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PETALING JAYA: The adoption of environmental, social and governance (ESG) principles in the banking sector is gaining momentum but its success will hinge on embracing the right action.
Experts and bankers agree that the adoption of ESG principles in the sector is vital and needs beefing up to ensure a healthy bottom line in the long term despite some hiccups.
Ernst & Young (EY) Advisory Services Sdn Bhd director for climate change and sustainability services Arina Kok (pic below) said with the recent issuance of the Climate Change and Principle-based Taxonomy by Bank Negara, many financial institutions have started to integrate ESG considerations into their lending practices and risk management, albeit at an early stage of adoption. ....

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