Malaysia’s Maybank to stop financing coal activities
Malaysia’s largest bank Malayan Bangking Bhd (Maybank) said it will stop financing new coal activities as part of tis sustainable agenda.
Maybank will stop financing new coal activities as part of tis sustainable agenda. (Photo: theedgemarkets.com)Kuala Lumpur (VNA) – Malaysia’s largest bank Malayan Bangking Bhd (Maybank) said it will stop financing new coal activities as part of tis sustainable agenda.
Currently, coal financing makes up 0.2 percent of the bank’s total portfolio.
Maybank President and CEO Datuk Abdul Farid Alias said the bank aims to transition together with its borrowers to achieve sustainable renewable energy mix in the medium and long term.
He affirmed that there is no new coal financing going forward for Maybank
The No Deforestation, No New Peat, and No Exploitation (NDPE) stance was approved by the bank’s board in January 2020, which applies to all relevant sectors, including but not limited to palm oil, forestry, logging, construction and real estate.
Maybank has also launched its next five-year business strategy (2021-2025), known as M25, with focus on three outcomes of attaining sustainable return on equity, achieving top-rated customer experience through digital and hybrid services and becoming and regional leader in environmental, social and corporate governance./.
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