Image credit: Lawcode
KUALA LUMPUR (June 5): The Economy Ministry is in the final stage of launching the 13th Malaysia Plan (13MP) and the National ESG (environment, social and governance) Strategic Plan (NESP), which is aligned with global ESG frameworks and complements the National Sustainability Strategic Framework.
Deputy Economy Minister Datuk Hanifah Taib said the 13MP is almost ready to be presented to the Cabinet and expected to be tabled in Parliament next month, while work on the NESP is actively ongoing. The NESP is aimed at guiding Malaysian businesses towards ESG compliance and sustainable practices to assist Malaysian business entities, especially small and medium enterprises (SMEs), in phases towards ESG compliance and reporting.
“At the state level, Sarawak is taking the lead through its Sarawak Sustainability Blueprint 2030, targeting net zero by 2050 and supporting SMEs via a RM50 million Sustainable Development Financing Scheme. The message is clear, those that embed sustainability early, stand to gain competitive advantage, long-term resilience, and access to a growing pool of green finance opportunities,” she said in her keynote address at the Forward Faster Symposium 2025, held on Thursday at Perdana Hall, Mida Sentral, by the UN Global Compact Network Malaysia and Brunei (UNGCMYB).
These efforts are part of a larger national transition, said Hanifah. The government projects that green technology investments could reach up to RM1.3 trillion by 2050, contributing RM220 billion to the GDP and creating approximately 310,000 green jobs.
This transition is anchored by a strategic push to grow renewable energy capacity from 25% in 2022 to 70% by 2050. “These aren’t just climate goals, they’re economic opportunities that position Malaysia as a leader in the regional green economy,” she said.
“With these structural reforms, we are creating the ecosystem for sustainable capital to thrive.
What we now need is corporate leadership that seizes this opportunity to redirect resources from short-term returns to long-term resilience.”
Hanifah also urged the private sector to step up boldly and meaningfully by committing to living wages, investing in workforce upskilling for green jobs, and adopting inclusive hiring practices that reflect the full spectrum of our society’s diversity and potential.
“Businesses have to thrive for our economy to thrive, but the pursuit of profit in business must be coupled with purpose. When companies align profitability with strong ESG values; when they reduce their environmental footprint, invest in communities, and uphold fair labour practices, they don’t just protect their bottom line. They build long-term value, strengthen trust, and future-proof their business,” she said.
Faroze Nadar, executive director of UNGCMYB, said during his opening remarks that while the relevance of ESG principles is being questioned, the climate crisis cannot be ignored.
“Business resilience and national competitiveness are increasingly tied to sustainability. This symposium is not just a platform for discussion, it is a call to action. We must accelerate efforts, scale impact, and bring more companies into the journey,” he said.
In his opening remarks, Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid, CEO of Malaysian Investment Development Authority (Mida) emphasised the need for embedding responsible business values, but now is the time for businesses to go further and be at the forefront to tackle climate challenges.
“Climate challenges demand a whole-of-society response—and businesses must be at the forefront, and we must act with urgency. The heat across Malaysia has been unrelenting. Temperatures are climbing past 28°C, even 34°C in some areas. This is no longer a seasonal heatwave. It is becoming our new normal,” he said.
“I remember a time when mornings were cooler. We’d wake up to mist on the grass, dew on the leaves, and foggy windows on our cars. Small things, maybe — but they meant something. They were signs that nature was still in balance. Today, even with the air conditioner running, the nights feel warmer.”
He continued to add that “these may seem like personal reflections — but they are national warnings. Climate change is real. And if we fail to act now, it will become a human, economic, and ecological disaster. That is why we must embed resilience and climate responsibility not just in policies, but in the very core of how we invest, build, and grow.”
Source: https://theedgemalaysia.com/node/758001