MAYBANK LAUNCHES NET ZERO WHITE BOOKS FOR OIL PALM AND ENERGY SECTORS

KUALA LUMPUR, May 28 (Bernama) — Maybank will release white papers on a net zero emissions pathway for two sectors, namely oil palm and energy, which will be made public to inform the bank’s approach to reducing greenhouse gas emissions by 2030.

Maybank group president and CEO Datuk Khairussaleh Ramli said the white paper is a key step towards developing a very clear plan and actions that will enable Maybank to achieve net zero.

“I hope the paper will be ready next Friday,” he told reporters after today’s panel session titled “A Just Transition towards a Common Future” at the Global Islamic Economy and Finance Forum (GFIEF).

In the case of Maybank, he said six sectors needed to be addressed because these sectors account for 90 percent of emissions and represent about 100 companies.

“That’s why over the last year we have engaged 55 of the 100 companies in these six sectors to understand what they are doing and provide support where possible,” he said.

When asked about the sectors, Khairussaleh said it would be revealed soon.

He also said that Maybank was the first bank in the ASEAN region to establish an Environmental, Social and Governance (ESG) research team and is very active in the Net Zero Banking Alliance.

Explaining more about climate action and the role of Islamic finance in driving the energy transition, Khairussaleh said transition finance will provide the financial services industry with a new and major asset class towards a net zero economy.

“So from my point of view, we need to make sure that we combine sustainability with transition finance as part of our core business strategy so that sustainability remains,” he said.

— BERNAMA

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