ESG

From the ridgelines of southern Lao PDR, 133 wind turbines are now delivering clean electricity directly into Vietnam, marking a historic milestone for the region. The Monsoon Wind Power Project, which reached commercial operation on 22 August 2025, is the first wind farm in Laos and the first renewable energy project in Asia to export power internationally. At 600 MW, it also ranks as Southeast Asia’s largest onshore wind installation. Completed four months ahead of schedule after 27 months of construction, the project represents a breakthrough in both national energy planning and regional cooperation. It diversifies Laos’ energy mix beyond hydropower while providing Vietnam with a reliable source of clean electricity amid surging demand. Regional Integration Through Infrastructure The wind farm spans the Dak Cheung and Sanxay districts in southern Laos. Power generated at the site is routed through four substations, stepped up to 500 kV, and transmitted via a 27-kilometre line to the Lao–Vietnam border. From there, it connects to Vietnam’s 500 kV network and continues to EVN’s Thanh My substation, feeding directly into the national grid. By demonstrating that cross-border renewable projects can be technically and commercially viable, Monsoon Wind reinforces ambitions for the ASEAN Power Grid, a long-standing vision for shared regional energy security. Consortium Collaboration and Financing Monsoon Wind is developed and operated by Monsoon Wind Power Company Limited, a Lao-incorporated entity backed by a multinational consortium. Partners include Impact Electrons Siam, ACEN (Philippines), BCPG and STP&I (Thailand), Mitsubishi Corporation and Diamond Generating Asia, and Lao-based SMP Consultation. The project was financed by a mix of regional and international lenders, including the Asian Development Bank (lead arranger), Asian Infrastructure Investment Bank, Japan International Cooperation Agency, Export–Import Bank of Thailand, Hong Kong Mortgage Corporation, Sumitomo Mitsui Banking Corporation, Kasikornbank, and Siam Commercial Bank. PowerChina led construction, while Envision Energy supplied the turbines. This collaboration highlights growing confidence in cross-border renewable infrastructure as a source of stable returns while advancing climate goals. Perspectives from Project Leaders “This is a proud and historic moment for our company, our partners, and the region,” said Nat Hutanuwatr, Managing Director of Monsoon Wind Power. He highlighted the project’s decade-long journey from feasibility studies to full-scale delivery and thanked governments, financiers, and local communities for their support. Chairwoman Paradai Suebma noted the project was “14 years in the making,” calling it both a testament to long-term vision and a practical example of ASEAN nations collaborating on climate-aligned growth. Community Development and ESG Commitment Construction was completed without resettlement, in line with international environmental and social safeguard standards. Developers have committed $1.1 million annually for community programs, including scholarships, mobile healthcare services, and coffee-based livelihood initiatives. By combining local development with regional power generation, Monsoon Wind demonstrates that utility-scale infrastructure can deliver both energy security and tangible social benefits. Implications for Investors and Policymakers For investors, Monsoon Wind’s ahead-of-schedule completion and stable long-term offtake into Vietnam strengthen the case for cross-border renewables as bankable assets. For policymakers, the project exemplifies how infrastructure can provide dual benefits: diversifying domestic energy sources while enhancing regional integration. The project is expected to avoid 1.3 million tonnes of CO₂ emissions annually, supporting commitments under the Paris Agreement and offering a replicable model for future ASEAN energy initiatives. Regional and Global Significance Monsoon Wind is reshaping expectations for Southeast Asia’s power sector. By moving beyond single-country, single-technology projects, it broadens options for grid balancing, investment attraction, and decarbonization acceleration. For global ESG and climate finance stakeholders, the project shows that the combination of governance support, blended finance, and multinational partnerships can unlock frontier renewable projects at scale. What began as a speculative concept in 2011 now serves as evidence that shared infrastructure can anchor the energy transition in Asia’s rapidly growing economies.

