The two authorities will work with the relevant data providers to address accessibility issues and improve the quality, comparability and consistency of existing data, they said in a statement today.
The SC and BNM are represented in the joint committee on climate change (JC3) which held its ninth meeting on Dec 2.
At the meeting, JC3 tabled and approved the publication of the data catalogue and accompanying report (DC) on data availability, data gaps and recommendations to bridge those gaps. The DC represents an important step towards addressing the critical data needs of the financial services sector.
According to the statement, there are significant gaps to be bridged. For instance, it said, only 49% of data needed for priority cases are currently available.
Furthermore, it said, the bulk of the available data “lacks sufficient granularity” or the data, “while available, is not easily accessible nor comparable”.
The SC and BNM said the DC will serve as a source of reference on the availability and accessibility of climate and environmental data.
At the JC3 meeting, the two authorities also discussed plans to develop and launch several pilot programmes in 2023 as part of efforts to scale up green and sustainable finance.
These efforts will be a priority of its sub-committee on product and innovation.
BNM deputy governor Jessica Chew, who is also co-chair of JC3, cited the recent launch of the greening value chain programme by the central bank in collaboration with JC3 as an example of a pilot project targeting small and medium enterprises (SMEs) that are part of the global supply chain that will need to make long-term changes to green their operations.
“JC3 will actively seek out more pilot projects with a high impact on expanding sustainable and transition finance, including projects that can create positive demonstration effects and further develop the ecosystem for sustainable and transition finance,” Chew said.
“This is key to Malaysia’s commitment to achieving net-zero (carbon emission) by 2050,” she added.