AmBank Becomes a Supporter of The Task Force on Climate-Related Financial Disclosures
Tuesday, 27 September 2022 - AmBank had in July 2022, become a supporter of the Task Force on Climate-related Financial Disclosures (TCFD).
Established in 2015, the United Nations backed-TCFD was formed with the goal of developing a set of voluntary climate-related financial risk disclosures for use by companies, banks and investors in providing information to stakeholders. The four areas of disclosure recommendations laid out by TCFD are governance, strategy, risk management, as well as metrics and targets.
Dato’ Sulaiman Mohd Tahir, Group Chief Executive Officer, AmBank Group said that sustainability has become a central component of AmBank’s strategic vision and it continues to integrate ESG and climate risk considerations into its business. “By joining the TCFD supporters, AmBank believes that the TCFD recommendations provide a useful framework to increase transparency on climate-related risks and opportunities within financial markets. This marks our commitment to work toward the implementation of the TCFD recommendations.”
Eqhwan Mokhzanee, the Chief Executive Officer, AmBank Islamic and the Group Sustainability Champion of AmBank Group, added “AmBank is strengthening its climate risk management capabilities, whilst accelerating efforts to support its customers in their transition to a low-carbon economy. AmBank has expanded its exclusion list in relation to the provision of new or additional loans and financing involving coal and related activities. AmBank has also enhanced its ESG risk assessment to include climate change considerations.”
As part of AmBank’s long-term strategy to achieve Net Zero Carbon, AmBank continues to embrace green and renewable energy. AmBank is the first financial institution in Malaysia to install solar photovoltaic panels on its building in April 2021 as part of its carbon offset initiative. AmBank is also the first financial institution to be awarded the Energy Management Gold Standard Certification in May 2022.