Overview
Who we are
Climate change poses real risks to the economy and financial system.
In response to the increasing threats of climate change, the JC3 was established in September 2019 as a regulator-industry platform, aiming to pursue collaborative actions for building climate resilience within the Malaysia financial sector.
Our Co-Chairs are Assistant Governor, Madelena Mohamed of Bank Negara Malaysia and Neetasha Rauf, Chief Sustainability Officer of Securities Commission Malaysia.
Our members comprise senior officials from Bursa Malaysia and 25 financial industry players, all sharing the same commitment and passion towards greening the financial system and greening finance. We also have 13 observers comprising industry associations, relevant experts, Employees Provident Fund, Khazanah Nasional Berhad and Labuan Financial Services Authority. More information can be found under List of Members and Observers.
Our Mandate
Building capacity on climate risk
Sharing knowledge, expertise, and best practices in assessing and managing climate-related risks.
Identifying challenges in the low-carbon transition
Identifying key issues and priorities within the financial sector to enable a low-carbon transition.
Facilitating collaboration across stakeholders
Bringing stakeholders together to advance coordinated solutions.
Supporting integration of climate solutions
Supporting the financial sector embed climate solutions into their business operations.
Our mandate
Building capacity on climate risk
Sharing knowledge, expertise, and best practices in assessing and managing climate-related risks.
Identifying challenges in the low-carbon transition
Identifying key issues and priorities within the financial sector to enable a low-carbon transition.
Facilitating collaboration across stakeholders
Bringing stakeholders together to advance coordinated solutions.
Supporting integration of climate solutions
Supporting the financial sector embed climate solutions into their business operations.
Governance & structure
We structure our work to drive focused and effective climate action.
We develop practical tools to support industry players across risk management, governance and disclosure, product and innovation, capacity building, and data challenges. To ensure our work is effective and inclusive, JC3 is organised into five dedicated sub-committees.
SC1 Risk Management
Co-chaired by Bank Negara Malaysia and AmBank Islamic, focusing on developing climate-related prudential standards and risk management policies.
SC2 Governance & Disclosure
Chaired by CIMB and Bursa Malaysia, focusing on enhancing climate-related financial disclosures by financial institutions.
SC3 Product & Innovation
Co-Chaired by Securities Commission Malaysia and RHB Investment, focusing on addressing green financing gaps, and scaling up green and transition finance solutions.
SC4 Engagement & Capacity Building
Co-chaired by HSBC Amanah and Maybank, focusing on scaling up capacity of financial institutions and promoting engagements.
SC5 Bridging Data Gaps
Chaired by Bank Negara Malaysia, focusing on addressing data gaps to enhance climate risk analysis and scale green finance.
SFG SME Focus Group
Co-chaired by Bank Negara Malaysia and UOB Bank, focusing on enhancing SME awareness, and facilitating certification and disclosures to ease transition costs.
Our journey so far
2019
Our formation
2019
Our formation
Our inaugural meeting took place on 27 September 2019 after successfully concluding the Regional Conference on Climate Change (organised by BNM) from 25 to 27 September 2019.
Former Deputy Governor Jessica Chew Cheng Lian from BNM and former Deputy Chief Executive Datuk Zainal Izlan Zainal Abidin from SC co-chaired the JC3. Members comprised Bursa Malaysia and 19 industry players, as well as 6 observers. Four sub-committees were formed: Risk management, governance and disclosure, product and innovation, and engagement and capacity building.
2020
Increasing urgency
2020
Increasing urgency
The COVID-19 pandemic raised a further sense of urgency in supporting efforts to build resilience against climate and environmental-related events.
We completed broad-based consultation and pilot implementation of the Climate Change and Principles-Based Taxonomy (CCPT), a stock-take on existing disclosure practices against recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD), and a gap analysis on the green finance landscape.
Despite constraints of the pandemic, we continued engagement and capacity building efforts by organising three awareness and education programmes virtually.
2021
Increasing advocacy
2021
Increasing advocacy
In addition to advocacy initiatives to promote alignment of financial sector policies and national strategies, we conducted climate risk-related Foundation Level training programmes in 2020 and 2021.
The virtual JC3 Flagship Conference "Finance for Change" was successfully organised in June 2021. The Flagship Conference hosted over 6,300 participants from over 400 companies.
2022
Strengthening disclosure
2022
Strengthening disclosure
The TCFD Application Guide for Malaysian Financial Institutions was published in June 2022 to strengthen climate-related financial disclosures of financial institutions. The CCPT Implementation Group continued to further improve the consistency and quality of CCPT classifications.
A Report on the Sustainable Finance Landscape in Malaysia was published in April 2022, capturing key insights from a survey on sustainability practices among financial institutions in Malaysia. In December, the Policy Document on Climate Risk Management and Scenario Analysis was released, as well as the JC3 Data Catalogue and Accompanying Report (DC) to enhance data availability.
A series of Specialised Level training programmes were conducted, focusing on climate risk management, governance and reporting, financial solutions, and social sustainability.
We made our debut at COP27 held in Egypt from 6 to 20 November 2022, with participation by BNM, SC and selected members as speakers.
Our membership expanded with capital market institutions, and industry players, alongside Labuan Financial Services Authority, as observers.
2023
Supporting SMEs to transition
2023
Supporting SMEs to transition
Progress made in supporting credible, consistent and reliable implementation of the CCPT via capacity building initiatives. We launched several key initiatives to support the real sector transition, including pilots such as Greening Industrial Parks, Greening Value Chain and Green Agritech.
An SME Focus Group was formed in May to enhance awareness, facilitate green certifications of SMEs and support better disclosures. This was complemented by the launch of the ESG Jumpstart Portal for SMEs.
The biennial JC3 flagship conference (JC3 J20) was held from 23 to 25 October, hosting over 3000 participants. The Conference proposed practical and actionable solutions, and emphasised the critical role of the financial industry in driving sustainable transformation. We also participated as speakers in COP28 in Dubai.
2024
Supporting disclosures and bridging data gaps
2024
Supporting disclosures and bridging data gaps
We focused on strengthening the Malaysian financial sector’s role in climate action. We pursued new data-related initiatives, i.e. development of national emissions factors for key industrial sectors, and standardised templates to ease climate-related reporting by financial institutions and facilitate information sharing. We enhanced the Climate Data Catalogue with 28 new unique data items, particularly biodiversity and nature-related financial risk data.
Securities Commission Malaysia published the National Sustainability Reporting Framework to guide climate-related disclosures aligned to international standards.
We held workshops to build capacity in various key priority areas, e.g. in expediting SMEs’ transition, and in climate risk assessment and its integration into strategic risk management.
2025
Supporting national agenda
2025
Supporting national agenda
We progressed in building climate resilience of the financial sector in three key areas: addressing data challenges, facilitating SMEs’ transition and designing climate finance solutions with a focus on sectors aligned with the National Energy Transition Roadmap (NETR) and New Industrial Masterplan (NIMP). We also provided key support to the Malaysian government’s ASEAN chairmanship, with sustainability as a key theme.
