In 2024, corporate sustainability faced a reckoning. As several multinational companies backpedalled on emissions pledges, and anti-environmental, social and governance (ESG) campaigns gained momentum in the West, the gap between corporate rhetoric and planetary reality widened. There, climate disasters became abstractions in some boardrooms — while in countries like Malaysia, floods submerged villages and towns alike, displacing over 100,000 people and drowning not just land but also the livelihoods of the rakyat. It is a stark dose of realism about the effects of climate change.

The scale of climate harm demands more than mere finger-pointing. Instead, we must reimagine environmentalism and rewrite our playbook on sustainability. For too long, the environmental movement has relied on opposition and confrontation, which is hardly sufficient to drive real change.

Green growth thinkers Ted Nordhaus and Michael Shellenberger argue that environmentalism must evolve. In their book Break Through: Why We Can’t Leave Saving the Planet to Environmentalists, they challenge the belief that protecting nature is enough. Moving beyond “the politics of limit” that once defined environmentalism, they advocate for a “politics of possibility” — one that blends conservation efforts with the innovations that drive business while prioritising partnership as the most effective path forward.

Since the green economy needs all hands on deck, entrepreneurs, policymakers, scientists and activists must co-create solutions. Sustainability challenges are too complex for any single group to tackle alone. Businesses innovate and scale, governments regulate and civil society organisations must shift from being critics to collaborators — bridging stakeholders and aligning capitalism with ethical priorities.

Malaysia is already embracing this shift. Many civil society groups have evolved to be more solution-oriented. Opposition is no longer the default stance. Instead, they work with governments and the private sector to develop practical sustainability strategies and potential solutions. This shift shows that partnerships yield better outcomes than outdated adversarial tactics.

The All-Party Parliamentary Group Malaysia on Sustainable Development Goals (APPGM-SDGs) is a standout example. It emerged from an informal network of over 40 non-governmental organisations (NGOs) under the umbrella of the Civil Society Alliance for Sustainable Development Goals, an attempt since 2015 to broaden the environmental movement by aligning it with social justice issues such as gender equality and the rights of indigenous peoples. By uniting the environmental movement and other progressive causes under the shared vision of the 17 United Nations SDGs, the APPGM has made tangible contributions on the ground. It works with over 150 of Malaysia’s 222 parliamentary constituencies to identify local challenges and deliver micro-solutions tailored to each community. This is not just activism; it is nation-building.

Similarly, the World Wide Fund for Nature (WWF) Malaysia has always prioritised collaboration in its conservation efforts. It works with governments, financial institutions and businesses to integrate ecological thinking into economic development. From co-developing sustainable landscapes with palm oil producers to shaping green financing with Bank Negara Malaysia, its reach is wide. By engaging diverse stakeholders, WWF helps guide corporate behaviour towards sustainability through cooperation rather than confrontation.

However, progress is often hindered by conventional approaches to environmental advocacy. While scrutiny plays a significant role in holding companies accountable, not all forms of criticism are constructive. Some NGOs remain entrenched in radical old-fashioned opposition, dismissing even well-intentioned corporate efforts as “greenwashing”. Although genuine cases of greenwashing must be exposed, misinformed accusations risk undermining meaningful progress. When criticism serves merely to name and shame companies, it becomes a blunt instrument that stifles rather than promotes climate action and the growth of the green economy.

In the context of a developing country, harsh public criticism of corporations often does more harm than good. Many are in the early stages of adopting sustainability, constrained by limited funds, expertise or infrastructure. It is damaging when watchdog groups denounce companies for not being “green enough” based on highly subjective or ideal standards. Rather than offering solutions, weaponising such criticism reinforces an outdated environmental mindset. Social media unfortunately amplifies this effect without due care beyond catchy headlines.

The result is a chilling and undesired effect widely known as “greenhushing” — where companies, fearing backlash, downplay or underreport their decarbonisation commitments and progress to avoid being labelled as greenwashers. A 2021 International Finance Corporation study found that small and medium enterprises in Southeast Asia facing aggressive ESG scrutiny were 35% more likely to abandon sustainability projects. When businesses hesitate to take bold steps or merely stay silent, the collective momentum weakens and the green economy stalls.

