Navigating the wave of Environmental, Social, and Governance (ESG) principles in our national strategies isn’t a walk in the park, especially when the world is changing faster than a bullet train. Most folks are quick to hop on the ESG express, but we ought to put the brakes on and reassess our route. This sentiment isn’t just mine – it’s shared by Tengku Ngah Putra, head of the oil and gas cluster at Majlis Tindakan Ekonomi Melayu (MTEM).
Tengku Ngah Putra’s piece “Malaysia must walk its own path,” which was featured in The Edge Malaysia, drives home the hazards of blindly jumping on this Western bandwagon. His insights hit the bullseye for burgeoning economies like ours. We’ve got to blaze our trail, gleaning wisdom from global best practices but tailoring them to match our unique cultural and economic fabric.
When it comes to the ‘E’ in ESG, our goals must vibe with our local context and ambitions. It’s easy for developing nations to feel cornered into adopting renewable tech pronto due to the Western green narrative. Malaysia, however, has an arsenal of energy sources such as solar and hydroelectric power at our disposal. It’s time we channel our brainpower into harnessing these resources and creating sustainable solutions that fit our landscape like a glove.
Our rich agricultural heritage can offer a wealth of knowledge on sustainable practices. Take the ‘Sawah Sempadan’ concept that promotes crop rotation and natural pest control, for instance. If we play our cards right, we can cultivate a resilient and self-sustaining farming ecosystem with such age-old wisdom.
Social justice, the ‘S’ in ESG, needs a dash of Malaysian flavor. Our society, in all its multicultural and multi-religious glory, is a wellspring of strength, and our interpretation of social justice should celebrate this diversity. It’s up to us to amplify our core values of unity, tolerance, and mutual respect to shape an inclusive corporate landscape.
Good governance isn’t a stranger to us Malaysians. Its essence lies in transparency, accountability, and participation – values we’re all too familiar with. If we stay committed to combating corruption and promoting good governance, our economy will thrive, paving the way for businesses big and small.
Let’s reimagine ESG as the launchpad for innovative technological growth. An approach to problem-solving that seeks to remedy our environmental woes should take center stage. Whether it’s designing energy-efficient ‘kampung houses’ or developing apps that link customers to local sustainable businesses, our youth have the zeal and imagination to drive this revolution.
We needn’t kowtow to the brand-building strategies of international funds waving the ESG banner. Instead, let’s empower local investors. New-age financial models like P2P (peer-to-peer) lending and crowdfunding can decentralize finance, fostering a more diversified and sturdy economy.
In a nutshell, Malaysia’s ESG narrative should spotlight our unique attributes, leverage our strengths, and shape our future in a distinctively Malaysian mold. Let’s charter our course, one that merges our collective ambitions, innovation, unity, and respect for tradition.
This is our vision for the future: a path leading to a sustainable, fair, and prosperous Malaysia. There’s no room for grey areas in our economic objectives. It’s about honoring our past while grabbing the opportunities dished out by the global ESG framework with both hands.
By Mahathir Hj Mohd Rais, Bersatu Federal Territories information chief
