KUALA LUMPUR, June 18 (Xinhua) -- Bank Negara Malaysia (BNM) and Securities Commission Malaysia (SC) announced Wednesday the rollout of the climate finance innovation lab (CFIL) in the country.

The regulators said in a statement that this initiative aims to accelerate the development of innovative climate finance solutions.

CFIL is a collaborative platform involving public, private and philanthropic partnerships to identify, co-develop and implement innovative climate financial solutions that strengthen Malaysia's climate resilience.

The lab focuses on four key thematic areas: energy transition and green innovation, sustainable agriculture, circular economy and sustainable cities, and nature-based solutions and biodiversity.

Building on past initiatives and pilot projects, it marks a significant milestone in Malaysia's sustainability journey.

Administered by Bank Pembangunan Malaysia Berhad (BPMB), CFIL will adopt a modular approach for ongoing efficiency and effectiveness in the ideation and design of financial solutions.

Eligible project owners will have access to funding, technical assistance and a wider network of stakeholders to implement their projects.