Climate Change Initiatives

Climate Change Initiatives

There are growing expectations for private-sector corporations to develop appropriate countermeasures to tackle climate change and implement Sustainable Development Golas (SGDs) as stipulated in the Paris Agreement. Given the circumstances, Berjaya Sompo Insurance Berhad (BSIB) has undertaken various initiatives to address climate change in line with global standards as well as the direction of the Malaysian government.

Governance Structure

In order to establish robust governance, a Climate-related Risks Policy was discussed and formulated by BSIB's Board of Directors in 2020 which sets out BSIB’s commitment, identification of the risks, governance structure, roles and responsibilities as well as scope of initiatives to mitigate risk and support the transition to a lower carbon economy.

Key Initiatives

(1) Integration of climate-related risks in BSIB’s Risk Management
In August 2020, BSIB revised the Enterprise Risk Management policy and integrated climate-related risks into the existing Risk Management Process and Risk Dashboard.

(2) Employees’ engagement initiatives on climate change
BSIB embarked on several initiatives in 2020 to highlight the impact of climate change and the importance of environmentally friendly practices in our daily lives. BSIB published newsletters and educational materials on how staff can adopt environmentally friendly practices on daily basis such as using their own shopping bags and energy-efficient appliances at home, and cultivating a recycling/repurposing habit. To reinforce our commitment, we ran the #BreakingTheHabitChallenge contest from 30th November to 14th December 2020 to encourage employees to share how they are making a positive impact on climate change in their daily lives. Additionally, each employee also received complimentary plant pots and seedling packets to encourage urban farming.

(3) Paperless project
In May 2020, we embarked on the Paperless Project to reduce the expenses of paper consumption during the Movement Control Order and by December 2020, we achieved 91% reduction in our total paper consumption expenses by instilling a strong paperless culture.

(4) Room temperature
Since July 2020, we set all room temperatures to 24 degrees Celsius, to promote greater efficiency in electricity consumption.