BY AWANG MUHAMMAD SYAHMI & JAMES WONG
KUCHING: The Environmental, Social, and Governance (ESG) concept is set to push businesses to grow sustainably.
According to chairman of the Malaysian Plastics Manufacturers Association (MPMA) Eddie Oon said that the implementation of ESG programs would increase a company’s commitment and responsibility for the social and environmental aspects of their business.
He also highlighted that businesses complying with ESG standards will be in a better position to secure more business.
“Companies who manage their operations to be ESG compliant will be in the lead in securing more business,” said Oon during the MPMA Sarawak Branch Roadshow 2023 at Kuching Park yesterday.
While the federal government is planning to launch the Malaysia ESG Framework by the end of 2023, MPMA vice-president CC Cheah noted that the association’s members have already started implementing ESG programmes.
Cheah added that almost 70 per cent of plastic products are exported directly or indirectly, making it imperative for the industry to comply with ESG-related policies being implemented by countries worldwide.
“We are at risk of falling behind if we disregard the many ESG-related policies being implemented by countries worldwide,” said Cheah.
The plastic industry is committed to complying with ESG standards and taking social responsibility measures to prevent plastics littering, combat climate change, and achieve net-zero emissions.
ESG is a framework in which stakeholders can understand how an organization handles risks and opportunities related to ESG criteria.
