ABM announces series of initiatives to drive sustainable financial sector

KUALA LUMPUR: The Association of Banks in Malaysia (ABM) today unveiled a series of initiatives to further build climate resilience within the country’s financial sector.

Its chairman Datuk Khairussaleh Ramli made the announcement during the three-day JC3 Journey to Zero Conference, which commenced yesterday.

He said ABM together with the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) will be entering a memorandum of understanding with the United Nations Global Compact Network Malaysia & Brunei to focus on advancing sustainability practices and support the emerging generation of business leaders in championing sustainable development.

“One of the primary initiatives of this partnership involves organising capacity-building sessions tailored for small and medium enterprises (SMEs) in Malaysia,” he said, adding that he hoped these efforts would address the many challenges the SMEs are facing when it comes to the adoption of environmental, social and corporate governance (ESG) principles.

In addition, he said ABM ESG Committee, with oversight from the ABM Council, will be issuing an industry progress report on the initiatives and advancements of banks towards fulfilling the seven broad ESG principles for the Malaysian banking sector that were announced last year.

“ABM has seen its member banks contribute to the mobilisation of capital within the financial industry, collectively driving sustainable finance and responsible banking practices across economic sectors.

“To date, banks in Malaysia have publicly committed to mobilise over RM200 billion in sustainable finance and I commend these efforts,” he said today.

Khairussaleh said ABM, together with Maybank and CIMB will also be working with Glasgow Financial Alliance for Net Zero (GFANZ) on a roundtable Practitioners Training session for Malaysian financial institutions next month.

The objective is to equip practitioners with the practical know-how and the confidence to embark on and champion transition planning within their organisation.

“The urgency of the climate crisis requires us to go beyond mere statements. Our initiatives here today demand action and accountability.

“We do this not because we are required to comply with regulations merely. We do this because we consider the triple bottom line as key to our future as we journey towards a net zero and nature-positive economy,” he said. - Bernama

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