KUALA LUMPUR: Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz has called on the private and public sectors to work together to ensure an equitable and rapid transition to a net-zero carbon economy.
He said it is important to start addressing the risks posed by climate change, which he described as "humankind's greatest challenge".
"In transitioning to a climate resilient economy, no government is in a position to do all the heavy lifting on its own. The additional fiscal pressure is expected to be immense due to the cost of transition," he said in his opening remarks at the third edition of CIMB's The Cooler Earth (TCE) Sustainability Summit 2021 held virtually today.
In fact, he said, climate experts have already started the conversation on net-negative emissions as reaching net zero alone will no longer be enough.
Tengku Zafrul said this entails reducing emissions in-house as much as possible, including carbon capture through both nature-based solutions and 'negative emissions' technologies.
"Therefore, it is important that we start immediately, as the urgency is no longer rhetoric," he added.
The minister said that for businesses, climate change poses significant risks to profitability.
"In addition, as people become more attuned to the environment, social and governance (ESG) concerns, consumerism and investor activism are based on not just what a business sells but also how it operates," he said.
He cited a survey done by The Economist last year, which showed that 87 per cent of young investors believe corporate success should be measured by more than financial performance.
Tengku Zafrul also lauded the efforts made by Bursa Malaysia on introducing requirements on sustainability reporting for listed companies.
"I would like to reiterate the importance for businesses to start accounting for the value of ESG in their operations, and hold suppliers and trading partners to the same standards.
"This is also where the tone from the top in the form of bold and transformative business leadership is very much needed - not only to address these challenges, but also to shape a sustainable future.
"It is in this spirit that the chief executive officer action network was established, to accelerate sustainable business practices and lead by example," he added.
He said the financial sector also has an important role to play in accelerating the adoption of sustainable business practices by prioritising financing in such areas.
Tengku Zafrul noted that at a global level, more than 45 per cent of the global banking industry, including the summit's organiser CIMB Group, have signed up to the United Nations Principles for Responsible Banking.
Of these, 55 of them have formed a Net-Zero Banking Alliance, with firm plans to fully decarbonise their loan books.
"I urge more financial institutions to follow suit, and be part of this global commitment," he said.
CIMB is hosting TCE from Sept 23-27, 2021, with the theme "Align, Act, Accelerate". The aim is to future-proof people, businesses, and ecosystems, to lay a stronger foundation today to build a sustainable tomorrow.
-- BERNAMA
Bernama
Thu Sep 23 2021
Tengku Zafrul said it is important to start addressing the risks posed by climate change, which he described as "humankind's greatest challenge". - BERNAMA
Fokus Minggu Depan: Soladiriti Gaza merantasi bangsa dan agama
Break The Siege: Fokus Minggu Depan membincangkan topik Solidariti Gaza Merentasi Bangsa dan Agama susulan penangguhan misi penghantaran bantuan ke Gaza anjuran Freedom Flotilla Coalition (FFC).
Boling padang: Daripada jaguh kampung, Farah Ain kini bergelar jaguh dunia!
Farah Ain berjaya menempatkan dirinya di puncak dunia dengan menggondol pingat emas perseorangan wanita di Kejohanan Boling Padang Dalam Dewan Dunia, Guernsey.
Kekejaman Zionis: Angka kematian meningkat ke lebih 34,000
Sekurang-kurangnya lapan rakyat Palestin terbunuh dan berpuluh-puluh cedera pada petang Jumaat dalam serangan Israel ke atas kem pelarian Nuseirat di tengah Gaza.
Pertumbuhan saksama: Penglibatan negara maju penting
Tengku Zafrul melihat kerjasama dan penglibatan negara maju sebagai aspek penting dalam membantu membawa kemampanan dan pertumbuhan yang seimbang.
PRK Kuala Kubu Baharu: Calon PH lancar manifesto minggu depan
Calon PH Pang Sock Tao akan melancarkan manifesto sempena PRK Kuala Kubu Baharu minggu depan.
