Alliance Bank Earns Spot At UN Global Compact Leaders Summit For ESG Advocacy

KUALA LUMPUR, Oct 11 (Bernama) -- Alliance Bank Bhd has been recognised for its commitment to promoting environmental, social, and governance (ESG) adoption among small and medium-sized enterprises (SMEs) in Malaysia.

This recognition earned the bank an invitation to speak at the United Nations Global Compact (UNGC) Leaders Summit at the Javits Centre in New York on Sept 24, 2024.

In a statement, Alliance Bank noted that the global summit held during the UN General Assembly high-level week attracted over 1,500 corporate leaders, UN officials, government leaders, Sustainable Development Goals (SDG) stakeholders, and civil society professionals from more than 85 countries.

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During a panel session titled ‘Do’s and Don’ts of Sustainability Supply Chains,’ the bank's group chief strategy officer Aaron Sum emphasised Alliance Bank's commitment to helping Malaysian SMEs navigate the complex ESG landscape through its Sustainability Impact Programme, which focuses on advocacy, advice, and solutions.

“Our advocacy and capacity-building work with UNGC in Malaysia highlights that sustainability should not be viewed as just a compliance checklist, but as a source of competitive advantage. Adopting sustainable practices can give businesses an edge over competitors," he said.

He also cited recent research, jointly commissioned with Monash University Malaysia and UNGC in Malaysia, revealing that 38 per cent of SMEs that have embraced sustainable practices in their businesses saw revenue increases of over 50 per cent.

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Through its Sustainability Impact Programme, Alliance Bank has approved about RM1 billion in small business loans over the past two years to support SMEs in their sustainability transitions.

Alliance Bank was also the only Malaysian financial institution to attend and speak at the summit, which aimed to raise the bar on sustainability.

-- BERNAMA