18 Jun 2025
The Joint Committee on Climate Change (JC3) released details on the rollout of the Climate Finance Innovation Lab (CFIL) at Bank Negara Malaysia’s (BNM) Sasana Symposium 2025. This initiative aims to accelerate the development of innovative climate finance solutions.
As deliberated by JC3 plenary members at the 14th JC3 meeting in January 2025, CFIL is a collaborative platform involving public, private and philanthropic partnerships to identify, co-develop and implement innovative climate financial solutions that strengthen Malaysia’s climate resilience.
CFIL focuses on four key thematic areas: energy transition and green innovation, sustainable agriculture, circular economy and sustainable cities, and nature-based solutions and biodiversity. Building on past initiatives and pilot projects, CFIL marks a significant milestone in Malaysia’s sustainability journey. This further reinforces JC3’s commitment to driving impactful climate action through strategic partnerships and innovative financing.
Administered by Bank Pembangunan Malaysia Berhad (BPMB), CFIL will adopt a modular approach for ongoing efficiency and effectiveness in the ideation and design of financial solutions. Eligible project owners will have access to funding, technical assistance and a wider network of stakeholders to implement their projects.
BNM Assistant Governor and JC3 Co-Chair Madelena Mohamed said, ‘There is an urgent need to scale up climate finance and nature-positive actions in Malaysia. Greater private sector involvement is crucial for accelerating our climate journey towards sustainable development. The CFIL partnership aims to strengthen public-private-philanthropic climate finance through blended finance structures, innovative mechanisms and Islamic finance instruments. We call on all stakeholders to partner with us in this journey. Together, we can drive impactful change and build a resilient Malaysia.’
Securities Commission Malaysia Executive Director and JC3 Co-Chair Salmah Bee Mohd Mydin said, ‘We envision CFIL as an incubator for catalytic projects critical to achieving the national climate goals, but we face challenges securing financing through existing channels. With the support of JC3 and the financial industry, CFIL is positioned to connect project owners with diverse funders to scale up climate and nature-related solutions in Malaysia.’
More information on CFIL is available on myCFIL.com or contact us via email at cfil@bpmb.com.my.
Bank Negara MalaysiaSecurities Commission Malaysia
18 June 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 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 21 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: Allianz General Insurance Company (Malaysia) Berhad, AmBank (M) Berhad, Bank Islam Malaysia Berhad, Bank Pembangunan Malaysia Berhad, Bank Pertanian Malaysia Berhad (Agrobank), BIMB Investment Management Berhad, BNP Paribas Asset Management Sdn. Bhd., Bursa Malaysia Berhad, CIMB Bank, Etiqa Family Takaful Berhad, HSBC Amanah Malaysia Berhad, Kenanga Investors Berhad, Maybank Berhad, MIDF Amanah Investment Bank Berhad, MSIG Insurance (Malaysia) Berhad, RHB Islamic Bank Berhad, RHB Islamic International Asset Management Bhd., Standard Chartered Bank Malaysia Berhad, Swiss Re Asia Pte. Ltd. (Swiss Retakaful), Syarikat Takaful Malaysia Am Berhad, UOB Asset Management (Malaysia) Berhad and Zurich General Insurance Malaysia Berhad.