A collaborative trip by the Annual Investment Meeting ( AIM ), Dubai , seeks to join forces with MAPAN and other organisations in tackling ESG and SDG initiatives
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ESG | SEPTEMBER-OCTOBER . 2023
Collaborations move mountains
A collaborative trip by the Annual Investment Meeting ( AIM ), Dubai , seeks to join forces with MAPAN and other organisations in tackling ESG and SDG initiatives
BY DANIAL FAUZI
THE trend of Environment , Social and Governance ( ESG ) and the Sustainable Development Goals ( SDG ) have been gaining traction lately with companies and organisations that wish to tackle these initiatives in order to make a difference for the future of both the environment and society .
However , the need to tackle these initiatives lie in the willingness to change the structural integrity of an organisation and the willingness to adapt to these changes , such as switching to renewable energy sources or even the revising the structural hierarchy of an organisation to be more inclusive .
In addition , walking this path towards ESG and SDG can be a daunting task as the challenges ahead can wear down even the stoutest of individuals . The challenges ahead can be difficult and the mindset of change and adaptability is needed .
Therefore , the need for collaboration in order to face these challenges head on is paramount . Organisations and companies should seek to collaborate and work together in order to share the burden and success of ESG and SDGs .
Recently , a collaborative trip was held at the MIGHT building in Cyberjaya . The trip was the brainchild of the Annual Investment Meeting ( AIM ) of the United Arab Emirates ( UAE ), an initiative of the AIM Global Foundation dedicated to empowering the world ’ s economy through effective promotion strategies and facilitating opportunities for economic productivity and expansion .
The event was also held in conjunction with the Malaysian Association of Public Advocacy for Nature ’ s ( MAPAN ) soft launch of their e-Book , “ A-Z MAPAN ESG ”.
TACKLING ESG INITIATIVES TOGETHER
During the event , MAPAN Chairman and Founder , Ben Ong , introduced their A-Z MAPAN ESG e-Book .
Ben Ong , and Dawood Al Shezawi ( right )
Emily Kok
“ An ESG process essentially will first determine the plan ,” said Ben whilst presenting the e-book .
“ That is why it is called a sustainability plan . So every company will have to start looking at their vision , their mission , as well as their company objectives . Then , the company can round this into a strategy to start with . The company will have a clearer picture on their sustainability plans .”
In a way , this can be inferred is data collection for companies planning to undertake ESG and SDG initiatives , as data can provide companies an elaborate picture to ensure that their carbon footprint and carbon emissions are aligned with ESG and SDG objectives .
Ben also added that although micro , small and medium enterprises ( MSMEs ) generally may not generate a lot of carbon on their own , 97.4 per cent of businesses in Malaysia are MSMEs , and the carbon emissions generated by MSMEs can snowball into larger emissions .
Therefore , the e-Book could assist in not only MSMEs , but also larger companies and organisations to layout the groundwork for sustainability plans in order to reduce their carbon footprint and emissions .
AIM President , His Excellency Dawood Al Shezawi , also chimed in of the importance of collaboration , especially in this digital age .
“ We have learned a lot from Malaysian digital economy and as well as digital investment ,” he said during the event .
“ Malaysia can be a good example for Middle Eastern nations . What Malaysia is doing with high technologies is something that AIM and other organisations could collaborate on in achieving sustainable goals and ESG initiatives .”
SUSTAINABLE FINANCE
Although collaborations can spur the move towards ESG and SDGs initiative for companies , there is still the need of funding in order to bring awareness of the issues of sustainability .
The financial sector has the power to fund and bring awareness of the challenges of sustainability , be it through research and development of renewables or providing investment for businesses that are aligned with ESG and SDGs .
Sustainable finance is focused on integrated value . Integrated value is made up from social value , the environmental value and the financial value .
“ The focus on sustainable finance is how integrated value is going to drive sustainable outcomes for businesses and for society ” Hong Leong Financial Group Independent Non-Executive Director , Emily Kok explained .
“ There are many changes happening within the banking industry where we are also constrained by how and who we can invest in ,” Emily also expressed .
Emily also explained that sustainable finance is still very much on maximising profit or driven by financial value provided by the social and environmental value at a minimum level that is met .
“ In this way , sustainability is introduced into the business and it is always with the aim of reducing costs , reducing business risks and being attractive to your current pool of customers , employees and shareholders ,” Emily added .
“ The aim is still to make money , but success is still evaluated from the economical perspective .”
Therefore , it is important for organisations and companies to understand that although collaboration is needed to move mountains , there is still the need to of funding in order to actually get things done on the road to sustainability . – @ ESG
Will Madani transform nation ’ s economy for the better ?
BY PROF DATO DR AHMAD IBRAHIM Founding Member of MAPAN Tan Sri Omar Centre for STI Policy UCSI University
EXPERTS say the nation has yet to realise her vast economic potential . The facts speak for themselves . We are rich in natural resources but have yet to extract their maximum value through practical value-added economics .
We have earned big money from oil and gas , yet little to show to address the rich-poor divide . People in oil-rich states like Terengganu still wallow in backwardness . We were once leaders in agriculture . But our farmers are yet to be adequately compensated .
Most still live in poverty . Rice farmers have been shortchanged by policies which enrich the rice importers instead . We have yet to resolve the growing under-employment of our graduates .
Many of our trained talents have left the country to seek fortunes elsewhere . Few would deny that our economy is not in the best of shape . It has the potential to be better but needs drastic reform .
The unity government has proposed the Madani formula to reform the economy . It aims to put Malaysia to be among the top 30 economies of the world . Though the public has yet to understand the Madani approach fully , experts claim it has all the necessary ingredients to invoke positive change for the economy .
The model embraces the concept of a harmonious , progressive , prosperous , and sustainable Malaysia , very much articulated in our Rukunegara . Yet , even before going into action , we already hear voices pronouncing it as a failure .
It is premature to judge Madani before it can hit the ground . Many consider it to be realistic and pragmatic . Given time and implementation well , many agree it is our best chance of revitalising the economy .
We are fortunate to have the resources left to turn the economy around . The time is also suitable as the nation grapples with the economic