Progress requires replacing counterproductive criticism with solution-focused dialogue. To move the green needle, NGOs can adopt tiered scorecards that evaluate companies based on measurable efforts and transparency rather than demanding flawless outcomes. This approach requires watchdogs to develop a nuanced understanding of context — differentiating between deceptive practices that mislead consumers and erode trust, versus early-stage efforts that, while imperfect, signify genuine intent for progress. To uphold integrity in their advocacy, watchdogs must also educate the public — encouraging informed decision-making rather than exploiting gaps in knowledge. This not only strengthens credibility but also leads to better corporate sustainability outcomes. After all, sustainability is a marathon, not a sprint, and celebrating small wins is crucial to building the desire and momentum for transformative change.

Similarly, corporates ought to resist the temptation to retreat into silence when faced with watchdog critiques. Instead, they should embrace transparency and respond constructively, using each challenge as an opportunity to counter allegations with clear, fact-based disclosures.

At the same time, we need to scrutinise the watchdogs themselves. Quis custodiet ipsos custodes — who will guard the guards? Who holds the self-appointed “green police” accountable? Do they have the scientific legitimacy to police the very efforts they decry? Some watchdogs, armed with limited expertise and relying on keyboard warfare tactics, may be pushing their own agendas rather than truly advocating for genuine accountability and reform.

At its core, naming and shaming is a reputational play that shapes perception — casting some corporations as sustainability villains. In a time when perception outweighs facts, such tactics may elevate critics with fame and funds. However, they often come at the expense of companies earnestly trying to do the right thing — and ultimately, at the cost of the nation and its people.

Sustainability demands steady progress, even if imperfect. In Malaysia, livelihoods hang in the balance every time it floods, and the challenge is increasingly existential. If we let perfection stand in the way of action, we risk paralysing meaningful climate efforts.

Malaysia’s green economy cannot thrive in a culture of fear — fear of imperfection, scrutiny or collaboration. It thrives when diverse stakeholders bring their unique strengths to the table. By abandoning the blame game and embracing a solutions-oriented approach, we can collectively accelerate our transition. The time to act is now with an unwavering commitment to progress while continuously striving towards perfection — but never waiting for it.

Source: Theedgemarkets

USD/CAD could increase further due to fresh tariffs from US President Donald Trump.

The latest FOMC Meeting Minutes emphasized needing more time to assess multiple factors before considering any rate adjustments.

The Bank of Canada may rethink its approach to policy easing after January’s inflation data indicated an upward trend.

USD/CAD remains steady after two successive days of gains, trading around 1.4230 during the Asian hours on Thursday. The upside of the pair is attributed to concerns over tariffs from US President Donald Trump, who has confirmed that a 25% tariff on pharmaceutical and semiconductor imports will take effect in April. Additionally, Trump reaffirmed that auto tariffs will remain at 25%, further escalating global trade tensions.

Market participants are now focused on key US economic data, including weekly Initial Jobless Claims, the CB Leading Economic Index, and the Philly Fed Manufacturing Index, set to be released during the North American session.

The Federal Open Market Committee (FOMC) Meeting Minutes for January’s policy meeting, published on Wednesday, reaffirmed the decision to keep interest rates unchanged in January. Policymakers emphasized the need for more time to assess economic activity, labor market trends, and inflation before considering any rate adjustments. The committee also agreed that clear signs of declining inflation are necessary before implementing rate cuts.

The Bank of Canada (BoC) may reconsider easing policy after January’s inflation data showed an uptick, data showed on Tuesday. Canada’s headline CPI inflation rose to 1.9% year-over-year, aligning with forecasts and increasing from the previous 1.8%. Meanwhile, core BoC CPI inflation accelerated to 2.1% YoY, up from 1.8%, marking its fastest pace in nearly a year.

Following the CPI release, market expectations for a 25-basis-point rate cut at the BoC’s March 12 policy meeting dropped to below 30%. “There is too much underlying inflationary pressure in Canada to warrant an inflation-targeting central bank easing monetary policy further,” wrote Scotiabank’s Derek Holt.

Source: FXSTREET

The Indian Rupee steadies in Thursday’s Asian session. 

Trump tariff threats and persistent outflows from Indian stocks weigh on the INR. 

