CIMB Aims RM100B Sustainable Finance by 2024

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by KnowESG,

CIMB

KnowESG_CIMB Aims RM100B Sustainable Finance by 2024
Image courtesy of CIMB

CIMB Group Holdings Berhad, known as CIMB, has reaffirmed its commitment to sustainability by increasing its sustainable finance target to RM100 billion by 2024 through its Green, Social, Sustainable Impact Products and Services (GSSIPS) Framework.

This announcement was a highlight of the opening day of The Cooler Earth Sustainability Summit 2023, themed 'Sustainability in Action: Opportunities for a Better Tomorrow.'

The decision to raise the sustainable finance target comes after CIMB successfully achieved its previous RM60 billion target in 2022, ahead of schedule. Since 2021, the Group has already mobilised nearly RM70 billion in sustainable finance. This new target aligns with the Group's broader sustainability initiatives, which include aiming to achieve Net Zero greenhouse gas (GHG) emissions, encompassing scope 3 financed emissions, by 2050.

CIMB's commitment to sustainable finance is guided by its GSSIPS Framework, which serves as an internal roadmap for delivering impactful sustainable finance across various sectors. This commitment encompasses a wide array of financial services, including green, social, and sustainable financing, as well as sustainability-linked solutions in retail, corporate, and commercial financing, trade financing, debt and equity capital markets, wealth management, and Treasury services.

The Cooler Earth 2023 Summit featured notable speakers and discussions, including a ministerial address by YB Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, a keynote by Pulitzer Prize-winning author Jared Diamond, and a call to action by renowned explorer Sir Robert Swan. Additionally, a panel session with Government Linked Investment Company (GLIC) CEOs offered insights into their ESG portfolio aspirations and the shift towards a low-carbon economy.

Dato’ Abdul Rahman Ahmad, CEO of CIMB Group, expressed enthusiasm for the increased sustainable finance target and highlighted the growing trend of environmentally and socially responsible practices among clients. He emphasised the opportunities for financial institutions to thrive in the transition to greener and more resilient economies.

The Summit also saw CIMB enter into a Memorandum of Collaboration with Bursa Malaysia to collaborate on the Bursa Carbon Exchange (BCX), facilitating the trading of carbon credits. This partnership aims to enhance client access to carbon credits and explore opportunities for CIMB to conduct carbon credit transactions through BCX.

CIMB's commitment to reducing emissions and expanding sustainable finance solutions includes the allocation of RM3 billion for Sustainability-Linked Financing (SLF) for SMEs, promoting decarbonisation with financing incentives based on GHG emission reduction achievements.

The Cooler Earth 2023, now in its fifth year, is being held from September 11 to 21, 2023, in a hybrid format across the ASEAN region. The Summit seeks to showcase business opportunities in the transition to a low-carbon and equitable economy with a diverse programme of keynotes, panel discussions, and masterclasses featuring industry leaders such as Sue Lloyd, Tomohiro Ishikawa, Deborah Ho, and Philippe Joubert. For further information about The Cooler Earth Sustainability Summit 2023, please click here.

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Source: CIMB

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