Minister: SMEs must engage in sustainable business practices

This article was originally published by Yahoo and is republished with permission.

KUALA LUMPUR, Jan 29 — Energy, Science, Technology, Environment and Climate Change Minister Yeo Bee Yin today encouraged Malaysian small and medium enterprises (SMEs) and corporations to engage in sustainable business practices so that a balance can be struck between making profit and acting sustainably.

She said the government is looking into formulating incentives for these businesses to take up sustainable practices, be it in terms of the environment, workforce or resource management.

“There needs to be more awareness among corporate leaders, which can eventually push them towards the direction of sustainability,” Yeo told Malay Mail at the inaugural 2018 Sustainable Business Awards at the KL Hilton hotel tonight.

She said that such awards helped to create awareness among industry players.

“For example, efficient energy usage and management, which many companies often figure out how to do. The moment you can do so, it leads to decarbonisation and subsequently a reduction in your electricity bill.

“There are many frameworks that can be utilised when it comes to implementing sustainable practices, and many measurements that can be looked into,” Yeo said.

She added that the awards helped to provide a glimpse to SMEs and corporations as to what can be achieved in a sustainable manner.

“I would encourage these corporations to see it not just in terms of how many awards can be won, but what can be translated into real action.

“It is a matter of looking into what can generate the most profit yet remain sustainable at the same time.

“By taking this first step, it will boost their confidence and hopefully convince them to pursue more complex forms of sustainable business practices,” Yeo said.

Jointly organised by PricewaterhouseCoopers Malaysia (PwC) Global Initiatives, Nova Fusion and Control Union, the awards saw up to 77 per cent of its winners in over 12 categories hailing from local enterprises.

PwC Malaysia’s Partner and Sustainability & Climate Change Leader Andrew Chan in his speech said it was a heartening sight to witness companies from various industries share a common goal in managing sustainability and working towards achieving the United Nations’ Sustainability Development Goals.

“It is also evident that the leaders of these companies are continuing to demonstrate their commitment towards improving their sustainability journey,” he said.

Written by Jerry Choong