Diving into the World of ESG - Insights from VLAN Tribal Monthly
On 13th June 2024, we hosted our monthly community event with a focus on Environmental, Social, and Governance (ESG) topics. The event brought together a diverse group of attendees, including industry leaders, sustainability experts, and passionate individuals, all eager to explore the evolving landscape of ESG. From discussions on the importance of ESG compliance to the role of associations in supporting SMEs, the event offered a wealth of insights and perspectives on this critical topic.
The Importance of ESG Compliance 💼
As Prof. Cheah Kok Hoong, president of ESG Association Malaysia mentioned, "If you don't comply with ESG standards, you might lose business opportunities and even your license to operate." Companies, especially small and medium-sized enterprises (SMEs), are facing increasing pressure to demonstrate their ESG credentials, and failure to do so can have serious consequences. The event highlighted the growing importance of ESG compliance, with attendees sharing examples of companies in different industries facing ESG-related requests and struggling to respond.
Navigating the Complex ESG Landscape 🧭
He also shed light on the challenges faced by businesses in understanding and implementing ESG: "There is a lot of confusion and uncertainty around where to start and how to approach it." With over 2,000 ESG reporting standards, it can be overwhelming for companies to determine which ones to follow. The event highlighted the need for clear guidelines and standardized frameworks to help businesses, especially SMEs, navigate the complex ESG landscape.
The Role of Associations in Supporting SMEs 🤝
As Prof Hoong explained, "The association was established to help guide and support SMEs in their ESG journey." Organizations like the ESG Association of Malaysia aim to be a one-stop center for SMEs, providing access to expertise, training, and vetted service providers to help them navigate the complex ESG landscape. The event emphasized the importance of such associations in fostering a collaborative community where businesses can learn, share, and collectively work towards a more sustainable future.
The VLAN Tribal Monthly: ESG edition provided a valuable platform for the community to come together, share their experiences, and explore the challenges and opportunities presented by the growing importance of ESG. As businesses of all sizes strive to incorporate sustainability into their operations, the role of associations like the ESG Association of Malaysia will be crucial in guiding and supporting them on their ESG journey.