The SME Focus Group (SFG) under the Joint Committee on Climate Change (JC3), co-chaired by Bank Negara Malaysia (BNM) and UOB Malaysia, recently launched the Environment Social and Governance (ESG) Jumpstart portal for small-and-medium-sized enterprises (SMEs).
ESG Jumpstart is a one-stop information portal, specifically developed by the SFG to upskill and equip local SMEs to adopt ESG practices. The portal is a simple and practical reference guide for SMEs and contains suggested actions that SMEs could take to build up their basic ESG knowledge and capabilities, as well as to identify and respond to key ESG issues, risks and opportunities.
Ng Wei Wei, Chief Executive Officer, UOB Malaysia said, “The JC3’s SME Focus Group is proud to jointly launch the ESG Jumpstart portal to empower SMEs to embrace sustainability with Bank Negara Malaysia. By bringing together knowledge and financing, the two key building blocks for a sustainable future, we hope to encourage more SMEs to transition. We encourage SMEs to leverage the portal and kick start this transformative journey of unlocking the opportunities of sustainability soon.”
“The ESG Jumpstart portal marks the beginning of the SME Focus Group’s efforts. As the co-chair, we will continue to drive the strong collaboration efforts to help Malaysian SMEs strengthen their competitiveness in the global supply chain as the world pivot towards sustainability,” she added.
To support a wider access to ESG financing for SMEs, UOB Malaysia will also participate in Credit Guarantee Corporation Malaysia (CGC)’s RM1 billion portfolio guarantee scheme. This guarantee aims to further accelerate an industry-led ESG financing initiatives by local financial institutions in the future.
The JC3, co-chaired by BNM and Securities Commission Malaysia, is a platform set up to pursue collaborative actions for building climate resilience within Malaysian financial sector. The SFG was set up under the JC3 to overcome the challenges faced by SMEs which include the lack of awareness and knowledge on climate change risks, financial constraints to adopt and invest in green-related and initiatives or technologies, and inadequate support, guidance, to encourage their green transitions. It comprises members of the financial industry including banks and insurers.
The ESG Jumpstart can be accessed at www.jc3malaysia.com/esg-jumpstart-for-smes .