Technological progress enables societies to find lasting solutions to both economic and environmental challenges, such as creating new job opportunities and promoting energy efficiency.
As such, digital technology can help businesses achieve the United Nations’ Sustainable Development Goals (SDGs) in many ways. In helping to build resilient infrastructure and foster innovation, the Digital Ministry’s initiatives are aligned with Goal 9 of the United Nations’ Sustainable Development Goals.
Digital Minister Gobind Singh Deo commended MyDIGITAL Corporation, an agency under his ministry, and Bursa Malaysia after both signed a Memorandum of Cooperation earlier today to explore digital solutions for ESG challenges.
The partnership between the two entities will include sharing knowledge and best practices on digitalising ESG efforts, publishing articles related to ESG and digitalisation, and organising the Malaysia Centre4IR ESG Innovation Challenge.
The Innovation Challenge will culminate in a Demo Day at Bursa Malaysia on Nov 7, 2024, where five of the most promising ideas will receive pilot project funding and access to a network of industry leaders and investors.
“I would also like to acknowledge and thank the anchor corporate partners in the Innovation Challenge – CJ Century Logistics Holdings Berhad, Globetronics Technology Berhad, Malayan Banking Berhad (Maybank), REDtone Digital Berhad, and Sunway Innovation Labs (Sunway Group) – for their participation and support,” said Gobind.
“These five corporations represent key sectors of Malaysia’s economy, each offering a unique perspective on ESG and the diverse opportunities it presents within their industries.”
He added that Bursa Malaysia’s Public Listed Companies Transformation programme and the Centralised Sustainability Intelligence solution are examples of initiatives that empower businesses with data-driven insights and digital tools to help them achieve their digital transformation and ESG goals.
In April 2024, Ernst & Young revealed in its quarterly CEO Outlook Pulse that CEOs around the world were prioritising artificial intelligence transformation for productivity now, while aiming for net zero and new revenue streams in the longer term. The survey of 1,200 executives found that 54 per cent see sustainability issues as a higher priority than they did 12 months ago.
“This shows that corporations and their leaders are beginning to realise that ESG principles can no longer be sidelined. Businesses are also being held accountable for their impact in ESG,” Gobind added.
In Europe, the Corporate Sustainability Reporting Directive has set new standards for corporate transparency and accountability, requiring companies to disclose their ESG practices in greater detail. In the United States, the Securities and Exchange Commission has proposed new rules for climate-related disclosures by public companies and investors.
Gobind added that the collaboration between Bursa Malaysia and MyDIGITAL will encourage more companies to embark on ESG initiatives.
“Corporate innovation is one of the key enablers for Malaysia to advance in our digital journey. I hope that the use cases from this Innovation Challenge will inspire action from other corporations to take a step forward in their digital and ESG journeys. This would, eventually, have a ripple effect on small- and medium-sized enterprises (SMEs) within their value chains.
“The Ministry of Digital, through MyDIGITAL Corporation and other agencies, stands ready to connect and support our shared endeavours and ambitions,” he added.