The Monetary Authority of Singapore (MAS) has successfully secured $510 million in committed capital for a new fund aimed at financing green infrastructure projects across Southeast and South Asia. The initiative, called the Green Investments Partnership, forms part of the broader Financing Asia’s Transition Partnership (FAST-P) and will focus on supporting renewable energy, energy storage, and sustainable transport initiatives. The fund has attracted commitments from a mix of regional and global investors, including HSBC, Singapore’s sovereign wealth investor Temasek, and the Australian government. Its design blends public and private capital to mitigate risk while accelerating the deployment of climate-related projects. Pentagreen Capital to Oversee Fund Management Management of the fund will be handled by Pentagreen Capital, a sustainable infrastructure debt platform jointly established by HSBC and Temasek. Pentagreen specializes in financing projects that are often overlooked by traditional investors but carry high potential for climate and social impact. Gillian Tan, Assistant Managing Director (Development & International) and Chief Sustainability Officer at MAS. “Pentagreen has brought together a diverse group of partners, participating across both commercial and concessional layers of the capital structure to de-risk and fund marginally bankable green infrastructure projects,” said Gillian Tan, MAS Assistant Managing Director (Development & International) and Chief Sustainability Officer. This layered approach allows concessional capital to attract commercial investors who might otherwise shy away from projects in markets with higher financial or political risk—a core principle of FAST-P’s strategy. Addressing Regional Transition Needs Southeast and South Asia face some of the world’s fastest-growing energy demand, while many economies remain heavily reliant on coal. Expanding access to affordable capital for renewable energy and low-carbon infrastructure is critical for aligning the region with global climate goals. The Green Investments Partnership will prioritize utility-scale renewable energy projects, battery storage, clean mobility solutions, and supporting infrastructure. MAS has emphasized that investments will be evaluated not only on their emissions-reduction potential but also on broader social benefits, such as job creation and community development. Global Significance and Policy Alignment Singapore’s fund aligns with international efforts to close the climate finance gap in emerging markets. According to the International Energy Agency, developing economies must triple annual investment in clean energy to meet global net-zero targets. By positioning itself as a hub for blended finance, Singapore reinforces its regional capital market role while advancing its own climate agenda. The initiative also complements Australia’s economic and diplomatic engagement in Asia, reflecting Canberra’s increasing focus on climate finance. Investor Implications For investors and business leaders, the Green Investments Partnership offers a model for channeling capital into markets with substantial infrastructure needs but higher risk profiles. The initiative demonstrates how public-private collaboration can be scaled effectively to mobilize resources quickly, while balancing financial returns with measurable environmental and social impact. The fund’s success will depend on effective execution: navigating diverse regulatory landscapes, ensuring capital deployment translates into tangible decarbonization outcomes, and balancing investor expectations with climate goals. If successful, it could serve as a blueprint for other regions seeking to unlock private investment for the energy transition. A Regional Initiative with Global Impact With $510 million already committed and additional fundraising anticipated, the Green Investments Partnership signals Asia’s central role in global climate action. MAS is leveraging its convening power to align governments, financial institutions, and investors, positioning Singapore not only as a financial hub but also as a key driver of the region’s transition to sustainable, low-carbon infrastructure.

KUALA LUMPUR, Malaysia has secured over RM1.5 billion in trade and investment prospects during Week 22 of Expo 2025 Osaka, held from Sept 8-14, 2025, according to the Ministry of Natural Resources and Environmental Sustainability (NRES). In a statement today, the ministry said the initiative was co-led by the Ministry of Energy Transition and Water Transformation (PETRA) and NRES, with the Malaysian Green Technology and Climate Change Corporation (MGTC) as the implementing agency. The trade and investment value was derived from 68 business meetings between Malaysian companies and international organisations across the energy, water, and green technology sectors. Of the total, RM38.74 million came from the signing of memoranda of cooperation, understanding, and agreement. The ministry noted that the figure is likely to rise further, as several companies have yet to confirm or disclose the outcomes of ongoing discussions. Malaysia’s participation in Week 22 highlighted its commitment to sustainability, biodiversity protection, renewable energy adoption, and water resource management, while also advancing the Malaysia MADANI vision. Through the Malaysia Pavilion, the country showcased its ambitions for a low-carbon and climate-resilient future via exhibits, pocket talks, business forums, and technology showcases. Company representatives and ministry officials also delivered presentations on Malaysia’s leadership in energy transition and green innovation. The NRES said the programme helped reinforce Malaysia’s position as a reliable global partner in driving sustainability and innovation, while strengthening ties with international stakeholders, industry leaders, and civil society groups. The week-long programme concluded with a closing ceremony and the screening of Footprints in the Forest, an environmental film calling for the protection of forests, wildlife, and ecosystems, serving as a symbolic reminder of the collective responsibility towards environmental conservation.

