LETTERS: The events of the past two years have prompted a renewed focus on environmental, social, and governance (ESG) issues, including a marked shift in what consumers value in the companies they purchase from.
Aside from growth, profitability, company culture and corporate governance, what defines a successful company today includes its attitude towards the environment and sustainability.
Consumers are now more aware of our impact on the environment and the importance of sustainability than ever before, and are more likely to boycott, reject or switch brands based on their environmental and sustainability credentials.
Thus, the demand for positive ESG practices is stronger than ever among Asean's regulators, investors, and businesses, where its prioritisation is not only perceived as a risk-mitigation measure, but also as an opportunity to tap into the multi-trillion green economy.
There are also several measures initiated by the Malaysian government in its commitment towards accelerating the Sustainable Development Goals (SDGs).
Malaysia has articulated its vision to become a carbon neutral nation by 2050.
In addition, the government is also incentivising sustainability actions through taxes and grants to further support businesses to pivot their business model and build resilience.
The pressure is on for companies to strive to be better and it has encouraged businesses to adapt sustainability more urgently into the different facets of their business.
Companies are now more conscious to keep carbon footprint down through sustainable sourcing and emission reduction within their supply chain, opting for greener, more efficient technology developed with impact, longevity, and profitability in mind.
While investing in greener technology comes with a cost, business leaders are realising that doing so is not just about corporate responsibility but an overall long-term business strategy.
First, sustainable business practices drive brand loyalty from consumers.
Second, businesses are finding that they can find a win-win solution by employing sustainable solutions for higher savings, better productivity, and lower costs, making them profitability resilient especially during times of crisis.
Smart investments into secure and robust IT equipment that reduces waste will not only save time and money in the long run but can improve sustainability credentials and create a better and more robust reputation for businesses that want to be greener.
Many companies spend millions on energy every year. This is not just costly, but also represents an often overlooked opportunity to reduce risk, increase resilience, and add value across the board.
As environmental concerns grow more urgent and new technologies emerge, companies must respond to these shifts with a robust energy strategy.
NG NGEE KHIANG
Managing Director
Epson Malaysia
The views expressed in this article are the author's own and do not necessarily reflect those of the New Straits Times