ACCORDING to the World Eco-nomic Forum, green jobs are expected to expand in areas of electrical efficiency, power generation, and in the automotive industry. I have a degree in Environmental Science and Technology and currently work in the automotive industry, and I look forward to seeing more innovative green technologies, such as electric vehicles (EVs), gain momentum in Malaysia.
This anticipation follows the announcement of Budget 2024, which includes a rebate of up to RM2,400 for the purchase of electric motorcycles, making them more attractive to buyers.
This development highlights the government’s gradual introduction of a multisolution approach to greener transportation in Malaysia.
For instance, there’s the My50 unlimited travel pass for all types of Rapid KL public transport, an initiative designed to encourage the use of public transport and provide more commuting options as Malaysia strives to achieve our goal of zero emissions of global warming gases like carbon from using fossil fuels.
Additionally, Bursa Malaysia has enhanced sustainability reporting, making it mandatory. It’s significant to emphasise the importance of publishing ESG-related (environmental, social, and corporate governance) information alongside the financial statement-prioritised annual report that investors usually get.
But in a country like Malaysia, it’s challenging to achieve sustainability-related goals without ensuring that the population other than T20 (top income group) are financially ready to embrace these trends. This challenge is faced by both the government and everyday Malaysians. For instance, there are many types of EVs, including hybrids, plug-in hybrids, and pure electric cars available for consumers. Yet their prices usually target only the top-tier income group.
However, I believe that there is more good news to come. Bank Negara Malaysia has released an article mentioning that the Credit Guarantee Corporation Malaysia Bhd and 18 other banks will offer a portfolio guarantee scheme worth RM1bil to aid small and medium-sized enterprises in ESG financing. I am excited to hear more.
LIM JIA XIN
Kuala Lumpur
