HSBC Amanah publishes first Task Force on Climate-related Financial Disclosures report

KUALA LUMPUR, June 10  -- HSBC Amanah Malaysia Bhd has published its Task Force on Climate-related Financial Disclosures (TCFD) report, the first of its kind among banks in Malaysia.

The report is key to its ambition to become HSBC Group’s first sustainable banking entity by end-2022, the Islamic bank said in a statement today. 

Developed by the Financial Stability Board (FSB) in response to the Paris Agreement, TCFD is an internationally recognised disclosure framework established to enhance climate-related financial reporting by encouraging consistent, reliable and transparent measurement and reporting of climate-related financial risks.

HSBC Bank Malaysia Bhd (HSBC Malaysia) chief executive officer (CEO) Stuart Milne said many companies are touting sustainable practices, but going to the effort of voluntarily developing and publishing a TCFD report sends a message to its stakeholders that HSBC Amanah is serious about building trust through transparency. 

“The disclosure reinforces HSBC Amanah’s ability to future proof its business by holistically assessing the risk and opportunities that climate change will present,” he said.

Meanwhile, HSBC Amanah CEO Raja Amir Shah Raja Azwa said through consistent and reliable disclosures, the bank would be able to effectively assess its progress in becoming the group’s first sustainable bank.

In addition, he said the TCFD report is also aligned with Bank Negara Malaysia’s expectation for all financial institutions in Malaysia to publish their own disclosures.

HSBC Amanah is wholly owned by HSBC Malaysia.

-- BERNAMA