RBI intervention and lower crude oil prices might cap the downside for the local currency. 

The Indian Rupee (INR) is holding steady on Thursday. Concerns over the impact of trade tariffs and Foreign Portfolio Investment (FPI) outflows could exert some selling pressure on the local currency. FPIs sold more than $10 billion worth of Indian equities in the first six weeks of 2025, the largest outflow ever recorded during this time. This enormous selloff has resulted in the worst start for domestic markets in over a decade.

Nonetheless, the potential US Dollar (USD) selling intervention by the Reserve Bank of India (RBI) and a decline in crude oil prices might help limit the INR’s losses. Traders will keep an eye on the US weekly Initial Jobless Claims, the CB Leading Economic Index and the Philly Fed Manufacturing Index reports, which will be released later on Thursday. Also, the Federal Reserve’s (Fed) Austan Goolsbee, Michael Barr and Alberto Musalem are scheduled to speak on Thursday. 

Indian Rupee trades sideways amid heightened global market volatility

The RBI’s foreign exchange reserves have declined sharply by over $75 billion since September 27, while the INR depreciated from 83.70 to 87.96 against the USD on February 10. 

India’s Gross Domestic Product (GDP) is estimated to grow at 6.6% in the October-December quarter of 2024-25, down from 8.6% recorded in the same period of 2023-24, the Bank of Baroda showed Tuesday. 

The minutes from the FOMC meeting released on Wednesday indicated that the Fed policymakers believe that it is well positioned to take time to assess the outlook for economic activity, the labor market and inflation. 

Fed officials agreed that inflation must show clear signs of slowing down before any further rate reductions can be made. 

Fed Vice Chairman Philip Jefferson said late Wednesday the US central bank has time to weigh its next interest rate decision move, citing a robust economy and still above-target inflation, per Reuters.

Chicago Fed President Austan Goolsbee stated that inflation has fallen but is still too high, adding that once inflation falls, the interest rates can fall more.

USD/INR keeps the bullish vibe despite consolidation in the near term 

The Indian Rupee trades flat on the day. The bullish tone of the USD/INR pair remains in play as the pair holds above the key 100-day Exponential Moving Average (EMA) on the daily chart. The 14-day Relative Strength Index (RSI) stands above the midline near 55.50, supporting the buyers in the near term. 

The first upside barrier for USD/INR is located at the 87.00 psychological level. Bullish candlesticks past the mentioned level could see a rally to an all-time high near 88.00, en route to 88.50. 

In the bearish case, the initial support level to watch is 86.58, the low of February 17. The additional downside target emerges at 86.35, the low of February 12, followed by 86.14, the low of January 27. 

Source: FXSTREET

Key Highlights

NZD/USD started a fresh increase above the 0.5620 resistance.

A key bullish trend line is forming with support at 0.5670 on the 4-hour chart.

EUR/USD is still struggling to clear the 1.0520 resistance zone.

GBP/USD could extend gains if it settles above 1.2630.

NZD/USD Technical Analysis

The New Zealand Dollar formed a base and started a fresh increase against the US Dollar. NZD/USD surpassed the 0.5600 and 0.5650 resistance levels.

Looking at the 4-hour chart, the pair settled above the 0.5670 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). The pair even tested the 0.5750 zone before there was a minor pullback.

The pair dipped and tested the 50% Fib retracement level of the upward move from the 0.5600 swing low to the 0.5750 high. On the downside, immediate support sits near the 0.5690 level.

The next key support sits near the 0.5670 level. There is also a key bullish trend line forming with support at 0.5670 on the same chart. The main support could be 0.5655 and the 61.8% Fib retracement level of the upward move from the 0.5600 swing low to the 0.5750 high.

Any more losses could send the pair toward the 0.5600 level. On the upside, the pair seems to be facing hurdles near the 0.5750 level. The next major resistance is near the 0.5800 level. The main resistance is now forming near the 0.5840 zone.

A close above the 0.5840 level could set the tone for another increase. In the stated case, the pair could even clear the 0.6000 resistance.

Looking at EUR/USD, the pair remained stable above 1.0450 but the bears are still active near the 1.0520 resistance.

Upcoming Economic Events:

US Initial Jobless Claims – Forecast 215K, versus 213K previous.