LANGKAWI, In a landmark moment for youth climate leadership, children and youth from all 10 ASEAN Member States formally presented the ASEAN Children & Youth Climate Declaration, known as the Langkawi Declaration to environment ministers during the 18th ASEAN Ministerial Meeting on the Environment (AMME). This marks a historic shift from youth participation to youth influence in regional climate governance. Ten child and youth delegates (one from each ASEAN Member State) deliver a joint intervention calling for a safe, clean, healthy and sustainable environment for every child. “Standing in the AMME hall, I felt our voices and our generation’s hopes and fears were heard. The Langkawi Declaration is more than words, it’s a call to action. We are ready to work alongside our leaders to turn promises into action for every child, today and for the future,” said Celeste Chung, youth delegate from Sabah, Malaysia. Detail of the Declaration featuring youth-led recommendations on adaptation, education, participation and just transition, prepared at ACYCS 2025. “Each word in this Declaration carries the voices of vulnerable communities living at the frontlines of the climate crisis, from coastal villages to urban neighbourhoods,” said Alexandra Nicole Eclarinal from Bicol, Philippines. “It reflects not only what we ask of our leaders, but what we, young people are prepared to contribute through action, collaboration, and accountability.” The Declaration calls for urgent action in seven key areas, including meaningful youth participation in policymaking, climate justice, integrated climate education, accelerated just energy transition, climate-resilient social services, sustainable agriculture rooted in indigenous knowledge, and strengthened climate financing. Its acknowledgement at AMME marks the youth voices are formally embedded in regional climate decision-making, setting a precedent for future ASEAN policies. ASEAN youth delegates hand over the Langkawi Declaration to COP30 President, André Corrêa do Lago during AMME 2025. Speaking at the AMME, the ASEAN youth representatives pledged to raising awareness, driving community-based solutions, and holding themselves accountable as partners in climate action. Their closing message was one of confidence and conviction: they stand ready to lead with courage, collaborate across generations, and co-create a future where climate resilience and justice are shared responsibilities, not just aspirations. YB Datuk Seri Johari Abdul Ghani, Chair of the 18th AMME and Acting Minister of Natural Resources and Environmental Sustainability, accepted the Langkawi Declaration during the ministerial session. He acknowledged the clarity, urgency and commitment shown by ASEAN’s youth, thanked them for their leadership, and reaffirmed the region’s dedication to integrating youth perspectives into ASEAN’s ongoing environmental strategies and actions. He also recognised the role of partners such as UNICEF and youth-led organisations in ensuring that youth perspectives continue to shape the region’s path toward a climate-resilient future. “The Langkawi Declaration at AMME is a moment of optimism and we thank the Government of Malaysia and ASEAN ministers for recognising climate action is, at its core, about children’s rights. With the support of Malaysia’s Ministry of Natural Resources and Environmental Sustainability (NRES), the declaration will shape how youth priorities are reflected in ASEAN’s climate agenda, demonstrating that youth are not just participants, they are influencing policy,” said Robert Gass, UNICEF Representative to Malaysia, Special Representative to Brunei Darussalam, and UN Resident Coordinator a.i to Malaysia, Singapore and Brunei Darussalam. For over three days in Langkawi, youth delegates worked together through dialogues, skills labs, and strategy sessions to craft a shared vision for the region’s climate future. The result is the Langkawi Declaration, a historic, youth-led blueprint that puts children’s rights at the heart of ASEAN’s climate agenda. This milestone is part of the ASEAN Children & Youth Climate Summit (ACYCS) 2025, co-organised by UNICEF and Malaysia’s Ministry of Natural Resources and Environmental Sustainability (NRES) and supported by the Ministry of Youth and Sports (KBS). The summit brought together 100 youth delegates aged 15 to 25 for a three-day youth-led leadership programme. The Langkawi Declaration aims to inform on-going national youth efforts and contribute to the region’s collective positioning ahead of COP30.

KUALA LUMPUR, PBA Holdings Bhd’s subsidiary, Perbadanan Bekalan Air Pulau Pinang Sdn Bhd (PBAPP), has successfully raised RM300 million through its inaugural sustainability sukuk wakalah issuance under its sukuk wakalah programme. In a filing with Bursa Malaysia, PBAPP said the issuance was divided into two equal tranches of RM150 million each. Tranche 1 carries a periodic distribution rate of 3.57% per annum, payable semi-annually, with a 10-year tenure maturing on Sept 4, 2035, while Tranche 2 offers a 3.75% rate per annum with a 15-year tenure maturing on Sept 4, 2040. Proceeds from the sukuk will be channelled towards financing projects under the Water Contingency Plan 2030, alongside other capital and operating expenditures. These initiatives fall under PBAPP’s sustainability framework, classified as eligible green projects in sustainable water and wastewater management, as well as eligible social projects in affordable basic infrastructure. The sukuk wakalah programme has received a top-tier AAA credit rating from RAM Rating Services Bhd.

