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KUALA LUMPUR: CIMB Group Holdings Bhd announced at its Sustainability Investor Day held today that the Group has committed to a series of strengthened sustainability commitments, including mobilising RM30 billion towards sustainable finance as part of its continued ambition to be an ASEAN sustainability leader by 2024.
Guided by its Green, Social, Sustainable Impact Products and Services ("GSSIPS”) framework, this higher sustainability finance target includes wholesale and commercial financing, bonds and intermediation, wealth products, and products that enable financial inclusion such as affordable home financing and other products catered to the B40 group.CIMB has made good progress and is ahead of schedule in meeting its original target with over RM10 billion in offerings under its GSSIPS framework already achieved as of 2021.
In addition to the sustainable finance commitment, the Group also announced its commitments towards mitigating climate change, including net zero operational greenhouse gas ("GHG”) scope 1 and 2 emissions by 2030 and net zero overall GHG emissions by 2050, together with a No Deforestation, No Peat, No Exploitation ("NDPE”) commitment.Furthermore, the Group has committed to invest RM150 million over five years and 100,000 in employee volunteerism hours annually by 2024 to positively impact lives, communities and businesses across ASEAN.
Dato’ Abdul Rahman Ahmad, Group Chief Executive Officer of CIMB Group said, "The COVID-19 pandemic has been a global stress test, worsened further by the increasing occurrences of extreme weather events driven by climate change.These have had a deep impact on lives and livelihoods, emphasising the urgency for all stakeholders in the public and private sectors and civil society to accelerate sustainable action towards a just transition to a low carbon economy in a measurable and timely manner.””CIMB is committed to playing our part to accelerate the sustainability agenda through our commitments announced today, in particular our target to mobilise RM30 billion in sustainable finance by 2024 and achieve net zero emissions by 2050.Today, sustainability is already core and integrated into our business, and we actively engage clients and all stakeholders to promote financial services that are aligned to sustainability principles,” he added.
To provide greater oversight and accountability in delivering on these commitments, CIMB Group’s Board of Directors has established a Group Sustainability and Governance Committee, chaired by Teoh Su Yin, Senior Independent Director. Under its Forward23+ Strategic Plan, the Group has set a target to be in the top quartile of the Dow Jones Sustainability Index ("DJSI”) by 2024. The DJSI tracks the performance of the world’s leading companies in terms of their sustainability practices, and to date CIMB has improved its position from the 19th percentile in 2018 to 65th percentile in 2020.