KUALA LUMPUR (Aug 11): The Joint Committee on Climate Change (JC3), co-chaired by Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC), will release the fourth version of its data catalogue in November. The document is a key part of the committee's ongoing efforts to address climate data gaps.
The updated catalogue will incorporate feedback from stakeholders and reflect collaborative initiatives undertaken by the financial sector to tackle these data gaps, according to a statement from BNM on Monday (August 11). "JC3 will also continue to advocate for greater access to public data as well as capacity building efforts on climate data-related matters," it said.
In addition, the committee is considering the development of a guidance document or a series of use cases. These resources would help the financial sector meet the disclosure requirements set out in the National Sustainability Reporting Framework (NSRF).
Introduced in September of last year, the NSRF mandates that certain large non-listed companies with an annual revenue exceeding RM2 billion must prepare sustainability reports. These reports must align with the International Sustainability Standards Board’s IFRS S1 and S2.
Under the NSRF, these companies are only required to disclose climate-related risks and opportunities from IFRS S2, specifically on their principal business segments, by 2027. They are also allowed to omit Scope 3 emissions (those related to suppliers) until 2030, unless required by their specific regulators. Full adoption of both IFRS S1 and S2 is expected by 2030.
“Climate-related data continues to be an important focus area to ensure effective mobilisation of capital especially for adaptation financing,” said SC executive director and JC3 co-chair Salmah Bee Mohd Mydin.
“Efforts to ramp up the availability and accessibility of climate-related data also support companies’ ability to make effective disclosures under the NSRF,” she said.
New initiatives discussed
JC3 members, who met last Friday, also discussed plans for a unified Malaysian Taxonomy on Sustainable Finance. This taxonomy will be developed in collaboration with regulators, industry stakeholders and ministries. It will transition from a principles-based approach to one based on science-based screening criteria and quantitative thresholds. It will also align with the Asean Taxonomy.
Furthermore, members reviewed the Climate Finance Innovation Lab (CFIL), which was launched in June 2025. They noted strong interest from both project owners and funders. Current projects include the Asean Power Grid and 16 other initiatives focused on energy transition, the circular economy, sustainable agriculture, and biodiversity and nature-based solutions. JC3 members have pledged to support these projects with funding, financial protection and technical expertise.