BUDGET 2024 is a promising one, especially within the environmental, social and governance space as sustainability is integrated into economic policies.
>A RM900mil loan fund has been allocated for small and medium enterprises to increase business productivity through automation and digitalisation. This initiative is expected to stimulate investments, both from foreign and local sources, in our renewable energy sector – thereby drive the momentum towards a low-carbon economy. In a recent report by BloombergNEF, global investment in low-carbon energy technology has surged to a record level of USD1.1tril in 2022. The biggest share of these spending was directed towards renewable energy and electrified transport.
The support for sustainable and responsible investments through the provision of tax exemptions and deductions up to 2027 can be seen as a mid-term attempt by the government to encourage local companies to raise sustainable economic instruments and drive long-term ESG programmes. Similarly, this can be seen in the proposed tax deductions for companies participating in the voluntary carbon market.
>Stimulation of corporate activities, both among large enterprises and small and medium enterprises, to facilitate the transition towards a low-carbon economy.EY APAC Decarbonisation Solution Leader, Malaysia Climate Change and Sustainability Services partner Arina Kok. For instance, the legal situation for managing migrant workers in our workforce and how we as a nation need to address the requirements set by the International Labor Organisation .
Source: Holiday News (holidaynews.net)
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