‘The Ambition Is Clear’: 13 Maltese Businesses Pledge To Walk The Walk And Reduce Carbon Footprint
Thirteen major Maltese businesses have joined forces to set up the ‘Malta ESG Alliance’, pledging to lead the way in environmental, social and corporate governance (ESG) issues.
Their first priority will be to decarbonise their business activities, through schemes such as developing near-zero emission buildings, investing in renewable energy, electrifying their transport fleets and setting up mobility programs for employees.
Progress on these measurable projects will be disclosed to the public periodically and more initiatives and actions – including to attract new business members – are expected to be announced in due course.
The businesses are arguing that these initiatives will be crucial to the future of the Maltese economy and society, as well as their own success in retaining and attracting talent, reassuring shareholder value and reducing business risk.
The founding members of the alliance are Alberta Group, APS Bank Plc, AX Group Plc, Bank of Valletta Plc, GO Plc, HSBC Bank Malta Plc, International Hotel Investments Plc, Malta Public Transport Services (Operations) Ltd, MAPFRE Malta, MEDSERV Operations Ltd, Melita Ltd, PG Group Plc and Toly Products Ltd.
Architect David Xuereb and consultancy firm EY Malta are supporting them.
Many of these businesses expressed pride at taking the plunge.
“Today was a great day. Not just for me personally or for Alberta – but for the country as a whole, because I can see real and positive change is coming, and it’s about time too,” Alberta Group director Liz Barbaro Sant said.
“Today I represented Alberta Group in an exciting new project that I believe will lead the way for change in caring for our society and the environment.”
David Xuereb, a former President of the Chamber of Commerce, hailed the alliance as a “significant development driven by responsible and reputable Maltese business organisations who have chosen to collaborate in an unprecedented manner”.
“These businesses are demonstrating great maturity by jointly committing to take the necessary and effective actions to be truly impactful to motivate and drive a sustainable and healthy society in good time,” he said.
“These initiatives are not straight-forward, but by collectively championing long-term value ahead of short-sighted gains or profit we stand to focus on what matters most by walking-the-talk and credibly leading by example. The Alliance is open to any business that shares these values and willing to form part of this mission. ESG makes business sense.”
“The ambition is clear,” he said on LinkedIn afterward.
Chris Meilak, Partner and Sustainability Leader for EY Malta, said that while several companies have already been working independently to incorporate ESG factors into their annual reporting or through stand-alone initiatives, the alliance will allow best practices to be share.
“We will learn from each other while increasing the positive ripple that will be felt all over Malta,” he said.
ESG issues played a part in this year’s general election campaign, when the Nationalist Party proposed linking the success of businesses in reaching these targets to their ability to secure initiatives, incentives, and government contracts.
However, this was dismissed by the Labour Party, who argued that the government should focus on incentivising businesses to reach ESG targets, not on rewarding those who reach them while isolating those who don’t.
What other targets should these businesses focus on?
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