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.
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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)