Amidst the COVID-19 pandemic, Malaysian businesses say that sustainability is a key component of their future business strategy, especially when re-assessing their operations to embed firmer environmental foundations.
This was one of the findings from HSBC Navigator “Resilience: Building Back Better”, a survey that measures the pulse of businesses as they adapt to current challenges, and highlights the steps they have taken to be resilient in the future. The report surveyed 2,604 companies across 14 markets globally, including 200 firms from Malaysia.
Based on the first half of 2020, the emphasis on sustainability has either remained consistent or increased for nearly two-thirds of businesses in Malaysia (65%).
30% of Malaysian businesses feel that sustainability is as important as before compared to all other markets (23%), and more than one out of three businesses (35%) feel it is more important than ever before. “Malaysian businesses increasingly view sustainability as integral to their operations.
There is also a near-unanimous commitment among business decision makers to build back better; more than 9 out of 10 Malaysian businesses (94% vs 91% across all markets) agree that the need to re-assess or review their operations would enable them to rebuild their business on firmer environmental foundations.
This illustrates the significance of sustainability as a key component for future-proofing operations, which will continue to be top-of-mind for businesses in Malaysia,” Stuart Milne, Chief Executive Officer, HSBC
Malaysia.
HSBC recently announced an ambitious plan to prioritise financing and investment that supports the climate transition to a net zero global economy, citing a landmark opportunity to build a thriving, resilient future for society and businesses.
The plan was constructed around a pledge to reduce financed emissions from our portfolio to net zero by 2050 or sooner, in line with the goals of the Paris Agreement.To do this, we’re ramping up our support to enable our customers to develop more sustainable ways of doing business.
We believe we have the scale and global reach to play a leading role in advising them on their journey towards net zero through our climate ambition of providing between USD750 billion and USD1 trillion of finance and investment by 2030.
“HSBC’s new climate ambition further demonstrates our commitment to support and partner with Malaysian businesses that value and prioritise sustainability. We will accelerate our efforts to support customers on their journey to progressively decarbonise, while ensuring their ongoing resilience and prosperity,” shared Stuart.
“In line with this, we aim to be a leading partner in the transition to a low-carbon world.
When it comes to anticipated sources of pressure to become more sustainable in the next 1-2 years, the survey reveals that more than three out of five (61%) businesses feel that regulatory measures, comprising government (42%) and industry regulations (32%), will be among the top 3 sources of pressure to become a more sustainable business along with pressures from customers (52%).
Written and published by HSBC Malaysia
Read more:
Discussion about this post