Sustainability Accelerator Program for Malaysian SMEs launched by UOB Malaysia
The Jom Transform – Sustainability Accelerator Program (JT-SAP) was introduced by UOB Malaysia with the goal of equipping Malaysian small and medium-sized enterprises (SMEs) with the fundamental knowledge and skills they need to adopt sustainable practices and quicken their transition to low-carbon economy.
Over 150 SMEs and industry associations will participate in the first JT-SAP, according to a statement released by UOB Malaysia on Wednesday. The workshop will last three days.
In order to prepare their companies for the future and boost their competitiveness, participants will gain knowledge of key trends, solutions, and insights on sustainability from international case studies.
According to UOB Malaysia, which cited the UOB Business Outlook Study 2023, 84 percent of Malaysian businesses view sustainability as important, but only 37 percent have begun implementing sustainability practices within their organizations.
According to the report, a lack of knowledge, up-front costs, and lack of support are some of the obstacles to implementing environment, social, and governance (ESG) practices in the survey.
“As SMEs form about 98 percent of businesses in the country, it is important for them to join the sustainability journey for Malaysia to achieve its net zero ambitions,” UOB Malaysia Chief Executive Officer Ng Wei Wei said.
She claims that the Jom Transform Sustainability Accelerator Program is made to give SMEs the knowledge and resources they need to make the transition easier.
“By adopting green practices, SMEs will be able to better manage their business risks and leverage sustainability opportunities to carve out a competitive edge for themselves,” she added.
It should be noted that the JT-SAP makes use of a thorough 3E (Evaluate, Engage, and Execute) Framework to make it possible for companies to expedite their sustainability journeys in a practical way.
The Malaysian Green Technology and Climate Change Corporation (MGTC), Capital Markets Malaysia (CMM), PricewaterhouseCoopers Malaysia (PwC), Green Real Estate (GreenRE), and Thoughts In Gear (TIG) are some of the partners with whom the program is delivered in collaboration.
In addition to the JT-SAP, UOB Malaysia launched the UOB Sustainability Compass in order to assist local SMEs in overcoming their inertia and launching their sustainability journeys.
