KUALA LUMPUR: Sustainable practices are not merely obligations or public relations exercises but investments for the future that can benefit fundamental company goals.
According to global professional services company Avanade, the business community holds immense potential to spearhead sustainability efforts in Malaysia.
"By turning pledges into tangible progress and collaborating with stakeholders, Malaysian businesses can become a force for change and lead the way towards a greener and more prosperous future for the nation," Avanade Southeast Asia managing director Bhavya Kapoor said in a statement.
Effective sustainability strategies for Malaysian organisations include cultivating a green culture, building a clear sustainability roadmap, embracing digital strategies, and prioritising a consistent and long-term journey.
Bhavya also said that a change in perspective is needed for it to be a solid first step that Malaysian business leaders can take in their sustainability journeys.
He acknowledged that Malaysia is improving its efforts to tackle climate change and environmental degradation by aligning with the 17 United Nations Sustainable Development Goals (UNSDG).
"Malaysian businesses and organisations are joining the fight by increasing their environmental, social, and governance (ESG) efforts," he said.
"Several Malaysian organisations—including the Employees Provident Fund, Petroliam Nasional Bhd, Maybank Group Bhd, and Malaysia Airlines – have also set net-zero targets by 2050.
"Many others have made pledges to reduce carbon emissions and their environmental footprint," he said.
However, a 2022 Malaysia Business Sustainability Pulse Report shows that less than twenty per cent of Malaysia's private sector has committed to sustainability initiatives, with nearly half of the Malaysian companies needing to allocate a budget for their sustainability programmes.
"To truly drive significant, meaningful progress, Malaysian organisations first need to recognise the obstacles in their sustainability journey before formulating considered steps to overcome them," said Bhavya.
"These steps will be crucial in enabling companies to move beyond sustainability pledges and make tangible progress," he said.