KUALA LUMPUR: The Joint Committee on Climate Change (JC3) will continue to work with the government, the financial industry and its partners on specific action plans to support a just and orderly transition of the economy this year.
During its 12th meeting on Feb 23, 2024, JC3 said the members endorsed the plans to continue focusing on increasing financial flows for climate transition and adaptation, and building resilience against climate-related risks.
“In addition, efforts will be made to integrate a broader consideration of nature and environmental risks with the ongoing development of climate strategies by financial institutions.
“Building on national policies that have been announced by the Government, JC3 will serve as a key platform to promote the financial sector’s alignment on sectoral transition pathways,“ the statement said.
It said a key focus area in the coming year will be on supporting the financial industry’s development of credible transition plans, including work to publish a JC3 Transition Finance Framework to guide the development of credible transition finance solutions.
Bank Negara Malaysia deputy governor and co-chair of JC3 Datuk Jessica Chew Cheng Lian said as more financial institutions have set climate targets, they must develop and execute concrete and credible transition plans that are aligned with these targets.
“At the macro level, transition plans should reflect and be consistent with national and sectoral pathways. This is important to ensure financial support for transition and adaptation activities and mitigate the effects of short-term dislocations to the economy,” she said in a joint statement today.
Meanwhile, Securities Commission Malaysia managing director and co-chair of JC3 Datuk Kamarudin Hashim said, with the release of the public consultation by the Advisory Committee on Sustainability Reporting (ACSR) on the proposed use of the International Sustainability Standards Board in Malaysia, the public is encouraged to share views and help shape the framework for Malaysia.
Source: The Sun
