05/11/2023 04:49 PM

By Jailani Hasan

LABUAN, Nov 5 (Bernama) -- Labuan Financial Services Authority (Labuan FSA) is committed to promoting sustainable development through its environmental, social and corporate governance (ESG) strategic plan, focusing on two key components. 

Labuan FSA director-general Nik Mohamed Din Nik Musa said the first component involves creating an ESG-friendly ecosystem for fundraising, including through the Islamic Digital Asset Centre. 

The second component aims to enhance ESG awareness and appreciation by developing a sustainability taxonomy in collaboration with key stakeholders. 

“These stakeholders are developing a sustainability taxonomy to guide Labuan financial institutions in identifying and classifying economic activities contributing to climate change mitigation and adaptation,” he said at the Labuan International Finance Lecture Series 2023 on ESG and Sustainability here on Nov 3.

In his speech, Nik Mohamed Din emphasised Labuan FSA's dedication to strengthening climate-related risk management and integrating sustainability into the governance of Labuan financial institutions, focusing on an eco-friendly future.

“As the regulatory authority of Labuan International Business and Financial Centre (Labuan IBFC), Labuan FSA aims to go beyond its regulatory and supervisory roles to ensure a sustainable and resilient financial sector for future growth,” he said.

Organised by the Labuan FSA, the Labuan International Finance Lecture Series was held on Nov 3. 

The annual event aims to facilitate knowledge sharing on global economic and financial developments and discussions on contemporary issues.

Recognising the global shift towards ESG principles influencing investments and business operations, this year’s lecture series focused on the theme ‘ESG: Catalysing Asia's Sustainability via Labuan IBFC’, providing industry professionals with valuable insights into navigating the ESG landscape.

The lecture series commenced with a panel discussion titled ‘Climate Positivity: Beyond Net Zero and Decarbonisation’, featuring two distinguished speakers, namely Maybank chief sustainability officer Shahril Azuar Jimin and RAM Sustainability Sdn Bhd executive director Promod Dass. 

They discussed topics such as climate change, carbon ratings, ESG impact assessment, and strategies for integrating ESG principles into sustainable value creation. 

The event also featured a guest speaker, Associate Professor Dr Ziyaad Mahomed, Lead Researcher (Shariah) for the Centre of Excellence in Social Finance at INCEIF University, who presented a paper on ‘Unlocking Islamic Climate Finance - Sustainable and Responsible Investment Ecosystem’.

The lecture series was attended by nearly 200 participants from various financial sectors.


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