The government will launch the National Energy Policy soon as a guide for the development of Malaysia’s energy sector, particularly as the industry transitions to a low-carbon future, said Minister in the Prime Minister's Department (Economy) Datuk Seri Mustapa Mohamed. He said the Covid-19 pandemic gave the energy industry an opportunity to implement major changes and embrace sustainability by adopting environmental, social and governance (ESG) criteria in the oil and gas services and equipment (OGSE) sector despite being hit hard by the pandemic. "Globally, demand for ESG funds rose 29% to nearly US$1.7 trillion in the last quarter of 2020," he said in his keynote address during the first series of National OGSE Sustainability Forum held virtually today. In addition to the recently launched the National OGSE Industry Blueprint 2021-2030, the National Energy Policy is also vital to enable OGSE businesses to make the decisions today that will help shape a cleaner, more sustainable future for generations to come. Currently, there are only 32 local OGSE companies that have adopted sustainability reporting.

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