The Ministry of Investment, Trade and Industry (MITI) has launched the National Industry Environmental, Social and Governance (i-ESG) Framework, which aims to prepare the nation’s manufacturing sector on adopting sustainable practices and be economically beneficial, environmentally sustainable and socially equitable. The programme will also tap into the US$12 trillion global market on ESG focused opportunities.
Sustainable Development Goals (SDGs) and Environmental, Social and Governance (ESG) are important in achieving long-term success and making a positive impact on the economy. Additionally, they provide a global framework for addressing pressing societal and environmental challenges. Adopting these principles demonstrates the company’s commitment to social responsibility, enhancing the company’s reputation and competitiveness in the market. Prioritising SDG helps companies mitigate risks, attract responsible investors, improve operational efficiency and build trust with stakeholders.
The i-ESG Framework will be implemented in phases, with Phase 1.0 “Just Transition” scheduled from 2024 to 2026. This phase is focused on heightening awareness, delivering training and providing financial support for companies, especially MSMEs. MITI will provide a starter kit for sustainability reporting, streamline disclosure processes into a centralised platform, and offer incentives for the adoption of digital tools to calculate carbon footprints and greenhouse gas (GHG) emissions. Companies will also have the opportunity to perform an ESG self-readiness assessment to assess their current readiness.
For further information on the i-ESG Framework, please contact MITI for enquiries and assistance.
Ministry of Investment, Trade and Industry
Menara MITI, No. 7,
Jalan Sultan Haji Ahmad Shah,
50480 Kuala Lumpur, Malaysia
T: +603-8000 8000
E: webmiti@miti.gov.my
i-ESG Readiness Self-Assessment Test: https://www.research.net/r/iESGReadyMITI021023
i-ESG Booklet: https://www.miti.gov.my/index.php/pages/view/9849?mid=1282
References
Ministry of Investment, Trade and Industry (2 October 2023). National ESG Framework Prepares Manufacturing Sector For US$12 trillion ESG-Related Market Opportunities.