MITI – National Industry Environmental, Social and Governance (ESG) Framework (“i-ESG Framework")
On 2 October 2023, the Ministry Of Investment, Trade And Industry (MITI) launched the National Industry Environmental, Social and Governance (ESG) Framework (i-ESG Framework) to prepare the nation’s manufacturing sector on embracing ESG principles, and for tapping into a US$12-trillion global market on ESG-focused opportunities.
The i-ESG Framework is a key enabler for the Push for Net Zero mission, one of the four (4) missions of the recently launched New Industrial Master Plan 2030’s (NIMP 2030). The i-ESG’s overarching objective is to accelerate transition towards sustainable practices among manufacturing companies. It consists of four (4) pillars-standards, financing, capacity building and market mechanism – as well as 17 strategies, 50 deliverables and six (6) key enablers, aimed at providing invaluable guidance and driving ‘Just Transition’ towards ESG-compliance for the manufacturing sector, especially for Micro, Small, and Medium Enterprises (MSMEs).
The i-ESG Framework Phase 1.0 comes with an ESG Readiness Assessment (iESGReady) to assist companies in understanding and evaluating their current ESG adoption level, and the i-ESG Starter Kit (i-ESGStart), a clear and user-friendly, step by-step guide with practical examples, as well as calculation methods and templates to facilitate their sustainability reporting.
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