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Climate Finance Innovation Lab (CFIL) has received strong interest and offers a strategic platform for collaboration among diverse stakeholders.
Support collaborative efforts to implement National Sustainability Reporting Framework (NSRF) across the financial sector.
Bridge existing data gaps to improve risk assessment and transition planning.
Enhance SME resilience through sector-specific capacity building on climate risks and low-carbon business models.

The Joint Committee on Climate Change (JC3), co-chaired by Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC), held its 15th meeting on 7 August 2025. The meeting welcomed nine new members. The refreshed representation reflects a more diverse and inclusive cross-section of the financial sector.

At this meeting, members discussed the impact of geopolitical developments on the global supply chain, in particular the pace of de-carbonisation, that is reshaping the climate landscape. Members underscored the importance of adopting a pragmatic pathway towards net zero, acknowledging the significant pressures on global supply chains and the current limitations of technological readiness. Notwithstanding, they affirmed that these global transitions present a timely opportunity for the region to demonstrate leadership in advancing sustainable finance and accelerating climate action. JC3 members further reaffirmed their commitment to climate action and building long-term climate resilience.

Members recognised the positive momentum and continued progress on ongoing efforts. The Climate Finance Innovation Lab (CFIL), launched in June 2025, has received strong interest from project owners and wide range of potential funders. This includes strategic ASEAN projects such as the ASEAN Power Grid and 16 other projects across the four thematic areas namely energy transition, circular economy, sustainable agriculture as well as biodiversity and nature-based solutions. JC3 members expressed their commitment to supporting projects under CFIL and were forthcoming in providing funding and financial protection as well as technical expertise.

BNM Assistant Governor and JC3 Co-Chair Madelena Mohamed said, ‘We must act now and decisively by scaling up climate finance and nature-positive initiatives in Malaysia. The strong interest in CFIL by project owners and the financial sector is encouraging, but to truly move the needle, broader and deeper industry participation is crucial.’

Members also discussed the plan for a unified Malaysian Taxonomy on Sustainable Finance (Malaysian Taxonomy). Through JC3, the financial regulators and industry will collaborate to co-develop the Malaysian Taxonomy alongside relevant stakeholders and ministries. The taxonomy will progress from a principles-based approach, to utilising science-based technical screening criteria and quantitative thresholds to advance the accuracy and quality of assessment. This taxonomy will also be aligned with the ASEAN Taxonomy.

JC3 is also committed to supporting the collaborative efforts of the Advisory Committee on Sustainability Reporting (ACSR) in implementing the National Sustainability Reporting Framework (NSRF) across the financial sector. JC3 is also exploring the development of a guidance document or use cases for the financial sector to assist industry players in meeting NRSF disclosure expectations.
In line with its continued commitment to address data challenges, JC3 will be publishing the fourth iteration of the JC3 Data Catalogue in November this year. The updated version will reflect feedback from stakeholders on data gaps and other collaborative efforts undertaken by the financial sector in addressing these gaps. JC3 will also continue to advocate for greater access to public data as well as capacity building efforts on climate data-related matters.

SC Executive Director and JC3 Co-Chair Salmah Bee Mohd Mydin said, ‘Climate-related data continues to be an important focus area to ensure effective mobilisation of capital especially for adaptation financing. Efforts to ramp up the availability and accessibility of climate-related data also support companies’ ability to make effective disclosures under the National Sustainability Reporting Framework (NSRF).’

This year, JC3 will host its inaugural climate conference for SMEs on 17 November at Sasana Kijang. Themed ‘Building Climate Resilience: Practical Actions for SMEs’, the event aims to support SMEs in their climate transition. The conference focuses on climate-related risks and opportunities for SME to understand green and sustainable practices better. It will also offer practical tools and solutions designed specifically for SMEs. Attendees will also benefit from networking opportunities. For more information on the conference, please visit the JC3’s website at www.jc3malaysia.com.

JC3 members also reaffirmed their continued support for the Government’s efforts to build a more climate-resilient economy envisaged in the various national policies including the recently released 13th Malaysia Plan.

Bank Negara Malaysia
Securities Commission Malaysia
11 August 2025

About the JC3

The JC3 is a platform established in September 2019 to pursue collaborative actions for building climate resilience within the Malaysian financial sector. The JC3 is currently co-chaired by Madelena Mohamed, Assistant Governor of Bank Negara Malaysia and Salmah Bee Mohd Mydin, Executive Director of Securities Commission Malaysia, with members comprising senior officials from Bursa Malaysia and 25 financial industry players. The JC3’s initiatives and priorities are undertaken by its five sub-committees, namely Risk Management; Governance and Disclosure; Product and Innovation; Engagement and Capacity Building; and Bridging Data Gaps. An SME Focus Group has been established to develop strategies and solutions that support transition by SMEs.

Members: AHAM Asset Management Berhad, Allianz General Insurance Company (Malaysia) Berhad, AmBank (M) Berhad, Bank Islam Malaysia Berhad, Bank Pembangunan Malaysia Berhad, Bank Pertanian Malaysia Berhad (Agrobank), BNP Paribas Asset Management Sdn. Bhd., Bursa Malaysia Berhad, CIMB Bank, Etiqa General Insurance Berhad, Franklin Templeton GSC Asset Management Sdn Bhd, HSBC Amanah Malaysia Berhad, Kenanga Investors Berhad, Maybank Berhad, Mizuho Bank (Malaysia) Berhad, MSIG Insurance (Malaysia) Berhad, OCBC Bank (Malaysia) Berhad, Principal Asset Management Berhad, Prudential Assurance Malaysia Berhad, RHB Bank Berhad, Standard Chartered Bank Malaysia Berhad, Swiss Re Asia Pte. Ltd. (Swiss Retakaful), Syarikat Takaful Malaysia Am Berhad, United Overseas Bank (Malaysia) Berhad, UOB Asset Management (Malaysia) Berhad and Zurich General Insurance Malaysia Berhad.

For more information about JC3, please visit www.jc3malaysia.com.

© Bank Negara Malaysia, 2025. All rights reserved.

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The JC3 remains committed to advancing the climate agenda through coordinated and collaborative efforts

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