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 Saim Darby Property,
03:12the urban biodiversity partner for the event,
03:15recognised the challenge the industry faced in implementation of eco-friendly operational methods.
03:23Meanwhile, Saxon Renewables founder and Managing Director Raik Ong said
03:27while Malaysia is making progress in its energy transition goals,
03:31there are still some challenges that need to be addressed in terms of achieving net zero.
03:36So we're always sharing about how actually the corporates can drive the change of the government policy
03:43because if let's say some corporates they come in Malaysia and tell you,
03:47if let's say your country's not so easy for me to acquire renewable energy, I mean acquire REX,
03:55then I will start to consider whether I want to continue to stay in your country or not
04:00because you will affect my renewable energy sourcing.
04:03For Zurich, Malaysia, embracing ESG into business operations is a no-brainer.
04:08The group's Chief Risk Officer of Property and Casualty and Sustainability Risk Head Teresa Wong
04:14said businesses need to do so,
04:16without which those who are exporting to the European Union or the US could face the risk of closure.
04:22And that's why organisations should embrace this change
04:27and take ESG into stride embedded into the operations.
04:31You will have a happier workforce.
04:34You will have a more efficient way of running your operations.
04:39So even ourselves, we reduce paper a lot.
04:43You know that insurance contract is just a piece of paper.
04:47So we learnt during COVID-19 that you did not need to see the paper to know that you have an insurance contract.
04:55You can have an e-policy.
04:57The ESG Summit is organised by Star Media Group with Saim Darby Property Berhad as the Urban Biodiversity Partner.
05:04Saxon Renewables and Zurich, Malaysia are Silver Sponsors.
05:08For more information visit conference.thestar.com.myslashesgsummitslash
05:25Thanks for watching.
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