MYEG commits to 2050 net zero target

IN its latest Climate Change commitment statement, Malaysia’s leading digital services company MY E.G. Services Berhad (“MYEG” or “the Group”) has declared its commitment to a target of achieving net zero carbon emissions by 2050.

The Group sees innovation as critical to unlocking solutions towards decarbonisation and aims to leverage on Web3 technologies as a key enabler towards realising a carbon-free future, not just in its own businesses, but at the wider national and global level as well.

The current global average temperature is 1.1°C higher than the pre-industrial levels.

To preserve the planet, it was decided during the Paris Agreement in 2015 that global temperature increase needs to be below 1.5°C.

To achieve this, emissions need to be reduced by 45% by 2030, and reach net zero by 2050. Net-zero is a commitment to take out as much greenhouse gases from the atmosphere as we put in.

Over 5,000 businesses globally and at least 106 countries, including biggest polluters like China, United States and the European Union have committed to achieving net-zero emissions by 2050, according to the United Nations.

Meanwhile, PwC’s 25th Annual Global CEO Survey revealed that 18% of Malaysian companies have made net-zero commitments, versus 26% in Asia-Pacific.

MYEG now joins these progressive organisations in its commitment to cut its environmental footprint, in particular through the leveraging of innovative solutions on its own recently-launched layer-1 blockchain platform Zetrix.

Unveiled in April 2022, Zetrix serves as an ideal platform for the development and deployment of a myriad decentralised applications that will enable and catalyse carbon reduction aspirations.
 
Through Zetrix, MYEG is not only the official owner and operator of the International Supernode of China’s Xinghuo Blockchain Infrastructure and Facility, connecting the Chinese national blockchain to global markets, the Group has also been appointed to jointly develop and operate Malaysia’s national public blockchain as part of the Malaysia Blockchain Infrastructure.  

Zetrix adopts a Proof of Stake (PoS) consensus mechanism that ensures up to 99% energy savings compared with many other first-generation Proof of Work (PoW) platforms.

Furthermore, the launch of the Zetrix blockchain paves the way for the progressive roll-out of use cases that will foster greener practices.

These include fully digitalising government services from start to end, which reduces the need for physical delivery of documents and cuts energy consumption.

In addition, decentralised applications on Zetrix to simplify and digitalise existing conventional, manual business processes can reduce operational time and cost through enhanced efficiency and productivity across all industries, resulting in reduced energy consumption, reduced waste produced and other ecological benefits.

Zetrix also facilitates supply chain traceability and financing, which helps consumers authenticate sustainability claims, leading to higher demand for genuine ethical and climate-friendly products.

MYEG’s progress in implementing sustainable practices is reflected in its latest Environment, Social and Governance ratings across the leading measures, such as:


All in all, MYEG wishes to reiterate its commitment to playing its part in addressing one of the greatest challenges of mankind, particularly through the deployment of innovative blockchain solutions.