CIMB Elevates Sustainability Commitment to RM100B by 2024

CIMB Group Holdings Berhad has reaffirmed its dedication to sustainability by setting a new sustainable finance target of RM100 billion by 2024 within the framework of Green, Social, Sustainable Impact Products and Services (GSSIPS). This announcement was made during the launch of CIMB’s flagship event, The Cooler Earth Sustainability Summit 2023, centered around the theme ‘Sustainability in Action: Opportunities for a Better Tomorrow.’

CIMB has already surpassed its previously increased RM60 billion target, announced in 2022, well ahead of schedule. To date, the Group has mobilized nearly RM70 billion in sustainable finance since 2021. This new commitment aligns with the Group’s 2021 sustainability commitments, including achieving Net Zero greenhouse gas emissions, encompassing scope 3 financed emissions, by 2050.

The sustainable finance commitment follows CIMB’s GSSIPS Framework, serving as an internal guide for impactful sustainable finance. It covers various areas, including green, social, sustainable, and sustainability-linked financing, retail, corporate and commercial financing, trade financing, debt and equity capital markets, wealth management, and Treasury solutions.

The opening day of The Cooler Earth 2023 featured influential speakers, including YB Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, Minister of Investment, Trade & Industry, Malaysia, Pulitzer Prize-winning author Jared Diamond, and explorer Sir Robert Swan.

A Government Linked Investment Company (GLIC) CEOs’ panel session featured distinguished leaders discussing ESG portfolio aspirations, the transition to a low-carbon economy, and sustainability leadership.

Dato’ Abdul Rahman Ahmad, group CEO of CIMB Group, emphasised the bank’s commitment to sustainable finance, driven by the growing adoption of environmentally and socially responsible practices among clients. He highlighted the opportunities for financial institutions to grow their businesses in greener and more resilient economies.

CIMB also announced a Memorandum of Collaboration with Bursa Malaysia to leverage its Bursa Carbon Exchange (BCX) to facilitate carbon credit trading and improve clients’ accessibility to carbon credits. The partnership aims to enable CIMB to conduct carbon credit transactional services via the BCX platform.

CIMB has been actively working toward Net Zero emissions, establishing interim climate targets, and supporting clients in high carbon-emitting sectors. The bank recently enhanced its GreenBizReady proposition with an allocation of RM3 billion for Sustainability-Linked Financing (SLF) for SMEs, promoting decarbonization with financing rebates for achieving GHG emission reduction targets.

The Cooler Earth 2023 Summit is taking place from September 11 to 21, 2023, in a hybrid format, focusing on the transition to a low-carbon and equitable economy, with a lineup of industry leaders sharing insights on climate-related accounting, sustainable supply chains, and green economy opportunities.