NEWS: JC3 announces initiatives to ease the transition to a greener economy

The Edge TV

Five key initiatives were unveiled at the recent JC3 Journey to Net Zero Conference designed to help ease the transition for businesses and farmers towards a more sustainable economy.

Transcript

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00:03 The bank remains focused on ensuring

00:27 that the financial sector's response to the climate challenge

00:30 is compatible with both financial stability and inclusion

00:34 outcomes to forge a credible path forward for the country.

00:39 We are mindful that this requires maintaining

00:41 a delicate balance between development and risk

00:45 management.

00:46 By 2026, we expect to see at least half of new financing

00:52 by banks to be aligned with climate supporting

00:55 or transitioning activities as set in the financial sector

00:59 blueprint.

01:00 Considering the huge financing requirement,

01:04 the financial sector, particularly the capital

01:06 market, must continue to facilitate financing

01:10 and investments in these key areas

01:13 to support the government's priorities.

01:16 To realize this energy transition alone,

01:20 we need 1.3 trillion ringgit between now and 2050.

01:27 The capital market should be ready to facilitate

01:29 fundraising and investments to achieve sustainability

01:34 and climate goals.

01:36 The SEA has paved the way for sustainability from 2011

01:41 with Sustainable and Responsible Investment, SRI.

01:47 When Sustainable and Responsible Investment, SRI,

01:51 was embedded in the capital market,

01:53 must have planned CMP2 as a key growth strategy.

01:58 The very ethos of the governing frameworks

02:00 of this administration, namely Malaysia Madani,

02:05 has sustainability at its core.

02:08 Since taking office, we have set into place various measures

02:12 to both contribute to climate action

02:14 and to transform our economy.

02:16 Indeed, the Budget 2024 continues

02:20 to build on this to address climate change

02:24 and complement other policies, such as the National Energy

02:27 Transition Roadmap, the new Industrial Master

02:31 Plan, and the mid-term review of the 12th Malaysia Plan.

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03:09 (music)

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