Bank Negara urges financial industry to step up green projects efforts

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KUALA LUMPUR: Bank Negara Malaysia urges financial industry players and others from the private sector to play more proactive roles in increasing funding pathways for green and sustainability related projects.

Bank Negara assistant governor Fraziali Ismail said by stepping up such efforts, there would be more innovative financial instruments or alternative financing, sustainable or green bonds or sukuk that would support the government’s climate change agenda.

“Corporations and businesses that align their policy and advocacy agenda to climate action have an important role in averting a path towards climate catastrophe, ” he said. “This is meant to minimise unintended consequences of channelling financing towards non-green and non-sustainable practices and to minimise transition risk, ” he added.“Our commitment stems from the direct relevance that climate change has to our mandates in preserving monetary stability and financial stability.

Fraziali noted that it was paramount that there should be a common language to categorise economic activities to help facilitate financial flows towards activities that would support the transition to a lower carbon economy, is therefore paramount.

 

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