Malaysia sets sustainability vision with ESG goals

ESG-focused development programmes and projects will be prioritised in the country’s Budget 2023, according to the finance minister.
By: | July 8, 2022
Topics: Digital Transformation | Malaysia | News | Restructuring

The Malaysian government will be ramping up ESG (Environmental, Social, and Governance) -related strategies in its Budget 2023, enabling the country to transition from the current recovery phase to longer-term reforms as outlined in the 12th Malaysia Plan, announced Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz.

“Budget 2023 has a sharper focus on holistic development and well-being, facilitated by improved income opportunities for all,” he said. 

The minister called on the public and private sector to support a common sustainability vision these ESG initiatives hope to foster, noting that the ICT sector is responsible for about three to four percent of global carbon emissions.

“We can no longer afford to ignore the key structural issues that were exacerbated by the pandemic, as well as the many climate change-related national disasters that have beset the country which caused unnecessary loss of lives and property, year in, year out,” he added. 

READ: Top business leaders believe ESG is a necessity

Malaysia will also press ahead to bridge digital divides across nations and rural-urban societies by speeding up its connectivity plans, with the aim to ensure 5G coverage in 80% of populated areas by end-2024.