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Islamic finance and climate: Oxford talks focus on economic resilience
How should protection for businesses, cities and families against climate risks be funded? That question shaped the SC–OCIS roundtable in Oxford. For businesses, the purpose is tangible: less damaged property, fewer production stoppages and more dependable supplies.
On 12 September 2026, Securities Commission Malaysia chairman Mohammad Faiz Azmi addressed the 17th roundtable held with the Oxford Centre for Islamic Studies. His published remarks linked funding for climate adaptation to measuring and verifying project outcomes.
Why this is an economic issue
Climate adaptation means preparing for the effects of a changing climate. For a business, this might involve protecting equipment from overheating, making a building more resilient or reducing dependence on a vulnerable supply route. These are editorial examples, not a list of projects approved at the meeting.
Azmi raised questions about sharing environmental protection costs and accounting for avoided harm. The practical point is that business decisions should also be assessed by the losses they help prevent. The speech sets out a discussion agenda; it does not establish that funding has been awarded to particular businesses.
What international data show
UNEP’s report released on 29 October 2025 estimates developing countries’ annual adaptation needs in 2035 at US$310–365 billion, in 2023 prices. The range reflects two approaches: modelling costs and estimating needs from national documents.
By comparison, international public adaptation finance for these countries amounted to US$26 billion in 2023. This compares future needs with a historical flow of one type of funding; it is not a measure of total spending in 2026.
UNEP also reports progress in practical measures, while highlighting limited evidence on actual impacts. Completing a structure and demonstrating protection for people are separate stages of evaluation.
Questions to ask about a project
In a separate infrastructure briefing for businesses, UNEP links adaptation to lower risks and costs. Our editorial checklist is straightforward:
- Which risk will be reduced? Identify a specific vulnerability in buildings, equipment or supplies.
- Who will be protected? Consider workers, residents and smaller suppliers as well as the owner’s assets.
- How will results be measured? Select a measure beforehand, such as downtime or the number of properties with effective protection.
- Who will maintain it? Budget for upkeep throughout the asset’s working life.
These questions help prepare a project; they are not a universal engineering instruction. Site conditions and calculations require qualified specialists.
A fair economy needs a verifiable connection between spending and public benefit. When a project reduces vulnerability, its results should be understandable to the people whose money and work support it.
For more on planning expenditure, read “A payment calendar: spotting cash shortages early”.
Published 15 September 2026. The speech was delivered on 12 September; international estimates are identified by their reference periods. Prepared from open primary sources.