According to local Malaysian newspapers, on September 11, 2023, Prime Minister Anwar Ibrahim submitted to the House of Representatives the Mid-Term Review of the latest five-year plan, the Twelfth Malaysia Plan (covering the period 2021-2025). Chapter 8 of this report is on sustainability, and after identifying the achievements and remaining challenges and problems in the first two years (2021-2022), it shows the plan for the next three years (2023-2025).
The report on the results of the interim review can be downloaded from the following URL.
In the first two years (2021-2022), various measures were taken to improve the sustainability of the environment, energy and water sectors, but several challenges and problems still need to be addressed, including climate change, environmental degradation, biodiversity loss, and unsustainable use of natural resources. The report also points out that ESG principles have not yet been widely adopted, and the inefficiency of environmental governance.
In the next three years (2023-2025), Malaysia will continue to promote sustainability in addressing environmental challenges, including climate change, energy, and water, by accelerating the implementation of low-carbon, clean, and resilient development, managing natural resources more efficiently, promoting the implementation of the SDGs and the introduction of ESG principles, and strengthening the environment that enables them.
Specifically, the following plans are mentioned:
- Develop a roadmap for long-term low-emission development strategies (LT-LEDS) and nationally determined contributions (NDCs), and demonstrate strategies and actions to meet domestic climate change targets
- Conduct a feasibility study on carbon pricing, including carbon taxes and emissions trading schemes
- Formulate a climate change law to regulate the implementation of climate change policies and obligations in the country
- Develop a National Energy Transition Roadmap based on the National Energy Policy 2022-2040 to accelerate the energy transition
- Enforce energy-saving laws that regulate large consumers in the industrial and commercial sectors
- Develop a comprehensive framework to provide a long-term vision for the implementation of the circular economy
- Establish a National Chemical Governance Committee to address gaps in current chemical-related laws and guidelines
- Develop a National Adaptation Plan to address the impacts of climate change
- The Environmental Quality Act of 1974 and the Water Services Industry Act of 2006 will be reviewed and proposals for amendments to both Acts with stricter penalties will be submitted to the Diet
- Develop a “National ESG Policy Framework” with clear direction for ESG implementation and guidelines to promote corporate ESG disclosure