KUALA LUMPUR: Climate change can affect companies’ financial bottom line, if not taken seriously or addressed, said Malaysian Green Technology and Climate Change Corporation (MGTC) group CEO Shamsul Bahar Mohd Nor (pix).
He pointed out that climate change is a global issue and industry players should strive to pursue net zero carbon emission as it is a collective responsibility for all, not just the government’s.
He reasoned that companies should take into account their carbon emissions as well as adopt environmental, social and governance initiatives as per global standards, as failing to do so, would impact their businesses, especially financially.
“Industry leaders especially must take climate change seriously because it will inevitably effect financial bottom lines, be it from physical or transactional risks … from legal, economic and technological implications,” said Shamsul in his special address at the Atozero Asean Summit, held in conjunction with International Greentech & Eco Products Exhibition and Conference Malaysia (IGEM) 2023 yesterday.
He added that advancing climate action and accelerating green growth “must not only be exponentially introduced, but must be exponentially shared”.
In addition, he reiterated that economic growth should not come at the expense of environmental degradation.
Touching on green growth, he explained that the concept promotes a model of development that maximises well-being and social equity, while reducing environmental risks and ecological scarcities.
Furthermore, he said that the Ministry of Natural Resources, Environment and Climate Change (NRECC) as well as MGTC support the advancement of climate action which includes proactive measures such as reducing carbon emission, transitioning to renewable energy sources, improving energy efficiency and adapting to the impacts of climate change.
According to Shamsul, various activities were carried out to boost the growth of Malaysia’s green economy, namely by offering multiple green incentives, conducting energy and emissions assessment as well as empowering cities.
On the first day of event, NRECC minister Nik Nazmi Nik Ahmad officiated the soft launch of Malaysia’s Pavilion for its participation in the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change, which reflects Malaysia’s commitment to focus on energy transition and the reduction of greenhouse gas emissions in line with its climate change advisory panel.
At the same time, several memoranda of understanding will be signed between Malaysian and international parties during the event, reinforcing their commitment to the regional green economy.
Source: The Sun Daily