Public Consultation: Draft TCFD Application Guide for Malaysian Financial Institutions

Sustainability

Public Consultation: Draft TCFD Application Guide for Malaysian Financial Institutions

  • Public Consultation: Draft TCFD Application Guide for Malaysian Financial Institutions This draft Task Force on Climate-related Financial Disclosures (“TCFD”) Application Guide for Malaysian Financial Institutions (“Application Guide”) sets out the various proposed recommendations as well as guidance
  • Date: Mar 26, 2022
  • Category: Sustainability
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This draft Task Force on Climate-related Financial Disclosures (“TCFD”) Application Guide for Malaysian Financial Institutions (“Application Guide”) sets out the various proposed recommendations as well as guidance that are aimed at facilitating the adoption of TCFD Recommendations by, amongst others, Malaysian banks, insurers, takaful operators and asset managers/owners. The development of the Application Guide forms a key part of the Joint Committee on Climate Change (“JC3”)’s concerted efforts to ensure that our financial institutions collectively manage all material risks and opportunities stemming from climate change in a comprehensive manner. This, in turn, would enhance the overall resilience of Malaysia’s financial sector against climate-related risks as well as facilitate an orderly transition to a low-carbon economy.

The development of the Application Guide is spearheaded by JC3 Sub-Committee 2: Governance & Disclosure. In this regard, the Sub-Committee would like to invite written feedback on the proposed recommendations including suggestions on areas to be clarified and alternative proposals that merit consideration. To complete the survey, please click on the applicable link below:

  1. Financial Institutions (as defined in page 5 of the Application Guide)
  2. Other Stakeholders

Responses must be submitted by Friday 29 April 2022.

Please Note: In December 2021, members of JC3 have expressed their support for certain climate-related disclosures to be made mandatory for Malaysian financial institutions based on this Application Guide from 2024. Specifically, all financial institutions are expected to adopt the Basic recommendations set out in the Application Guide. In addition, financial institutions will also be encouraged to adopt the Stretch recommendations, in line with their climate risk exposure and complexity of operations. (Note: Financial institutions should be guided by the implementation approach and policy stipulated by their respective regulators).

  • Click to download the Draft TCFD Application Guide for Malaysian Financial Institutions
  • Tags : Sustainability, Tcfd, Application guide, Jc3

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