Private Sector Should Continue Partnership With Govt To Drive Green Economy — Amir Hamzah

KUALA LUMPUR, Oct 1 (Bernama) -- The private sector needs to continue partnering with the government to co-create solutions, scale innovation, and build a competitive, green economy for Malaysia, said Finance Minister II Datuk Seri Amir Hamzah Azizan.

He said that the government undoubtedly recognises that sustainability and inclusivity must go hand in hand.

“However, sustainability is not the responsibility of a single ministry or sector. It requires a whole-of-nation approach. The government, private sector, civil society, and the public must come together to turn this vision into reality,” he said during his special address at The Edge Malaysia ESG Awards here today.

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Amir Hamzah stated that the Ministry of Finance is drafting legislation for implementing a carbon tax -- targeting the iron, steel, and energy sectors.

“This initiative is designed with industry readiness and alignment to global best practices in mind. We are coordinating with international standards and engaging with industry players to determine the best way forward,” he said.

The proposed carbon tax aims to incentivise industry players to adopt sustainable solutions, enabling solution providers to expand and manage their costs more effectively in the long run.

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“This will allow more companies to access greener solutions,” said Amir Hamzah.

He acknowledged that there would be challenges in the short term, as businesses would need to invest in new technologies to decarbonise or revise processes to meet increasingly stringent standards regarding human rights and environmental concerns.

“This journey will be a collaborative one, as the path to a sustainable future must be both inclusive and equitable,” said Amir Hamzah.

Earlier this year, Malaysia unveiled its roadmap to achieve net zero emissions by 2050, and several ministries are actively working on key enablers such as a climate change bill, a carbon pricing mechanism, and a framework to support a circular economy.

He noted that these policies reflect a broader national effort embedded in the 13th Malaysia Plan and the MADANI Economy framework.

“Our actions include investing in public transport, conserving natural resources, and strengthening the green economy. At the same time, we are prioritising equitable growth, affordable housing, and the introduction of laws to ensure conducive working environments, among other initiatives,” said Amir Hamzah.

-- BERNAMA