A just transition seeks to ensure no individual or group is left behind as we transition into a net zero economy. To drive meaningful change for a sustainable future for all, just transition places a strong emphasis on safeguarding the wellbeing and livelihoods of vulnerable groups who may be impacted by these transformations.
Sustainable development and the journey towards achieving net zero emissions fundamentally revolve around fostering economic growth that is decarbonised, fair and nature-positive. A narrow focus on decarbonisation will prove insufficient unless we take into account the broader economic, environmental and societal consequences.
While governments bear a primary role in implementing policies and regulatory frameworks, businesses also play a significant part in the solution. This includes providing inclusive opportunities for stakeholders who experience effects from transitioning away from carbon-intensive activities, while simultaneously generating added value for employees, shareholders and other stakeholders.
In embedding sustainability, organisations – especially the developing economies in Asia Pacific – face the following challenges.
Lack of capacity in a centralised, coordinated governing structure to support a timely people transition
Lack targeted and incentivised training initiatives to drive wide scale upskilling and human capital development
Collaboration between public and private sectors is lacking, without which the necessary resources required to drive systemic change remains unavailable
Existing challenges associated with large and vulnerable populations in developing economies pose additional challenges
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This publication by PwC Malaysia in collaboration with PETRONAS highlights the key opportunities and barriers to a just transition, synthesised from a series of roundtables on the way forward for Malaysia and the energy sector in pursuing the transition to an inclusive low carbon economy.
Malaysian public-listed companies are the key players in propelling the nation's sustainable supply chain agenda.
Malaysian public-listed companies are faring well in environmental, social and governance (ESG) factors among their ASEAN peers based on leading ESG indicators including disclosure and commitments to sustainability practices.
