Thirteen of Malta’s reputable business organisations have announced the launch of a new alliance called Malta ESG Alliance (MESGA) - a private sector initiative to tackle environmental, social and governance priorities being faced by the country.
The announcement was made in a joint press conference featuring CEOs and top representatives from the founding members: 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 Middlesea Plc, MEDSERV Operations Ltd, Melita Ltd, PG Group Plc and Toly Products Ltd. The Alliance members are being supported by Perit David Xuereb and consultancy firm EY Malta.
As a start, the Malta ESG Alliance’s founding members’ aspiration is to increase committed members substantially from all economic sectors (whether small, medium or large), whereby every company would join in this transformation mission by taking the lead and acting by example as an honest and credible inspiration.
During the launch, the Malta ESG Alliance explained that the first ESG theme to be prioritised will be that of decarbonisation. The founding members explained how each and every one of them, following a series of workshops and discussions, have embarked on different tangible and measurable projects which will help in reducing their respective carbon footprint. The transition to a decarbonised future is critical for the Maltese communities, the long-term resilience and reputation of the organisations they represent and the national economy. These initiatives in all of the environmental, social and governance spheres are key to ensure talent retention, attraction of quality talent, reassure shareholder value while reducing business risk among many other motivations.
Some of the projects include renewable energy investments, electrification of transport, fleet management and mobility programs for employees, better design and use of building infrastructure, including a framework to develop near-zero emission buildings in Malta as well as use of technology to reduce emissions The impact of these projects are measurable and tangible and presented as a computation of estimated carbon emission savings delivered by the projects on account of real and absolute objectives. Progress to these objectives will be disclosed to the public periodically.
Perit David Xuereb, addressed the need and urgency for honest and responsible changes in Malta, giving an overview of the motivations and intent of the Alliance: “We are today witnessing significant developments driven by Maltese responsible and reputable 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. 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 objective of MESGA after launch is to reach out to all business and supply-chain to develop momentum that will reach the desired tipping points. We will be increasing initiatives that drive absolute decarbonisation actions and explore further ESG goals and actions.”
Prof. Simone Borg, the Malta Ambassador for Climate Action promoted the importance of national targets and the role the private sector plays in reaching these same objectives. “Through this formidable initiative, the Alliance members provide the required synergy, forward planning and investment in capacity building that is essential to implement the green transition.in measurable terms. The Alliance's choice to primarily focus on decarbonization transmutes the members into pioneering entrepreneurs that will lead by example and become trendsetters in Malta's vision for a sustainable, climate neutral economy.
Chris Meilak, Partner and Sustainability Leader for EY Malta, outlined the importance such an Alliance will play in the local market. “Several companies have been working independently to incorporate ESG factors into their annual reporting or through stand-alone initiatives, but it is fair to say more can and must be done. By coming together, best practices are shared, and we learn from each other while increasing the positive ripple that will be felt all over Malta.”
The Alliance will be announcing further initiatives and actions soon.
