and brown activities, but also recognises credible efforts by businesses to actively reduce the harm that their operations might pose to the environment during transition. based on an analysis of their material exposures to climate - related risks, financial institutions would be required to take actions to address high and unmitigated exposures. we have also strengthened the standards that we expect financial institutions to meet in managing climate related risks. this includes an expectation for financial institutions to work with and support their customers in managing their transition. more to the point, if businesses are committed and willing to undertake changes to reduce their ghg emissions and green their operations, the financial sector should help them make the transition. this may take the form of appropriate financing or protection solutions and advisory services. on its part, the bank will continue to support transition activities through the rm1 billion low carbon transition facility and other funds for smes which will complement funds extended by financial institutions to help smes implement sustainable low carbon practices. by 2024, we have also required all fis to make disclosures in line with the recommendations of the task force on climate - related disclosures ( tcfd ). given that such disclosures by fis will ultimately depend on disclosures provided by their customers and counterparties, this will have implications on demands for climate - related information from businesses. significant efforts are also being pursued to support climate risk management and transition through the joint committee on climate change, or jc3, which is co - chaired by the bank and the securities commission. the jc3 serves as an industry - regulator collaborative platform to drive and coordinate the financial sector ’ s response to climate change. as part of efforts to scale up transition finance, jc3 is actively exploring pilot programmes to test new green solutions and instruments. in identifying suitable pilot projects, priority will be given to climate - friendly projects that can help develop the broader ecosystem for green finance, such as carbon accounting and measurement frameworks, climate data aggregators, or green credentialing standards. another key deliverable of jc3 this year is the upcoming publication of a data catalogue that will point users to credible sources of critical climate data needed to support identified use cases. all of this is to say that climate strategies are set to be a key focal point of financial institutions ’ business and risk decisions going forward. within the property sector, it is encouraging to see major banks in malaysia already offering targeted financing solutions for green residential homes in what used to be a niche market for a handful of smaller

businesses. in addition, rural communities have also tended to be underserved. the challenge confronting regulators is to ensure that all communities have access to financial services. this greater inclusion is vital to bring the lower income groups into the economic mainstream. an important aspect in the development of a consumer protection framework is to ensure that the framework remains relevant despite changes in economic and financial environment. changes in the profile of consumers following changes in the demographic structure for example needs to be taken into account. in most communities, the ratio of retired population relative to working adults is expected to rise more steeply in the next decade. in countries with growing ageing populations, there is an increasing demand for financial planning, life insurance, wealth management and mutual fund investment services. consumers'interests in these areas would need to be adequately safeguarded while financial literacy among the various target groups need to be actively promoted. while regulators have an important role in promoting consumer protection and education, it is equally important to galvanise support and collaboration from all market participants - financial service providers, government agencies, educators and consumer associations and community - based organisations, toward effective implementation of the initiatives. let me take this opportunity to share with you the experience of malaysia in promoting consumer protection and education. the malaysian economy has transitioned from a production - based economy towards a knowledge - driven economy, with small and medium sized enterprises ( smes ) assuming an increasingly significant role in the economy. the financial sector has also evolved accordingly to facilitate this economic transformation process, with a growing trend towards greater deregulation and market orientation. to achieve a more efficient, competitive and resilient financial system, malaysia has formulated a blueprint that outlines the roadmap for the development of the financial sector. the financial sector master plan which was issued in 2001 outlines the key strategies for the development of the financial sector. amongst the important strategies implemented has been the development of the consumer protection framework and the enabling infrastructure to protect consumers'interests while at the same time to enhance their financial capability to participate effectively in the financial system. bank negara malaysia has adopted a multi - pronged approach in empowering consumers. as a central bank in an emerging market economy, our mandate is broader than our counterparts in the more advanced and mature economies. we have the important role of developing the financial sectors. in the area of strengthening the consumer protection infrastructure, the agenda covers a wide spectrum of initiatives involving infrastructure and institutional capacity development that includes financial education, advisory services, distress management, rehabilitation and