During its fifth meeting yesterday, JC3 said following the issuance of the Climate Change and Principle-Based Taxonomy in April 2021, a CCPT Implementation Group will be established to support its consistent and credible implementation by financial institutions.
"The CCPT provides a common framework for the classification of climate risk-related exposures of financial institutions to support risk assessments and encourage financial flows towards greening the economy,” BNM and the Securities Commission said in a joint statement today. "This, in turn, will support risk assessments, better alignment of business strategies with climate targets, and climate-related disclosures by financial institutions,” said the statement.
They also noted that a work plan for the newly established sub-committee on bridging data gaps was endorsed at the meeting.
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