THE Penang government encourages more small and medium-sized enterprises (SMEs) to embrace Environmental, Social and Governance (ESG) practices so they would not be left out.
Chow said SMEs must take ESG practices seriously because global expectations continue to rise.
“In addition to fostering a positive social and environmental impact, embracing ESG (Environmental, Social, and Governance) practices not only aligns with responsible business conduct but also opens the door to discovering and capitalising on fresh market opportunities.
“However, some SMEs may lack the awareness or financial resources to adopt the ESG practices.
“Unlike multinational corporations (MNCs) which have the resources to implement ESG practices, some SMEs may need handholding to implement ESG practices,” he said during a short meeting with the Belgian Ambassador Peter van Acker.
Peter, together with the deputy head of mission Pierrick Masseaux, and Belgium honorary consul in Penang Michel van Crombrugge paid a courtesy call on Chow at his office in Komtar this afternoon.
The meeting also touched on key topics such as investments, net zero, the progress of the Silicon Island project, the Penang Light Rail Transit (LRT) project, and aquaculture.