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 Syme Derby Property,
03:12the urban biodiversity partner for the event,
03:15recognised the challenge the industry faced in implementation of eco-friendly operational methods.
03:21So this is the three approaches that we have.
03:24Again, like I said, not rocket science.
03:27If we can avoid, that will be the sweet spot.
03:32And when you avoid, the next step is to work on conserving.
03:37And avoid conserving not good enough.
03:40You always need to enhance, regenerate, create additionality.
03:44Meanwhile, Saxon Renewables founder and Managing Director Raik Ong said
03:48while Malaysia is making progress in its energy transition goals,
03:52there are still some challenges that need to be addressed in terms of achieving net zero.
03:57So we're always sharing about how actually the corporates can drive the change of the government policy.
04:04Because if let's say some corporates come in Malaysia and tell you,
04:09if let's say your country is not so easy for me to acquire renewable energy,
04:15I mean, acquire REX, then I will start to consider whether I want to continue to stay in your country or not.
04:22Because you will affect my renewable energy sourcing.
04:25For Zurich, Malaysia, embracing ESG into business operations is a no-brainer.
04:30The group's Chief Risk Officer of Property and Casualty and Sustainability Risk, Head Teresa Wong,
04:36said businesses need to do so,
04:38without which those who are exporting to the European Union or the U.S. could face the risk of closure.
04:44And that's why organizations should embrace this change
04:48and take ESG into stride embedded into the operations.
04:52You will have a happier workforce.
04:55You will have a more efficient way of running your operations.
05:00So even ourselves, we reduce paper a lot.
05:04You know that insurance contract is just a piece of paper.
05:08So we learned during COVID-19 that you did not need to see the paper to know that you have an insurance contract.
05:16You can have an e-policy.
05:18The ESG Summit is organized by Star Media Group with Saim Darby Property Berhad as the Urban Biodiversity Partner.
05:25Saxon Renewables and Zurich, Malaysia are silver sponsors.
05:29For more information visit conference.thestar.com.myslashesgsummitslash
05:46Thanks for watching.