Planning for a strong, resilient and sustainable Malaysian economy
IT is clear that climate change and extreme weather patterns, resource scarcity and energy security are growing threats to the long-term viability of businesses as well as the prosperity of the public.
A fundamental structural transformation of the Malaysian economy is required to ensure that Malaysia develops new resilience, strengthens its economy and is well positioned for the possibility of new risks and opportunities that lie ahead.
Undertaking this change in the right way could ensure that Malaysia takes a leading position in developing sustainable industries, techniques and technologies of the future.
Malaysia should rightfully commit to this transformation and align strategies across the various ministries.
There are businesses that are already investing in and helping to grow and transform the Malaysian economy, and they would be able to do more if presented with a credible roadmap to a sustainable future.
We look to the government to reaffirm that it understands the implications of climate change science and set a long-term stable strategy and policy framework which will enable us to invest and act accordingly.
There are generally four key tenets of a sustainable economy:
1. A secure, efficient and decarbonised power sector;
2. A resilient and efficient low carbon built environment;
3. An integrated and secure transport system that enables ultra-low carbon choices; and
4. Sustainable consumption patterns that are supported and encouraged by policy frameworks, business models and resilient supply chains.
While businesses and the government are already working on some aspects of these priorities, a more sustained and ambitious strategy is needed.
Greater collaborative efforts between business, academia and government and better deployment of limited financial resources are needed to unlock new homegrown technological solutions to the challenges.
This is an agenda that is exciting as it will deliver new business opportunities, develop new markets, create jobs and drive innovation.
To drive this successfully, Malaysian businesses need to be at a level playing field with businesses in other economies, and the right kind of support must be provided for home-grown innovators that are ahead of the game.
Naturally, creating a vision of the future Malaysian economy that everyone can participate in will require strong commitment from all stakeholders.