Bio-Circular-Green economy model is a pathway to realise Putrajaya Vision 2040, says Mohd Zuki
18 Nov 2022
The Bio-Circular-Green (BCG) economy model will serve as a pathway to sustainability targets and green goals in the Asia-Pacific region to realise the Putrajaya Vision 2040.
Chief Secretary to the Malaysian Government Tan Sri Mohd Zuki Ali said from the perspective of sustainable growth, the BCG economy model charts a path towards economic well-being that is supported by green elements in realising the Putrajaya Vision, as well as consolidating the role of APEC as a staunch proponent of sustainability and inclusivity.
“Today, economic measures and environmental policies go hand-in-hand. These elements are no longer mutually exclusive.
“On this note, I wish to reaffirm that, within our domestic context, sustainable growth and mitigation of climate change are high on our (Malaysia’s) national agenda.
“Reducing the intensity of greenhouse gas emissions by 45% by 2030 is one of the key priorities under the 12th Malaysia Plan (12MP),” he said in during his intervention at the 29th APEC Economic Leaders’ Meeting (AELM) in Bangkok on Friday (Nov 18).
He also shared Malaysia’s initiative, the launch of the National Energy Policy, which outlines actions towards energy transition, as well as mechanisms to capitalise on emerging technologies and promote efficient usage of energy.
Meanwhile, Mohd Zuki said the BCG economy model could be key to facilitate the flow of quality investments into high technology sectors and innovative industries.
As a start, he said the BCG model will likely encourage investors to incorporate environmental, social and governance (ESG) elements into operations, promoting ethical business conduct and attracting more sustainable investments into the Asia-Pacific region.
“By driving the ESG agenda and enhancing the ongoing work on Inclusive and Responsible Business and Investment (IRBI), APEC is on track to establish a regional reference point for both the public and private sectors, embarking on sustainable development initiatives,” he said.
In this vein and given Malaysia’s recent updates to its investment policy, with a specific focus on ESG, Mohd Zuki said Malaysia is pleased to share its national experience with, and learn from fellow APEC economies.
“Such exchanges could facilitate the curation of common knowledge and experiences from all of us, which could then be distilled into best practices for the region,” he added.
Mohd Zuki, in the capacity as the Special Representative of the Prime Minister, is leading a delegation to the 29th AELM.
The summit, with the theme “Open. Connect. Balance”, is the group’s first in-person summit in four years.