SPRM siasat pemimpin kanan di utara tanah air
Seorang pemimpin kanan di utara tanah air disiasat Suruhanjaya Pencegahan Rasuah Malaysia (SPRM).
TH tanggung lebih RM350 juta kos tunai haji tahun ini
Lembaga Tabung Haji (TH) menanggung lebih RM350 juta membabitkan kos langsung dan tidak langsung tunai haji menerusi Bantuan Kewangan Haji pada tahun ini.
Musim haji: Persiap diri, jaga keselamatan dan kesihatan - Sultan Selangor
Sultan Sharafuddin menasihatkan jemaah agar membuat persiapan fizikal, emosi dan ilmu pengetahuan dengan sebaiknya.
Punca 70 peratus pekerja seluruh dunia berdepan penyakit
Perubahan iklim yang semakin ketara menyebabkan 70 peratus pekerja di seluruh dunia terdedah kepada pelbagai bahaya.
Cabul MRSM: Polis selesai rakam keterangan 14 individu
Polis Kelantan telah memanggil 14 individu untuk memberi keterangan berhubung kes pedofilia yang melibatkan seorang guru di MRSM Tumpat.
WEF: Piawaian ekonomi mampan harus adil, saksama kepada negara membangun - Tengku Zafrul
Transisi ke arah ekonomi yang mampan harus dilaksanakna secara saksama dan adil, kata Menteri Perdagangam Pelaburan dan Industri Tengku Datuk Seri Zafrul Abdul Aziz.
MCE labur RM200 juta bina kemudahan di Serendah
MCE Holdings Bhd (MCE) akan melabur sekitar RM150 hingga RM200 juta dalam tempoh 10 tahun untuk membangunkan kemudahan baharu
Perang Iran-Israel: Malaysia pantau kesan terhadap ekonomi - Tengku Zafrul
Kementerian Pelaburan, Perdagangan dan Industri memantau rapat perkembangan ketegangan geopolitik di Asia Barat termasuk membabitkan Iran dan Israel susulan letupan di Isfahan hari ini.
Lapan bulan selepas PRN, tiada apa-apa dilakukan UMNO Selangor - Tengku Zafrul
Keputusan PRN Selangor merupakan amaran terakhir buat parti itu dan kalau itu masih belum celikkan parti, tiada apa lagi yang boleh sedarkan UMNO Selangor.
Tidak sehaluan dengan UMNO Selangor, Tengku Zafrul letak jawatan Bendahari
Tengku Zafrul kecewa dengan perancangan kebangkitan parti di negeri itu yang hambar dan tidak sehaluan dengan tema di UMNO Pusat.
Kisah Ramadan Tengku Zafrul: ‘Ride’ tengah malam dan moreh di Kampung Baru
Kesibukan sebagai menteri tidak halang Menteri Pelaburan, Perdagangan dan Industri itu luang masa dengan rakan-rakannya.
Matrade kembangkan Pejabat Pesuruhjaya Perdagangan di Paris - Tengku Zafrul
Matrade mengembangkan Pejabat Pesuruhjaya Perdagangan di Paris untuk meningkatkan hubungan perdagangan antara Malaysia dan Perancis, Sepanyol, Portugal dan Monaco.
PM dijangka bertemu 28 kapten industri Jerman, fokus laksana komitmen pelaburan - Tengku Zafrul
Dalam tiga hari berasingan, PM akan bersemuka dengan pemain-pemain industri untuk jawab segala tanda tanya mengenai ekonomi Malaysia.
Projek ECRL ikut jadual, kini capai 62 peratus
Projek Laluan Rel Pantai Timur (ECRL) berjalan mengikut jadual dan kini sudah mencapai 62 peratus setakat Februari 2024.
Cadangan graduan asing bekerja: 'Penyelesaian jangka pendek tangani isu tenaga mahir' - Tengku Zafrul
Cadangan untuk membenarkan graduan asingbekerja sementara di negara ini dalam bidang tertentu dapat menyemarakkan lagi sektor pendidikan Malaysia sebagai penjana pendapatan untuk negara.