Maybank to launch white papers on net zero pathway for oil palm, power sectors

Maybank president and group chief executive officer Datuk Khairussaleh Ramli.

KUALA LUMPUR: Maybank will launch white papers on its net zero pathway for two sectors, namely oil palm as well as power, that will be going public to inform on the bank’s method to reduce carbon emissions by 2030.

Maybank group president and chief executive officer Datuk Khairussaleh Ramli said the white paper was a crucial step to have a very clear plan and action for Maybank to be able to achieve net zero.

"Hopefully the paper will be ready by this Friday,” he told reporters after a panel session titled ‘A Just Transition Towards a shared Future’ at the Global Forum on Islamic Economics and Finance (GFIEF) today.

In the case of Maybank, he said there were six sectors that need to be tackled as the sectors contribute to 90 per cent of the emissions, representing about 100 companies.

"Hence, over the last one year, we have engaged 55 companies out of the 100 within these six sectors to understand what they are doing and to provide support where possible,” he said.

Asked on the sectors, Khairussaleh said it will be revealed soon.

He also said 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 on the climate action and the role of Islamic finance in driving the energy transition journey, Khairussaleh said transition finance will provide the financial services industry a new and major asset class towards net zero economy.

"So, from my point of view, make sure we link sustainability with transition financing as part of core strategy in doing business in order for sustainability to stay,” he said. - Bernama

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