The Joint Committee on Climate Change (JC3), co-chaired by Bank Negara Malaysia (BNM) and Securities Commission Malaysia (SC), said Monday it remains committed to advancing the climate agenda through coordinated and collaborative efforts.
BNM said in a statement that members have discussed the plan for a unified Malaysian Taxonomy on Sustainable Finance (Malaysia Taxonomy).
It notes that 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 utilizing 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.
The JC3 held its 15th meeting on August 7, 2025 and has 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-carbonization, 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 recognized the positive momentum and continued progress on ongoing efforts.
It is noted that 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.
“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,” BNM Assistant Governor and JC3 Co-Chair Madelena Mohamed said.
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 NSRF 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.
“Climate-related data continues to be an important focus area to ensure effective mobilization 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),” SC Executive Director and JC3 Co-Chair Salmah Bee Mohd Mydin said.
JC3 members also reaffirmed their continued support for the Malaysian government’s efforts to build a more climate-resilient economy envisaged in the various national policies including the recently released 13th Malaysia Plan.
Malaysia’s regulators roll out the climate finance innovation lab