At the recent MUFG N0W (Net Zero World) in Kuala Lumpur, Malaysia, the bank’s pilot event in the country, the urgency with which the private and public sectors need to collaborate to unlock climate finance, harness technological innovation and, more importantly, play to Malaysia’s strengths, from its abundant natural resources to global stature as an Islamic finance hub, was emphasized.
In her keynote, Madelena Mohamed, Sustainability Director of Bank Negara Malaysia, urged for greater collaboration and knowledge-sharing between financiers and the private sector to foster greater understanding of emerging climate technologies and better unlock capital as these are scaled up in support of decarbonization. This is especially crucial for a just transition, where benefits of a green economy are widespread, and the social, economic consequences are minimized. “In particular, institutions must aim to minimize harm while pursuing the triple bottom-line of people, planet and profit,” she added.
Colin Chen, MUFG’s Head of MUFG’s ESG Finance for APAC, said that with conversations around transition finance and technologies in Asia becoming more pronounced, engagement through platforms like MUFG N0W will remain crucial for climate collaboration. “Malaysia’s energy transition, which includes an aspiration towards becoming a renewables hub in areas like carbon capture and green hydrogen export, presents tremendous opportunities.
“MUFG is aligned in supporting Malaysia’s national ambitions, and where we can most certainly come in is to serve as a bridge to Japan Inc.’s technology leaders, while leveraging our ESG financing expertise to push the boundaries of climate finance in support of our clients in their decarbonization journeys.”
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