When Malaysia’s Finance Minister launched its national Sustainable and Responsible Roadmap last week, he did not mince his words.
“There can be no overstating the importance of the capital markets in mobilising private investment to fund Malaysia’s developmental and environmental commitments,” said Lim Guan Eng as he cut the ribbon on the set of recommendations for scaling up ESG on behalf of capital markets regulator, the Malaysian Securities Commission (SC).
Although the most comprehensive, the Roadmap is far from Malaysia’s first foray into sustainable finance.
The Government has already introduced tax breaks for SRI funds, green sukuk and renewable energy; seeded a national SDG fund with the UN; and integrated climate change, resource scarcity and income inequality into its economic plans, among other things.
Promod Dass, CEO of RAM Sustainability, part of Malaysian credit rating agency RAM Holdings, says ESG awareness has been grow…