February 29, 2024

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Igniting Tech-Driven Sustainability in Malaysia

The Malaysian Investment Development Authority (MIDA) organised its forum aimed at catalysing Malaysia’s industrial commitment to sustainability goals. Held at the Connexion Conference & Event Centre, Bangsar South, in collaboration with the National SDG Centre and United Nations Global Compact Malaysia and Brunei (UNGCMYB), the forum strategically focused on leveraging technology adoption and embracing ESG (Environmental, Social, Governance) practices, especially among Small and Medium-sized Enterprises (SMEs) and Mid-Tier Companies (MTCs).

Image adapted from: MIDA Official Facebook page

At its core, the forum delved into the critical challenges faced by industries, including financial constraints, talent shortages, and the scarcity of technical expertise. Crucially, it shed light on the government’s unwavering dedication to achieving the Sustainable Development Goals 2030 and transitioning toward the Net Zero 2050 aspiration.

The session was a knowledge hub, hosting influential figures in sustainability like Mr Faroze Nadar, Executive Director at UNGCMYB, Prof. Dr Ong Kian Ming from Taylor’s University, and Mr Asfaazam Kasbani from the National SDG Centre, Ministry of Economy. Technology experts and representatives from leading entities such as PETRONAS and EPF also contributed their perspectives, enriching the discourse.

YB Liew Chin Tong, Deputy Minister of Investment, Trade, and Industry (MITI), outlined the government’s New Industrial Master Plan 2030 (NIMP 2030). This plan encompasses ambitious goals and 12 outcome-based targets, aligning with the National Investment Inspirations. Stressing the importance of a holistic approach, YB Liew highlighted the necessity for sector-specific targets across manufacturing, energy, transport, and infrastructure to foster sustainable development.

MITI’s proactive stance was evident as the Deputy Minister unveiled the National Industry Environmental, Social, and Governance (ESG) Framework (i-ESG) to bolster SMEs and MTCs in embracing sustainability. The i-ESG aligns seamlessly with the MADANI Economy Framework, indicating a clear vision for inclusive and sustainable industrial growth.

Underpinning the significance of technology and innovation, YB Liew highlighted initiatives within the Budget 2024, demonstrating a dedicated push toward sustainability. Noteworthy allocations such as the RM2 billion National Energy Transition Facility fund and the potential RM1 billion biodiversity sukuk for carbon credits aim to uplift businesses while fostering a resilient economic landscape.

MIDA’s Chairman, YBhg. Tan Sri Dato’ Seri Dr Sulaiman Mahbob, emphasised MIDA’s pivotal role as the vanguard of sustainable investment projects like e-Mobility, Renewable Energy, and Circular Bio-economy. The establishment of MIDA’s Sustainability Division in August 2023 signifies its proactive approach towards sustainable practices, indicating a promising trajectory.

Tan Sri Dato’ Seri Dr Sulaiman Mahbob underscored the inevitability of sustainable practices in the evolving global landscape, stressing the urgency for Malaysia to embrace the green wave. MIDA’s commitment was echoed through initiatives like the Invest Malaysia Facilitation Centre (IMFC), aimed at bolstering investment facilitation and expediting service delivery, thereby fostering an investor-friendly environment.

MIDA’s forum served as a pivotal platform to galvanise technological innovation and sustainable practices, aligning Malaysia’s industries with global sustainability imperatives. With concerted efforts and strategic initiatives, Malaysia stands poised to lead the charge towards a greener and more resilient future.

Malaysia has set its sights on an ambitious agenda for sustainable development, aligning with global imperatives while tailoring initiatives to its unique socio-economic landscape. With a steadfast commitment to the Sustainable Development Goals (SDGs) for 2030 and a resolute transition toward the Net Zero 2050 aspiration, the nation aims to tackle multifaceted challenges. From addressing environmental concerns like carbon emissions and biodiversity preservation to fostering social inclusivity and economic resilience, Malaysia’s sustainable goals encompass a holistic approach. These efforts converge on technology adoption, ESG practices, and inclusive policies, positioning the nation to forge ahead as a beacon of sustainable progress in the region and beyond.

OpenGov Asia reported that Selangor, a key player in Malaysia’s push towards renewable energy, is set to contribute a substantial 1 to 1.5 gigawatts (GW) to the country’s electricity grid in the coming years, as announced by Menteri Besar Dato’ Seri Amirudin Shari.


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