Taylor’s University hosted the 25th Malaysian Finance Association International Conference (MFAIC).
Following the recently tabled Budget 2024, the conference revolved around “Positioning the Financial System Towards a Sustainable Economy and Green Finance”, where academics, scholars and industry experts shared their research and responses to areas in the Budget pertaining to sustainability financing as well as environment, social and governance (ESG) frameworks in finance.
(From left) Baker Tilly Malaysia managing partner in audit and assurance Datuk Lock Peng Kuan, Davis, Ng, OCBC Al-Amin Bank Bhd Malaysia CEO Syed Abdull Aziz Syed Kechik, Hanafi, Taylor’s philosophy, politics and economics (PPE) programme director Prof Dr Ong Kian Ming, Ding, Johan and Prof Mansor Ibrahim at MFAIC 2023.
Investment, Trade and Industry (Miti) deputy secretary-general Datuk Hanafi Sakri, representing Deputy Minister Liew Chin Tong, delivered a keynote address titled “Financing the Net Zero Mission”, where he reaffirmed the government’s commitment to achieving net-zero carbon emissions and the green transition of the Malaysian economy.
“With an initial allocation of RM200mil for the New Industrial Master Plan (NIMP) 2030 as announced in Budget 2024, the government is determined to play its part in helping Malaysia achieve a net-zero target by 2050,” said Hanafi.
“We at Miti have outlined a number of enablers in the NIMP 2030, which will facilitate the move towards greater decarbonisation and catalyse the green transition.
“Now more than ever, we need new ideas and mechanisms on how to fund more green transition projects and initiatives effectively, and we are glad to see existing and new players join the net-zero ecosystem through their investments in increasing energy efficiency, automation and improving their ESG compliance,” he added.
A panel discussion on ESG and green finance also included OCBC Singapore chief sustainability officer Mike Ng, Solarvest chief executive officer Davis Chong, Bintang Capital Partners founder and CEO Johan Rozali-Wathooth and Baker Tilly corporate finance director Ding Su-Lyn, who shared their perspectives and experiences on how ESG was vital in spurring green, sustainable and responsible economic activities.
“ESG principles have started a paradigm shift in the way investors approach risk and opportunity,” said MFAIC organising committee general chair and Taylor’s University Business and Law Faculty executive dean Prof Eddy Chong Siong Choy.
“No longer confined to traditional financial metrics, they now evaluate investments through the lens of sustainability, ethics and social impact
“This new approach exerts an indelible influence on the broader economy, permeating industries, reshaping corporate strategies and driving societal expectations towards a more sustainable and responsible future,” he said.
Beyond financial performance, companies are now scrutinised for their environmental stewardship, their treatment of employees and communities, and the quality of their governance structures.
This holistic assessment demands greater transparency, accountability and ethical behaviour, said the experts.
They further said that in response, corporations were realigning their missions and practices to reflect these values as it became increasingly clear that long-term economic viability was intimately intertwined with responsible, sustainable conduct.
“ESG considerations have a multifaceted impact on the economy, influencing investor behaviour, risk management, innovation, regulation, brand reputation, supply chain resilience and more.
“As society becomes more conscious of environmental and social issues, ESG’s influence is likely to continue growing, reshaping the economic landscape toward more sustainable and responsible practices,” Prof Chong added.
The conference was organised in collaboration with Malaysian Finance Association.
