Climate change and its effects on the economy matter, as about 11.7 percent of assets in the financial system are potentially exposed to climate change, Bank Negara in its 2019 annual report said.
Hence, Bank Negara is taking steps to systematically identify and qualify climate risk exposures as part of efforts to build climate resilience among financial institutions. A number of banks are currently offering preferential rates or discounts for the financing of sustainable projects in areas such as green manufacturing and clean renewable energy, as well as sustainability-linked financing to assist the transition of corporate borrowers.
To date, Islamic financial institutions are starting to offer products and solutions aligned with sustainable finance, such as preferential financing rates for hybrid vehicles and green-certified properties. Its members and observers include representatives from across the financial sector, key government agencies and institutional investors.
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