Joint Committee on Climate Change outlines initiatives to strengthen climate-related risk in financial industryIn a joint statement issued by Bank Negara Malaysia and Securities Commission Malaysia today, it said the committee’s fourth meeting yesterday set priorities to develop guidance documents on risk management and scenario analysis.
“This will complement the implementation of Climate Change and Principles-Based Taxonomy and advance climate risk management and stress testing practices in the financial sector,” it said in a joint statement issued by Bank Negara Malaysia and Securities Commission Malaysia today. The committee will broaden engagements with relevant stakeholders, including government agencies, institutional investors and market intermediaries to identify and address enabling conditions for the structuring of green financial products and solutions.
Meanwhile, JC3 has also agreed to establish a dedicated data workstream to identify crucial climate and environmental related data and the relevant data sources, as well as solutions to bridge the data gaps.