The challenge of achieving the Sustainable Development Goals (SDGs) was already daunting enough. According to the United Nations, emerging economies alone need at least US$3.9 trillion per year to attain all 17 goals by 2030. And this is a pre-COVID-19 era estimate.

Meaning, the Malaysian government's social economic response, while bold and comprehensive, might not be enough to cushion the worst consequences of the economic crisis induced by COVID-19. The World Bank's June edition of the Malaysia Economic Monitor forecasts the country's gross domestic product (GDP) will decline by 3.1 per cent this year.

So, it is not surprising that the government postponed the tabling of the 12th Malaysia Plan, which was due in August. Certainly, Malaysia has a lot of catching up to do in achieving sustainable and greener development. Even before the pandemic, Malaysia had presented its National Voluntary Review, the national reporting mechanism on the SDGs, only once, in 2017.

If Malaysia has been living in a status of compliancy for years, the fallout from the pandemic can provide it with the much-needed impetus. The 12th Malaysia Plan should be geared towards creating an enabling environment to attract SDG-focused investments. Ensuring the pursuit of a New Inclusive Green Deal is going to be the hallmark of new economic planning.

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New Straits Times