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Bank Negara, SC lead new committee on climate change

KUALA LUMPUR (Sept 27): Bank Negara Malaysia (BNM) and the Securities Commission (SC) are leading the newly-formed joint committee on climate change (JC3) to spur the Malaysian financial sector towards a low-carbon economy.

In a statement today, BNM said its deputy governor Jessica Chew Cheng Lian and SC deputy chief executive Datuk Zainal Izlan Zainal Abidin are co-chairing JC3, which includes senior officials from the central bank and 19 industry players.

BNM said: "The JC3 will be guided by three key mandates — building capacity through sharing of knowledge, expertise and best practices in assessing and managing climate-related risks; identifying issues, challenges and priorities facing the financial sector in managing the transition towards a low carbon economy; and facilitating collaboration between stakeholders in advancing coordinated solutions to address arising challenges and issues."

"The JC3 recognised the urgent need to accelerate responses towards ensuring a smooth and orderly transition to a low-carbon economy. This includes managing exposures to climate risks and facilitating businesses to transition towards sustainable practices," the central bank said.

BNM said JC3 held its inaugural meeting today following the successful conclusion of the Regional Conference on Climate Change, which took place from Wednesday (Sept 25) till today.

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