MARC Solutions has assigned a “Gold” Impact Assessment to PNB Merdeka Ventures Sdn. Berhad’s (PNBMV) Sustainable Finance Framework. The framework sets forth the guiding principles for PNBMV’s issuance of sustainable financing to fund Eligible Projects that contribute towards environmental and social benefits.
Incorporated in June 2000, PNBMV is a wholly-owned subsidiary of Permodalan Nasional Berhad with the sole purpose to develop the Merdeka 118 precinct. Situated near Stadium Merdeka in Kuala Lumpur, Malaysia, the project features Menara Merdeka 118, a retail mall, and three residential towers. Officially inaugurated in January 2024, Menara Merdeka 118 is the world’s second-tallest building, and is the first in Malaysia to aim for triple-platinum green building certifications.
Proceeds raised from the sustainable finance transactions will be channelled towards projects, assets, or activities within the following Eligible Categories:
- Green Buildings
- Climate Change Adaptation
- Energy Efficiency
- Renewable Energy
- Pollution Prevention and Control
- Sustainable Water and Wastewater Management
- Clean Transportation
- Socioeconomic Advancement and Empowerment
We opine that the framework is aligned with the core components of the applicable guidelines, frameworks, and principles published by the Securities Commission Malaysia, ASEAN Capital Markets Forum, and the International Capital Market Association, among others.
The Gold assessment of the framework reflects the view that the use of proceeds would provide relevant environmental and social benefits that support nine of the 17 United Nations Sustainable Development Goals.