By S BIRRUNTHA / Pic By BLOOMBERG
MALAYSIAN companies need to adhere to stricter climate-friendly requirements from international clients that have already endorsed net-zero emission targets, United Nations Global Compact Network Malaysia and Brunei (UNGCMYB) ED Faroze Nadar said.
He said a climate action plan should be the central focus of any business not only because it threatens to increase resource scarcity and the cost of doing business, as well as disrupt supply chains, but also because of increasing focus on a greener supply chain.
“Globally, we only have until 2030 to avert runaway climate change and it is critical for companies of all sizes to take action, especially in Malaysia where as many as 98.5% of business establishments are small and medium enterprises.
“The private sector is a crucial partner in the whole-of-nation effort to combat climate change,” he said at the virtual launch of MyClimateAction Guide yesterday.
The inaugural MyClimateAction Guide was launched by UNGCMYB in partnership with Tata Consultancy Services (TCS Malaysia), Nottingham University Business School (NUBS) and Sentral College Penang.
Faroze said MyClimateAction Guide is one of the first guides targeted at Malaysia’s private sector, and it aims to drive positive action on climate change towards achieving a carbon net-zero economy.
He noted that the guide provides a simple and pragmatic approach for companies to easily understand the risks and opportunities from a business perspective, and ways to initiate climate change action.
Meanwhile, TCS Malaysia country head Jeevan Rajoo said despite the importance of taking climate action, many companies are still unprepared, often viewing it as a matter of corporate social responsibility.
Hence, he said the group wants to help drive a business strategy approach to tackling this critical issue.
“At TCS Malaysia, we have been helping businesses around the world transform for decades, but the task of helping all businesses transform to address climate change is surely our most momentous one yet.
“We are in a unique position to combine our purpose-driven world view with digital innovation to partner customers, civil society and governments to lead and shape solutions for a sustainable future, drawing on our global experience of leveraging Internet of things, machine learning and artificial intelligence to optimise energy efficiency and reduce emissions,” he added.
NUBS Malaysia associate professor and director of research Dr Avvari V Mohan said the university is looking forward to bringing the topic of climate action into the classrooms to educate the future leaders of businesses and society.
He noted that the MyClimateAction Guide provided a fabulous platform to develop insights on the critical topic of climate action and convey them in simple and actionable format for the use of business leaders in their decision making.
“We are always interested in conducting research to gain insights into the growth and development of Asian businesses, with a particular focus on sustainability issues, and to use these insights in our teaching and knowledge exchange,” he said.
The MyClimateAction Guide was conceived to encourage and enable greater uptake of climate change action through a pragmatic and practical approach, serving as a reference point for corporate leaders, business schools and relevant parties to begin their climate action journey.
It is presented in three volumes — an analysis of physical and transitional risks, a total climate management organisational framework and case studies of climate action taken by leading Malaysian corporations.
The guide puts forward the business case for climate change action through the analysis of physical and transitional risks faced by corporations in Malaysia.
Additionally, it also has the provision of a unique total climate management framework that guides business leaders on their journey to decarbonisation, simplifying the often-complex approach to organisational climate change action.