Legal Assessment of Environmental, Social, and Governance Integration for Renewable Energy Success in Malaysia

Afrina Iwani, Ummi Nursaffiah, Mohd Haris Abdul Rani and Syasya Fatini
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Afrina Iwani: Faculty of Law, University Technology MARA, Malaysia
Ummi Nursaffiah: Faculty of Law, University Technology MARA, Malaysia
Syasya Fatini: Faculty of Law, University Technology MARA, Malaysia

International Journal of Research and Innovation in Social Science, 2024, vol. 8, issue 12, 3689-3699

Abstract: The shift towards renewable energy is vital for sustainable development and addressing climate change. Integrating Environmental, Social, and Governance (ESG) criteria into renewable energy policies is pivotal in facilitating this transition. This study analyses the legal and regulatory impact of ESG criteria on renewable energy policy frameworks of Malaysia and elsewhere, offering policymakers, stakeholders, and investors essential insights for promoting effective renewable energy transitions. Moreover, it examines the implementation of ESG practices within Small and Medium-sized Enterprises, contributing to sustainable energy initiatives and corporate accountability towards achieving long-term environmental sustainability, enhancing social responsibility, and ensuring adherence to governance standards in line with both national regulations and international commitments, such as the United Nations Sustainable Development Goals. Findings show that despite having a sufficient National ESG Framework, enforcement mechanisms and comprehensive integration remain weak. While corporate ESG has made investments to align with ESG principles, resource limitations, insufficient expertise, and weaker compliance requirements still hinder integration progress.

Date: 2024
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