KUALA LUMPUR: Financial institutions (FIs) need to think creatively to develop new and innovative solutions to fund sustainability projects; taking into account the current challenges faced by businesses and individuals, said Bank Negara Malaysia (BNM) Governor Datuk Nor Shamsiah Mohd Yunus.
Speaking at the Joint Committee on Climate Change (JC3) flagship virtual conference on climate change, she said it would not be sufficient for FIs to use traditional instruments to meet the funding needs.
"For example, blended finance is a viable option for businesses that struggle with the impact of climate change and the losses from the pandemic.
"In combining concessional financing and commercial funding -- such as combining philanthropic funds or social finance instruments and traditional lending -- blended finance approaches can prevent excessive debt loads that could increase future risks," she said in her keynote speech at the JC3 Flagship Conference 2021, titled 'Finance for Change' today.
Nor Shamsiah said the financial sector can be more deliberate in funding sustainability initiatives and incentivising investments in low carbon sectors.
She noted that there are many such opportunities available, for example, projects under the National Investment Aspirations (NIA) framework; the Malaysian Climate Action Council (MyCAC)'s plan for Malaysia to be a hub for green economy, services and technology; and the Low Carbon Mobility Development Plan 2021-2030.
Bernama
Wed Jun 23 2021
Nor Shamsiah said the financial sector can be more deliberate in funding sustainability initiatives and incentivising investments in low carbon sectors. Filepic/BERNAMA
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