The Joint Committee on Climate Change (JC3) announced new measures to reduce climate data reporting burdens on companies for information provided to financial institutions.
This initiative includes the use of standardised templates for collecting climate-related information and arrangements allowing companies to consent to sharing this information across financial institutions.
These measures were discussed during JC3’s thirteenth meeting.
Chaired by Bank Negara Malaysia, the JC3 is a regulator-industry platform working collaboratively to build climate resilience within the Malaysian financial sector.
The committee also plans to support the development of national emissions factors for key industrial sectors, highlighting the importance of collaboration between the government and financial sectors.
Additionally, the establishment of the Climate Finance Innovation Lab was announced, with Bank Pembangunan Malaysia Berhad leading the effort.
The lab aims to foster innovative financial solutions for climate transition and adaptation projects.
In an effort to improve climate data availability, JC3 will release an updated Climate Data Catalogue in December 2024, featuring new data on biodiversity and nature-related financial risks.
This is part of a broader strategy to enhance the quality and accessibility of climate data for better risk assessment and support for green financing.
JC3 emphasised its commitment to supporting SMEs, announcing plans for ESG awareness workshops and highlighting financing options available through the High Tech and Green Facility and Low Carbon Transition Facility.
These initiatives aim to promote sustainable growth among SMEs.
The committee also announced the second series of the JC3 Upskilling Sustainability Training (JUST), focusing on integrating climate risk assessment into strategic risk management.
This follows a recent roundtable discussion with industry leaders on transition planning.
Datuk Jessica Chew Cheng Lian, Deputy Governor of Bank Negara Malaysia and Co-Chair of JC3, said,
“Data availability, collection, and reporting are all key enablers of the green transition.
In this regard, JC3 is committed to improving both the quantity and quality of available climate data to support risk assessments and an orderly transition.”
Salmah Bee Mohd Mydin, Executive Director of the Securities Commission Malaysia and Co-Chair of JC3, said,
“It was important that we canvass and syndicate feedback from the stakeholders to inform the design of the National Sustainability Reporting Framework, for corporate Malaysia to provide consistent, comparable and reliable sustainability disclosures”.
Featured image credit: Edited from Freepik
