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Accelerating the ESG adoption with sustainability Consultation Service, Elite Asia Assists with MIDA DIAF-ESG Grant Application

Elite AsiaESGAccelerating the ESG adoption with sustainability Consultation Service, Elite Asia Assists with MIDA DIAF-ESG Grant Application
14 May 2024 Posted by eliteasia ESG No Comments

Accelerating the ESG adoption with sustainability Consultation Service, Elite Asia Assists with MIDA DIAF-ESG Grant Application

In terms of ESG practices around the world, new issuance revolves and renewed every day to support a greener earth thus wider social welfare. Southeast Asia has been very adaptive in following the direction of where ESG is heading to, including supporting sustainable practices and adoption through grants and funding. Malaysia is one of the more progressive countries in providing the funding support for sustainable stewardship, administered under Malaysian Investment Development Authority (MIDA) through Domestic Investment Accelerator Fund (DIAF) for ESG adoption.

Soft launched in the MIDA Sentral, Kuala Lumpur, on April 24th 2024, the MIDA DIAF-ESG grant covers up to RM500,000 per company for Malaysian-owned Small and Medium Enterprises (SMEs) and Mid-tier companies (MTCs) who are transitioning into ESG conscious business. The eligible expenditures covered by the grant are: 1) costs related to validation and verification, and/or certification for ESG adoption and/or tracking of carbon emissions and ESG disclosures, and; 2) first year’s subscription of system and/or software for data collection and tracking of ESG adoption and/or GHG emissions. Currently, the businesses under below sectors with at least 3 years of operations are eligible to apply:

  1. Manufacturing activities where the company must possess a valid Manufacturing Licence (ML) from MITI or the Confirmation Letter for Exemption from ML from MIDA in compliance with the Industrial Coordination Act, 1975; or
  2. Services activities that are governed/ supervised by relevant ministries/ agencies in the following areas: –

a) Hotel and Tourism;

b) Private Healthcare;

c) Private Education;

d) Oil & Gas Services;

e) Global Establishment – Principal Hub/Global Services Hub;

f) R&D Activities;

g) Logistics Services; or

h) Other Services:

  • Ship Building Ship Repair;
  • Green Technology Project – Business Purpose;
  • Sterilisation Services;
  • Digital Infrastructure; and
  • Maintenance, Repair & Overhaul for Aerospace.

Elite Asia Participated in the MIDA DIAF-ESG Grant Soft Launching

Elite Asia delegated the Malaysia team to join as exhibitors in the soft launch of MIDA DIAF-ESG. During the event, we share with invited participants about the three phases of ESG adoption strategy; Learn the Game, Comply and Build your ESG Brand. The major concerns shared by the participants include the practical and cost-effective ways of embedding ESG practices for the smaller-scale of business, how to convince and gather support from the Boards on ESG practices adoption, as well as the steps in starting the first ESG report.

The participation in the MIDA DIAF-ESG grant is one of Elite Asia’s efforts in enhancing our consultancy services to all our clients. Not only we aspire to aid companies in creating verifiable and contextual ESG and climate-related reports, long-term consultancy in terms of scenario analysis workshop, ESG training for Boards and staffs, stakeholder engagement, ESG rating and award assistance, ESG marketing, and last but not least securing ESG implementation and target with or without supports of grant are also in our services plan. This is due to our understanding on how new and constantly adapting ESG direction can be overwhelming to starting-business or already-established corporate to adopt. Therefore, our aim is to make your ESG journey as amicable and impeccable as possible.

For a full experience of amiable ESG adoption, free benchmark analysis and three-year ESG practices plan, as well as our quotation, please contact us.

We are beyond happy to be part of your future-oriented, sustainable business!

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