Malaysia has issued new sustainability reporting guidance for banks, insurers and takaful operators as it prepares to adopt the ASEAN taxonomy in 2028.
The Joint Committee on Climate Change (JC3) announced the guidance following its meeting on 6 August 2026.
JC3 is co-chaired by Madelena Mohamed, Assistant Governor of Bank Negara Malaysia, and Neetasha Rauf, Chief Sustainability Officer of the Securities Commission Malaysia.
It covers risk and opportunity assessments, strategy disclosures, metrics and targets. Capacity-building programmes will begin in October.
JC3 members also agreed to adopt the ASEAN Taxonomy for Sustainable Finance as the basis for the Malaysia Taxonomy.
The committee will develop tools for local implementation and pilot the framework with selected members before full adoption for reporting in 2028.
The move is intended to improve regional consistency and reduce reporting burdens for businesses involved in cross-border trade.
Climate Data and Funding
JC3 will also explore a centralised climate and nature-related data platform to support risk assessments, reporting and investment in sustainable and transition activities.
Separately, 22 climate and nature-related projects seeking RM1.73 billion will join the second Climate Finance Innovation Lab cohort.
The accelerator will support business model development, impact assessments and access to potential funders in collaboration with the United Nations Global Compact Network Malaysia, Brunei and Cambodia.
JC3 also identified the energy transition, flood resilience and the measurement of climate outcomes as priorities.
Its Journey to Zero Conference will take place on 28 and 29 September 2026 at Sasana Kijang.
Featured image: Edited by Fintech News Malaysia, based on image by wirestock via Magnific
