Star ESG Summit 2024 kicked off to a good start with a focus on achieving the ambitious goal of net zero emissions by 2050.
Natural Resources and Environmental Sustainability Minister Nik Nazmi Nik Ahmad, who officially launched the inaugural event, said that corporations need to go beyond mere compliance and focus on measurable performance to drive meaningful impact in ESG initiatives.
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Natural Resources and Environmental Sustainability Minister Nik Nazmi Nik Ahmad, who officially launched the inaugural event, said that corporations need to go beyond mere compliance and focus on measurable performance to drive meaningful impact in ESG initiatives.
Read more at https://bit.ly/3YBT93g
WATCH MORE: https://thestartv.com/c/news
SUBSCRIBE: https://cutt.ly/TheStar
LIKE: https://fb.com/TheStarOnline
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NewsTranscript
00:00Star ESG Summit 2024 kicked off to a good start with a focus on achieving the ambitious goal of net-zero emissions by 2050.
00:11The summit offered a unique opportunity for attendees to gain insights into the latest advances and cutting-edge technologies in sustainable business practices,
00:20while illuminating the compelling financial incentives behind ESG adoption,
00:26including cost savings and heightened investor interest.
00:30Natural Resources and Environmental Sustainability Minister Nik Nazmi Nik Ahmad,
00:36who officially launched the inaugural event, said that corporations need to go beyond mere compliance
00:42and focus on measurable performance to drive meaningful impact in ESG initiatives.
00:48We are thus now in an era when strong and authentic environmental, social and governance credentials
00:56are not merely scorecards to fill but keys that can save our planet.
01:01Investors, capital, customers and talent are increasingly attracted to companies that look beyond profit
01:10but also have a passion for taking care of our planet and our people.
01:15Today, ESG adoption is not merely a side note but rather the core of our strategy to position Malaysia as a global investment hub.
01:23Our ambitions align with global targets.
01:26Starting this year, the new government has announced that our net-zero target has been brought forward to a firm latest by 2050.
01:35We plan to reach 70% renewable energy capacity by the same year and to fully transition away from coal.
01:44This may sound ambitious but it is the right vision and Malaysia wants to be the beacon of ambition and action
01:53when it comes to climate change in the region and I believe we can get there together.
01:59Despite such proactive steps, Nik Nazmi acknowledged the rising anti-ESG sentiments in some sectors abroad
02:07with certain companies moving away from sustainable commitments due to political pressures.
02:12There is an anti-ESG backlash that are emerging, including in some sectors in the West,
02:17of certain companies moving away from such commitments due to political pressures and geopolitical rivalry.
02:25I believe that these sentiments are fundamentally wrong and ultimately self-defeating
02:31because the ultimate bottom line for all businesses is the survival of their respective societies on this planet.
02:41If previously companies were more focused on being in the black and not being in the red,
02:48but today the priority is to be in the green.
02:51The two-day summit featured enlightening discussions that addressed pivotal ESG topics
02:57by participating corporations on their sustainability journey.
03:00Among the topics were how property developers can harmonise urban environments by coexisting with nature.
03:07Sustainability General Manager Dr Yasmin Rashid of Saim Darby Property,
03:12the urban biodiversity partner for the event,
03:15recognised the challenge the industry faced in implementation of eco-friendly operational methods.
03:23Meanwhile, Saxon Renewables founder and Managing Director Raik Ong said
03:27while Malaysia is making progress in its energy transition goals,
03:31there are still some challenges that need to be addressed in terms of achieving net zero.
03:36So we're always sharing about how actually the corporates can drive the change of the government policy
03:43because if let's say some corporates they come in Malaysia and tell you,
03:47if let's say your country's not so easy for me to acquire renewable energy, I mean acquire REX,
03:55then I will start to consider whether I want to continue to stay in your country or not
04:00because you will affect my renewable energy sourcing.
04:03For Zurich, Malaysia, embracing ESG into business operations is a no-brainer.
04:08The group's Chief Risk Officer of Property and Casualty and Sustainability Risk Head Teresa Wong
04:14said businesses need to do so,
04:16without which those who are exporting to the European Union or the US could face the risk of closure.
04:22And that's why organisations should embrace this change
04:27and take ESG into stride embedded into the operations.
04:31You will have a happier workforce.
04:34You will have a more efficient way of running your operations.
04:39So even ourselves, we reduce paper a lot.
04:43You know that insurance contract is just a piece of paper.
04:47So we learnt during COVID-19 that you did not need to see the paper to know that you have an insurance contract.
04:55You can have an e-policy.
04:57The ESG Summit is organised by Star Media Group with Saim Darby Property Berhad as the Urban Biodiversity Partner.
05:04Saxon Renewables and Zurich, Malaysia are Silver Sponsors.
05:08For more information visit conference.thestar.com.myslashesgsummitslash
05:25Thanks for watching.