Last Updated on Friday, 18 June, 2021 at 8:44 pm by Andre Camilleri
In the next three months, information related to the environment, society and governance will be collected from companies who are listed on the Malta Stock Exchange. Eventually, this information will be incorporated in the companies’ annual reports, which will be organised and published on the Sustainable Development Directorate electronic platform within the Ministry.
During a press conference, Minister for Energy, Enterprise and Sustainable Development Miriam Dalli encouraged companies to invest and contribute more to the environment, society and governance within their operations.
Minister Dalli launched an initiative which will help companies to invest in ESG and will showcase their contribution to this investment to their local and foreign investors.
“These initiatives will continue to create a synergy between enterprises and sustainable development in Malta. We are being proactive by encouraging a shift in mindset in which businesses consider not only profit, but also the impact of their operations on the environment and social aspects in general,” said Minister Dalli.
The Minister explained how one in five companies globally are committed to reaching zero net emissions. During the first four months of this year, foreign investors invested approximately €150 billion in European companies involved in ESG projects.
“We want Maltese companies to reach a high level. We want companies to move towards sustainability, which will lead to gaining more of it, by leaving a positive impact on the environment and society,” said Minister Miriam Dalli.
The ESG Scoreboard will serve as a reference for Maltese and foreign investors who wish to invest in Maltese companies’ shares by applying a business model which is sustainable. Financial intermediaries will also be able to access such information, and this will facilitate the analysis process for their clients. This scoreboard will provide information on a company’s environmental impact by calculating CO2 emissions and including data on energy efficiency and recycled water, among other things. On the social front, the scoreboard will provide information on how Maltese businesses are committed to addressing issues such as the gender pay gap, as well as employee upskilling and support. On the governance and ethics aspects, the scoreboard will provide an analysis of the board composition of these companies, amongst other issues.
Minister Dalli remarked how, with these initiatives, more United Nations Sustainable Development Goals are being reached, which vary from issues related to society, health, and equal representation.
The Minister concluded by saying that this initiative is part of a number of schemes and measures aimed at making Malta’s economy stronger and moving it toward sustainability, which will not only ensure economic growth, but also a prosperous and better quality of life.