects include setting up funds for early retirement of coal-fired power projects, developing pilot green hydrogen projects in emerging markets, setting up solar and wind energy platforms, and facilitating raising green and sustainable finance for environmentally friendly projects.
John Lee, chief executive of Maybank, said environmental, social and corporate governance (ESG) is becoming an important agenda for several companies.
The bank aims to provide sustainable financing via the partnership to encourage a strong pipeline of decarbonisation projects.
The KPMG 2022 CEO Outlook survey found bosses in Singapore see difficulties in identifying and measuring metrics (28%), lack of skills for implementation (28%) and lack of budget for investing in ESG transformation (20%) as the main barriers to their ESG strategies.
"We will help clients navigate their ESG journey to create a sustainable future as well as meet their business objectives," said Mr Lee.