LABUAN, Asian Supply Base Sdn Bhd (ASB) and Legenda Bumimas Sdn Bhd have entered into a strategic joint venture aimed at transforming scheduled waste management in Labuan. ASB chief executive officer Datuk Japar Esteban. ASB chief executive officer Datuk Japar Esteban said the collaboration will end the longstanding practice of transporting waste to Sarawak, with all handling and recovery activities soon to be undertaken at ASB’s processing plant in Labuan. “Operations are expected to commence in December this year. This new venture into scheduled waste management forms part of ASB’s broader business diversification strategy, in line with evolving industry needs and sustainability targets,” he told Bernama. ASB, a Sabah government-linked company headquartered in Labuan, is recognised as an integrated logistics hub for the oil and gas industry, serving over 80 oil and gas-related companies, including multinational operators. According to Japar, the partnership marks a key milestone in ensuring waste generated within the hub can be treated and recovered locally. “This initiative not only addresses operational challenges but also enhances Labuan’s positioning as a vital oil and gas hub in Malaysia. By reducing the need for long-distance transport, the partnership lowers logistics costs, improves supply-chain efficiency, and supports Malaysia’s carbon reduction goals,” he said. He added that localised processing and recovery efforts would minimise ecological impact while reinforcing Labuan’s role as a sustainable, forward-looking hub that can support both multinational corporations and domestic operators with comprehensive solutions. The joint venture agreement between ASB and Legenda Bumimas was signed recently. Legenda Bumimas managing director Datuk Tan Pek Chian said the company is honoured to be ASB’s first integrated waste management partner, providing collection, storage, and recovery of waste generated from offshore operations. “Our next phase will be to develop in-house treatment and full recovery capabilities within the Labuan hub. This represents a strategic RM40 million first-phase investment, underscoring our long-term commitment to environmental, social, and governance (ESG) practices. By promoting circular, low-carbon waste solutions and reducing carbon emissions from the supply base to disposal centres, we aim to close the loop in sustainable waste management,” he said. Tan added that the development would further enhance ASB’s waste solutions portfolio, enabling production sharing contractors to achieve greater waste minimisation and recovery at source.

Australian data centre operator AirTrunk has completed a massive A$16 billion (US$10.4 billion) sustainability-linked refinancing to support its expansion across the Asia-Pacific region. The refinancing package includes a S$2.25 billion green loan dedicated to its Singapore data centre, positioning AirTrunk as the largest issuer of sustainable financing in the APAC data centre sector, according to the company’s statement. AirTrunk said it received strong backing from 60 banks and financiers, underscoring investor confidence in its long-term growth and sustainability strategy. With this latest deal, the company’s total financing across the region, including its operations in Japan, has surpassed A$18 billion. The refinancing follows AirTrunk’s A$24 billion acquisition by Blackstone and Canada Pension Plan Investment Board (CPPIB) in late 2024, which marked one of the largest data infrastructure deals in the region. AirTrunk founder and CEO Robin Khuda said the move reflects the company’s ambition to scale up while keeping sustainability at the heart of its strategy. “Following AirTrunk’s A$24+ billion acquisition by Blackstone and CPPIB in 2024, we have expanded our debt financing platform to enable rapid growth across the region,” Khuda noted. AirTrunk was among the first data centre firms in the region to adopt sustainability-linked loans (SLLs) back in 2021, tying its financing directly to environmental and social performance targets. The latest refinancing further strengthens its position as a leading hyperscale data centre provider committed to green financing. At current exchange rates, US$1 is equivalent to 1.5389 Australian dollars.

French industrial gases giant Air Liquide has entered into a binding agreement to acquire South Korea’s DIG Airgas from Macquarie Asia-Pacific Infrastructure Fund 2 in a deal valued at €2.85 billion ($3.3 billion). The acquisition, which marks Air Liquide’s biggest deal in ten years, is aimed at strengthening its footprint in South Korea — the world’s fourth-largest industrial gas market and a global hub for advanced manufacturing. Air Liquide, which provides gases, technologies, and home healthcare solutions, said the transaction would deliver a positive impact on net profit within the first year of integration. “This opportunity … will contribute to the net profit growth of the Group as soon as one year after integration,” said CEO François Jackow in a statement. According to Macquarie, DIG Airgas currently holds an enterprise value of 4.85 trillion won ($3.5 billion), while the deal valuation is based on accounts as of December 2024. Despite the announcement, Air Liquide’s shares remained largely unchanged. Analysts at Jefferies noted that while the transaction multiple appeared high compared to sector valuations, the deal still represented a “minor strategic positive” given the limited M&A opportunities in the industrial gases industry. The acquisition is expected to be completed in the first half of 2026, subject to regulatory approvals in South Korea. Air Liquide, which has been present in the country for over 30 years, highlighted that DIG Airgas had expanded under Macquarie’s ownership into the semiconductor and secondary battery sectors, positioning it well for upcoming mega projects in high-growth industries. DIG Airgas generated €510 million in revenue in 2024, employs around 550 staff, and operates approximately 60 plants alongside 220 km (140 miles) of pipelines. ($1 = 0.8633 euros)($1 = 1,391.22 won)

