The Joint Committee on Climate Change, co-chaired by Bank Negara Malaysia and the Securities Commission Malaysia, issued guidance to help banks, insurers and takaful operators implement the National Sustainability Reporting Framework. The documents address common challenges involving climate-related risk and opportunity assessments, strategy disclosures, metrics and targets, with capacity-building programs scheduled to begin in October 2026. The committee also agreed to adopt the ASEAN Taxonomy for Sustainable Finance fully as the basis for the Malaysia Taxonomy, seeking to improve regional consistency and reduce operational burdens for cross-border businesses. It will develop local implementation guidance and tools, conduct a pilot with selected members and explore a centralized climate- and nature-related data platform before full adoption for reporting in 2028. Separately, 22 projects seeking MYR 1.73 billion under the second Climate Finance Innovation Lab cohort will enter an accelerator program covering business model refinement, impact assessment and funding facilitation.
Bank Negara Malaysia2026-08-13
Bank Negara Malaysia and Securities Commission Malaysia’s Joint Committee on Climate Change issues sustainability reporting guidance and adopts ASEAN Taxonomy
The Joint Committee on Climate Change issued sustainability reporting guidance for banks, insurers and takaful operators, with capacity building beginning in October 2026. It also agreed to base the Malaysia Taxonomy fully on the ASEAN Taxonomy, with a pilot and local implementation tools planned before adoption for reporting in 2028.