MITI expects i-ESG framework to be completed by 2024

01 Mar 2023

The National Environmental, Social and Governance Industry Framework (i-ESG) for the manufacturing sector is expected to be completed in 2024, the Ministry of International Trade and Industry (Miti) said.

The ministry said the framework, which would be designed in collaboration with its agencies, would encourage the manufacturing sector to adapt to ESG, comprising four key components, namely standards, financial support and incentives, capacity building, and market mechanisms, including carbon trading and carbon pricing.

Meanwhile, Miti said for the period between 2021 and September 2022, Malaysia recorded an approved investment of RM4.9 billion in green technology projects, which are expected to create nearly 1,500 job opportunities.

“Most of the approved investments in green technology projects are investments for renewable energy projects followed by projects for the use of energy-efficient equipment,” it said in a written reply published on the Parliament’s website today.

The ministry was responding to a question from Paya Besar MP Datuk Mohd Shahar Abdullah, who wanted to know about the government’s plans to encourage more investment based on sustainable development that would create new millennium careers for the young generation.

Source: Bernama