This includes funding projects and innovative solutions championed by NGOs, civil society organisations, United Nations (UN) agencies, and other developmental organisations, the finance ministry and the UN said in a joint statement.
Prime Minister Ismail Sabri Yaakob today launched the Malaysia Sustainable Development Goals Foundation to administer the MySDG Trust Fund.
He said the SDGs form the nexus of all policies and plans to address unsustainable development issues that can affect the environment.
Applying the goals would prevent any future recurrence of natural disasters, like the massive floods which hit the country recently, he added.
The floods, he said, should be a lesson for all parties to strike a balance between development and the need to protect and conserve the environment.
“Should we neglect this balance, the impact would be very significant – as we have seen recently – or it could be worse.
“This supersedes any measurable financial value,” he said.
Under Budget 2021, the government allocated RM20 million as initial contribution to the MySDG Trust Fund. The RM20 million allocation is part of Malaysia’s five-year national development plans, providing an overarching policy framework for Malaysia to achieve the SDGs in the medium- and long-term.
“This strategic collaboration between the government and the UN, which has extensive experience in similar arrangements around the world, is aimed at accelerating the nation’s sustainable development efforts,” the statement said.
The MySDG Trust Fund will be jointly administered by the finance ministry and the UN office in Malaysia. It will be supervised by a board of trustees whose members are appointed from among industry experts, philanthropists and senior government officials.
In the immediate term, the MySDG Trust Fund will be geared towards funding projects to build back better from the Covid-19 pandemic, and towards the preservation of Malaysia’s natural environment and its biodiversity.
Subsequently, the scope of programmes and projects under this fund will be expanded for other SDG-related projects.
“Ultimately, all these initiatives will complement the government’s efforts to revive the economy and develop the rakyat’s sustainable well-being. Once the donor mechanism is established by the MySDG Foundation, parties within and outside Malaysia can begin contributing to the MySDG Trust Fund,” the finance ministry said.
All contributions will receive a tax exemption of up to 10% of the donor’s annual income. Further information can be found at the MySDG page on the finance ministry’s website.