According to Malaysian Prime Minister Datuk Seri Ismail Sabri Yaakob, the Southeast Asian country is committed to its target of becoming a carbon neutral nation by 2050.
He said that the Malaysian government will adhere to the environmental, social, and governance (ESG) principles in its decision making process for the country’s socio-economic development.
Additionally, economic instruments such as carbon pricing and carbon tax will be introduced to support this effort.
On paper, Malaysia’s carbon neutrality pledge appears to be the most ambitious in Southeast Asia.
Indonesia has pledged to achieve net zero emissions by 2060, while Thailand said that it is targeting to achieve carbon neutrality by 2065 to 2070.
Meanwhile, it was also stated by the Prime Minister during the tabling of the 12th Malaysia Plan (12MP) 2021-2025 in Parliament on Monday (Sep 27) that Malaysia will stop building new coal-fired plants. “Cleaner electricity generation will be implemented through the operation of several gas power plants in Peninsular Malaysia to replace coal-fired power plants,” he said.
Although Malaysia contributes less than 0.7% of the greenhouse gas emissions, it is extremely important for businesses in the private and public sector to achieve net-zero carbon emissions. This will become increasingly essential for businesses in Malaysia as trading partners, financial institutions, and capital markets around the world make compliance with ESG principles.
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