Pantas Software has committed to the Science Based Target initiative (SBTi) to reach net-zero emissions across its value chain by 2033.
The SBTi is a global body driven by organisations such as CDP, the United Nations Global Compact (UNGC) and the World Wide Fund for Nature (WWF) to mobilise companies across the world to halve emissions before 2030 and to achieve net-zero emissions before 2050.
As of today, there are only 14 companies in Malaysia that have committed to the SBTi, and Pantas is the first software company to commit and get its targets validated.
Max Lee, Chief Executive Officer of Pantas said that this commitment positions Pantas as a leader in the transition to a low-carbon economy.
“Climate change is a defining issue of our time and we need a solution for corporations to accelerate the speed and scale at which they commit to fighting climate change. Pantas is partnering with UKM Institute of Climate Change to create a climate solution to calculate, manage and disclose carbon emissions,”
“The process to calculate, manage, and disclose a company’s Scope 1, 2 and 3 emissions is expensive, tedious and filled with jargon. Majority of companies conduct this exercise on Excel spreadsheets and leave out Scope 3 emissions, which often makes up 85% of a company’s total emissions and is the most difficult to measure.”
Pantas-UKM Green Solutions provides companies with a carbon accounting software to seamlessly calculate greenhouse gas (GHG) emissions based on international standards such as the GHG Protocol and attract green investments.
Max Lee added that the responsibility to disclose and report carbon emissions have become more important due to the increase in global regulations around environmental disclosure.
“Companies will need to disclose their emissions data to international organisations such as CDP and SBTi to remain competitive in the market. Large companies in the US and Europe have set standards and requirements for their suppliers to have this information publicly available.”
According to Southeast Asia’s Green Economy 2021 Report by Bain & Company, Microsoft and Temasek, 70% of multinational companies (MNC’s) will remove suppliers that endanger their net-zero transition by 2025. Closer to home, the Singapore Exchange has proposed mandatory climate reporting for companies within key sectors in 2023.
Pantas is actively seeking Publicly Listed Companies to be a part of their pilot program and be a regional pioneer for the transition to a low-carbon economy.
“We are hoping to engage with other companies and organisations to move us further along the global sustainability journey,” he added.