The effort to realise economic growth through sustainable development is evident in Malaysia. Large organisations in Malaysia are taking the move to meet the sustainable development agenda of the country. A significant improvement is seen in Environmental, Social and Governance (ESG) Practices among Malaysian public listed companies. This is evident by the global reporting initiative framework adopted and the increase in women directors in the companies' boardroom in Malaysia. Studies have shown that increasing the quota of women directors have a significant role in improving the level of ESG practices in Malaysian public listed companies.
The implementation of sustainability management practices leads to positive consequences on enterprise risk management (ERM) implementation, corporate governance practices and firm's performance. Corporate Social Responsibility (CSR) activities implemented by many Malaysian environmental sensitive companies lead to positive consequences on Corporate Financial Performance (CFP).
From the oil & gas sector, an attractive petroleum fiscal regime has a significant influence on the tax incentive and the investment climate in Malaysia. This is necessary ambient to materialise massive scale development of CCS technology as a means to reduce CO2 emission, which contributes to global warming.
Having said the above, effort to build an environmentally sustainable society needs impactful initiatives through strategic and collaborative efforts at multiple levels. Continuous effort to create public awareness on the importance of sustainable development is relevant, overcoming the issues of conflict of interest in maintaining environmental sustainability need to permeate every level of Malaysian society. It is everyone's responsibility to ensure social justice and sustainability is not on the tightrope due to conflict of interest.
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