Philadelphia Fed Manufacturing Index for Feb 2025 – Forecast 20, versus 44.3 previous.

Source: ACTIONFOREX

The Japanese Yen continues to strengthen amid rising bets for additional BoJ rate hikes.

Trump’s tariff threats weigh on investors’ sentiment but also benefit the safe-haven JPY. 

The Fed's hawkish outlook fails to impress the USD bulls or lend support to USD/JPY.

The Japanese Yen (JPY) gained strong follow-through traction on Thursday and dragged the USD/JPY pair to its lowest level since December 9, around mid-150.00s during the Asian session. Firming expectations that the Bank of Japan (BoJ) would increase interest rates further push the Japanese government bond (JGB) yields to their highest levels in more than a decade. The resultant narrowing of the rate differential between Japan and other countries turns out to be a key factor that continues to drive flows toward the lower-yielding JPY. 

Meanwhile, US President Donald Trump's fresh tariff threats dampen investors' appetite for riskier assets. This is evident from a fresh leg down in the equity markets and further underpins demand for the safe-haven JPY. The US Dollar (USD), on the other hand, struggles to lure buyers despite hawkish FOMC meeting minutes released on Wednesday, which further contributes to the USD/JPY pair's decline. With the latest leg down, the currency pair confirms a breakdown below the 151.00 mark and seems vulnerable to weaken further. 

Japanese Yen continues to draw support from hawkish BoJ-inspired rise in JGB yields

Bank of Japan board member Hajime Takata said on Wednesday that Japan's real interest rates remain deeply negative and the central bank must adjust the degree of monetary support further if the economy moves in line with forecasts.

This comes on top of Japan's upbeat Q4 Gross Domestic Product (GDP) on Monday and cements expectations that the BoJ would hike interest rates further, which continues to push the Japanese government bond (JGB) yields higher. 

The yield on the benchmark 10-year JGB hits its highest since November 2009, which, in turn, provides a strong boost to the Japanese Yen during the Asian session on Thursday amid a fresh wave of the global risk aversion trade. 

US President Donald Trump said on Wednesday that he will announce tariffs on a number of products next month or even sooner, fueling concerns about a global trade war and tempering investors' appetite for riskier assets.

The Asahi newspaper reported this Thursday that Japan's Trade Minister, Yoji Muto, is planning a trip to the US in March to request that the Trump administration exempt Japan from upcoming tariffs on steel and automobiles.

Minutes from the January FOMC meeting released on Wednesday revealed that officials noted a high degree of uncertainty that requires the central bank to take a careful approach in considering any further interest rate cuts.

Fed Vice Chairman Philip Jefferson noted that the US economic performance has been quite strong, the US labor market is solid, inflation has eased but is still elevated, and the path back to 2% inflation could be bumpy.

Separately, Chicago Fed President Austan Goolsbee said that inflation has decreased but it is still excessive and once inflation falls, rates can fall more. This, however, does little to provide any meaningful impetus to the US Dollar.

Thursday's US economic docket features the release of Weekly Initial Jobless Claims and the Philly Fed Manufacturing Index. Apart from this, speeches by influential FOMC members will drive the USD and the USD/JPY pair. 

USD/JPY seems vulnerable to slide further; 151.00-150.90 support breakdown in play

From a technical perspective, a sustained break and acceptance below the 151.00 mark could be seen as a fresh trigger for bearish traders. Moreover, oscillators on the daily chart are holding deep in negative territory and are still away from being in the oversold zone. This, in turn, suggests that the path of least resistance for the USD/JPY pair is to the downside and supports prospects for a slide toward the 150.00 psychological mark. The downward trajectory could extend further towards the 149.60-149.55 region en route to the 149.00 mark and the December 2024 low, around the 148.65 region.

On the flip side, the 150.90-151.00 horizontal support breakpoint now seems to act as an immediate hurdle, above which a bout of a short-covering could lift the USD/JPY pair to the 151.40 hurdle. Any further move up could be seen as a selling opportunity around the 152.00 round-figure mark and runs the risk of fizzling out rather quickly near the 152.65 area. The latter represents the very important 200-day Simple Moving Average (SMA) and should act as a key pivotal point for short-term traders.

Source: FXSTREET