Terry KS The Joint Committee on Climate Change (JC3), co-chaired by Bank Negara Malaysia and the Securities Commission Malaysia, has welcomed nine new members as it strengthens efforts to advance sustainable finance and climate resilience. Key initiatives include the Climate Finance Innovation Lab, a unified Malaysian Taxonomy, and the inaugural SME climate conference in November 2025.
MALAYSIA, 12 AUGUST 2025 – 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, welcoming nine new members to reflect a more diverse and inclusive representation of the financial sector.
During the meeting, members examined the effects of global geopolitical developments on supply chains and the pace of decarbonisation, noting the need for a pragmatic pathway towards net-zero amid technological and logistical constraints. Despite these challenges, JC3 members emphasised that the current global transition offers an opportunity for the region to lead in sustainable finance and climate action.
The committee highlighted progress from the Climate Finance Innovation Lab (CFIL), launched in June 2025, which has already attracted significant interest from project owners and potential funders. Strategic ASEAN projects, including the ASEAN Power Grid, and 16 other initiatives in energy transition, circular economy, sustainable agriculture, and biodiversity solutions are under consideration. Members pledged continued support through funding, financial protection, and technical expertise.
BNM Assistant Governor and JC3 Co-Chair Madelena Mohamed urged industry-wide involvement, stating, “We must act now and decisively by scaling up climate finance and nature-positive initiatives in Malaysia. The strong interest in CFIL is encouraging, but broader participation is crucial.”
JC3 also announced plans for a unified Malaysian Taxonomy on Sustainable Finance, developed in collaboration with financial regulators, industry stakeholders, and ministries. This taxonomy will evolve from a principles-based model to one using science-based technical criteria and will align with the ASEAN Taxonomy.
The committee reaffirmed its support for the Advisory Committee on Sustainability Reporting (ACSR) in implementing the National Sustainability Reporting Framework (NSRF) across the financial sector. It is also exploring guidance and use cases to assist industry players in meeting disclosure standards.
Addressing climate data challenges remains a priority, with the fourth edition of the JC3 Data Catalogue scheduled for release in November 2025. SC Executive Director and JC3 Co-Chair Salmah Bee Mohd Mydin stressed the importance of climate-related data in mobilising capital for adaptation financing and improving corporate disclosures under the NSRF.
Looking ahead, JC3 will host its first climate conference for SMEs on 17 November 2025 at Sasana Kijang. Themed “Building Climate Resilience: Practical Actions for SMEs,” the event will provide tools, solutions, and networking opportunities to help SMEs manage climate risks and embrace sustainable practices.
JC3 members concluded by reaffirming their commitment to supporting the Government’s climate-resilient economic agenda under national policies, including the recently launched 13th Malaysia Plan.