Bank Negara (BNM) has pledged to undertake initiatives in support of the six recommendations to meet the objectives of the Paris Agreement and to expand and strengthen the collective efforts towards greening the financial system.
As a member of the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) Steering Committee, BNM is supporting the NGFS Glasgow Declaration for the 2021 United Nations Climate Change Conference (COP26).
The central bank said on its website that in line with the recommendations from the NGFS' First Comprehensive Report on A Call for Action: Climate Change as a Source of Financial Risk, it is committed to integrating climate-related risks into financial stability monitoring and micro supervision.
It is also committed to integrating sustainability factors into own-portfolio management, bridging the data gaps, and building awareness and intellectual capacity and encouraging technical assistance and knowledge sharing.
In addition, BNM is committed to achieving robust internationally consistent climate and environment-related disclosure and supporting the development of a taxonomy of economic activities.
The central bank has also established a dedicated Sustainability Unit in October to drive the green agenda and further develop thought leadership in this area.
- Bernama
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