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aws试用账号(www.2km.me)_Joint committee supports proposal for mandatory climate-related financial risk disclosures from 2024

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KUALA LUMPUR: The Joint Committee on Climate Change (JC3) members supported the proposal for financial institutions to make mandatory Task Force on Climate-related Financial Disclosures-aligned (TCFD) climate-related financial risk disclosures from 2024.

In a joint statement, the Bank Negara Malaysia (BNM) and Securities Commission Malaysia (SC) said the JC3 would seek feedback on this proposal as part of its consultation on the Application Guide and Reference Guide on Climate Risk Management and Scenario Analysis.

"This means all financial institutions will minimally adopt the basic recommendations set out in the TCFD-aligned Application Guide, and are encouraged to adopt stretch recommendations in line with their climate risk exposure and complexity of operations.

"Financial institutions regulated by BNM are expected to work towards adopting stretch recommendations that are fully aligned with TCFD disclosures by end-2024," it said.

They said the adoption would not only provide greater transparency on how climate risk considerations are integrated into business decisions and risk management of financial institutions, but would also help drive action towards more effective risk mitigation and better adaptation to climate change.

According to the statement, the finalisation of the Reference Guide on Climate Risk Management and Scenario Analysis would be issued for public consultation in December 2021.

Meanwhile, a TCFD-aligned Application Guide for disclosures on climate-related risks by financial institutions would be issued for public consultation in January 2022.

As an extension of this work, disclosure guides for businesses would be developed in 2022.

As part of its outreach programme, JC3 organised an engagement session with the CEO Action Network (CAN) to exchange views and identify opportunities for collaboration between the financial sector and the corporate sector in Malaysia in addressing climate risk.

CAN is the country's first sustainability-focused informal coalition of leading chief executive officers (CEOs) and senior decision makers.

More sustainability-related financial products and solutions are also being offered among JC3 members, including the financing of green projects, green mortgages and sustainability-linked loans and protection.

JC3 would publish a more detailed report in 2022, which would be focus on opportunities and challenges for the financial industry to meaningfully support the climate transition.

For 2022, the JC3 would further strengthen the capacity of the financial industry in managing climate-related risks and support the scaling up of green finance.

The Specialised Level training programmes would be introduced in 2022 focusing on climate risk management, governance and reporting, financial solutions, and social sustainability.

On data work, members endorsed the top climate-related data items that would be the focus of JC3 in developing a data catalogue for reference by the financial sector in 2022.

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