MARC Solutions has assigned a “Gold” Impact Assessment to Sunway Iskandar Development Sdn Bhd’s (SIDSB) Sustainable Finance Framework. The framework sets forth the guiding principles for SIDSB’s issuance of sustainable finance instruments for Eligible Projects that contribute towards environmental and social (E&S) benefits.

Established in 2012, SIDSB is an indirect wholly-owned subsidiary of Sunway Berhad and the master developer of Sunway City Iskandar Puteri (SCIP) in Johor. Spanning over 2,000 acres, SCIP is a sustainable integrated township that combines residential, commercial, and community developments. SCIP’s planning and design are guided by Sunway’s Green Township and Green Building Policies, with around 40% of its land allocated to green and open spaces. SCIP has received a provisional Green Building Index (GBI) Silver certification.

Proceeds raised from the sustainable finance transactions in relation to the framework will be utilised to finance expenditures under the following Eligible Categories:
• Green Township and Green Buildings
• Renewable Energy
• Energy Efficiency
• Clean Transportation
• Sustainable Water and Wastewater Management
• Waste Management
• Terrestrial and Aquatic Biodiversity Conservation
• Access to Essential Services
• Safe and Inclusive Communities

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 raised from the sustainable finance transactions would provide relevant E&S benefits in line with 12 of the 17 United Nations Sustainable Development Goals.