Singapore, Singapore-based global business services platform Ascentium has announced the acquisition of ZICO Holdings, a corporate services provider specialising in secretarial services, trust administration, and regulatory compliance across Southeast Asia. Under the deal, ZICO’s corporate services will be integrated with Ascentium’s existing operations in Singapore, Malaysia, and the Philippines, along with its corporate and trust/trustee business in Labuan, Malaysia. The acquisition is part of Ascentium’s broader expansion plan across key markets in Southeast Asia. “With more than 30 years of operational excellence, deep regional experience, and a portfolio of premium clients, ZICO strengthens our capabilities and enhances our regional footprint,” Ascentium said in a statement released Thursday. The acquisition marks the latest milestone in Ascentium’s rapid expansion across Asia-Pacific. In recent years, the company has completed a series of strategic acquisitions, including Links International (HR outsourcing technology firm) and Harneys Fiduciary (corporate trust and services provider with offices in Singapore, Hong Kong, and Shanghai). In 2024, it also acquired InCorp Global, a corporate services and business advisory provider, with full integration expected by 2026. Ascentium co-founder and CEO Lennard Yong said the deal represents “an important step forward in our Southeast Asia growth strategy and a milestone in building a leadership team with unrivalled regional expertise.” He added that ZICO’s entrepreneurial culture, market knowledge, and premium clientele are a natural fit with Ascentium’s long-term goals. Kelvin Ng, CEO of ZICO Holdings, described the transaction as a pivotal moment for the group. “We are confident that Ascentium’s leadership, platform, and global reach will open new opportunities for our people and clients, while delivering enhanced solutions across the region,” he said.

KOTA KINABALU, The Malaysian Bioeconomy Development Corporation (Bioeconomy Corporation) has entered into a strategic partnership with Invest Sabah Bhd through the Bioeconomy Tour 2025, aimed at strengthening Sabah’s bioeconomy ecosystem and unlocking new economic and sustainable development opportunities for the state. Bioeconomy Corporation chief executive officer (CEO) Mohd Khairul Fidzal Abdul Razak said the collaboration involves close cooperation with nine Sabah-based agencies as part of an integrated effort to support the Ministry of Science, Technology and Innovation’s mission to position Malaysia as a global technology leader by 2030. He highlighted that strong participation in the 2024 Sabah Bioeconomy Tour showcased the state’s vast potential in biotechnology and bio-based industries. With stronger backing from state agencies this year, he is confident the sector will see greater progress. “Our focus is to assist biotechnology companies nationwide, particularly in Sabah. Earlier, we introduced six bio-based products from local firms. With this programme, we aim to help more local companies develop products for both domestic and international markets,” he told reporters after the Bioeconomy Tour 2025. This year, Bioeconomy Corporation plans to host the programme in six locations nationwide with over 200 participants, and to launch 60 new products and innovations. For the Sabah edition, the corporation will roll out the BioSynergy programme in partnership with POIC Lahad Datu to boost research, technology transfer, talent development, and enterprise support. According to Mohd Khairul, the initiative is designed to build expertise and enhance the competitiveness of Bio-based Accelerator (BBA) and BioNexus-status companies in Sabah, both of which are critical to the state’s bioeconomy growth. To date, more than 630 companies across Malaysia have recorded approved investments worth RM8.7 billion as of the second quarter of 2025. “This shows that continuous support for these companies will deliver even greater and more sustainable impacts on science, technology and innovation-driven economic development. We are committed to advancing BBA and BioNexus companies to help the industry contribute five per cent to GDP growth,” he added. Meanwhile, Invest Sabah CEO Dr Firdaus Suffian said the collaboration with Bioeconomy Corporation will not only strengthen Sabah’s bioeconomy ecosystem but also create opportunities for investors, innovative companies, and local communities to engage in the growth of the bio-based industry. “As the state agency responsible for attracting investments and driving economic development, we view this partnership as a strategic platform to support biotechnology growth in Sabah and expand economic opportunities for the people. This is also an opportunity to drive innovation and promote Sabah as a hub for strategic technology investments,” he said. Dr Firdaus added that Sabah’s rich biodiversity offers vast untapped potential to develop high-value products through bio-based technologies. He expressed confidence that more BBA and BioNexus companies will be established in Sabah through initiatives like the Bioeconomy Tour, further contributing to both state and national economic growth.