PETALING JAYA: The introduction of formal emissions-related laws in Malaysia will elevate compliance with environmental, social and governance (ESG) requirements, according to the Malaysian Bar.
Bar president Ezri Abdul Wahab said as Malaysia continues to advance its ESG agenda, the synergy between legal expertise and sustainable practices is serving as a testament to what is possible when a nation commits to the right to a clean environment.
Such legislation would provide a clear, enforceable framework for reducing emissions, he said in a statement, Bernama reported.
He said this was particularly relevant for the palm oil industry, which faces intense scrutiny and ESG demands from international markets and regulatory bodies, despite being the world’s most efficient oil crop in terms of land use.
By aligning more closely with global standards and demonstrating a proactive approach to sustainability, Malaysia could enhance its attractiveness to foreign investors who prioritise ESG compliance in their investment decisions.
He said the Bar is equipping a new generation of lawyers by enhancing their legal expertise in ESG practices.
On April 28, investment, trade and industry minister Tengku Zafrul Aziz emphasised the unique challenges for developing countries to implement ESG compliance requirements. - FMT
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