MAYBANK is considered one of South-East Asia’s largest monetary establishments, with world entry, our customer-centric method spans throughout 18 international locations, together with all 10 in ASEAN. In keeping with our ambition to be a sustainability chief in South-East Asia, we wish to drive the mobilisation of capital in an impactful method – selling sustainable financing, turning into an agent of the transition to a low-carbon economic system and enhancing group well-being by monetary inclusion and group empowerment initiatives.
Our journey in direction of sustainability management has resulted in Maybank being recognised in TIME’s World’s Finest Corporations 2023 itemizing, the one firm in Malaysia to obtain such recognition.
Maybank developed 4 holistic sustainability commitments in 2021 to reveal our seriousness in direction of this agenda, underpinned by three sustainability pillars:
> Accountable transition.
> Enabling our communities and guaranteeing our home is so as.
> We stroll the discuss.
These commitments at the moment are deeply rooted in our company tradition and mirrored within the multifaceted method to environmental, social and governance (ESG) initiatives. Constructing upon the numerous progress made, two commitments had been revised upwards in 2022 to a goal of RM80bil in sustainable finance and two million households throughout ASEAN by 2025. The opposite two embody reaching a carbon impartial place of our personal emissions by 2030 and internet zero carbon equal place by 2050, and reaching a million hours each year on sustainability and delivering one thousand vital UN SDG-related outcomes by 2025.
As of June 2023, Maybank mobilised RM14.62bil in sustainable finance, with a cumulative achievement of roughly RM49bil – greater than half of the contributions from the house markets of Malaysia and Singapore. In the identical timeframe, Maybank’s efforts benefitted over 1.05 million households by monetary inclusion initiatives, zakat contributions, micro-insurance choices and regional flagship programmes by Maybank Basis.
By way of inner emissions, we surpassed our yearly goal, reaching a 48.5% discount in opposition to 2019 baseline contributed by vitality effectivity tasks, Malaysia Renewable Vitality Certificates and carbon credit. Internally, we repeatedly upskill our abilities and construct capability to strengthen our sustainability tradition.
As of June 2023, we achieved over 580,000 hours on sustainability – 62% was immediately associated to sustainability initiatives by services and products choices, supporting companies, empowering our workforce and group uplifting programmes.
This yr, Maybank signed an memorandum of understanding (MoU) with UN International Compact Community Malaysia and Brunei to develop a collaborative Maybank Sustainability Practitioner Certification Programme.
Within the pursuit of progress, there are challenges – transitioning purchasers who’re in numerous phases inside their ESG journey, totally different industries and priorities; some require extra incentives to reinforce local weather disclosures, while others should not able to make required decarbonising options. To a big extent, our transition technique is contingent on our purchasers’ transition and due to this fact all elements of the monetary ecosystem play a job in driving transition.
One other problem is knowledge accessibility. There are difficulties in gathering particular knowledge essential to create a transparent overview of publicity to ESG dangers and administration of it. This knowledge hole is especially obvious amongst SMEs who’re struggling to know what knowledge is required, not to mention what must be accomplished to adjust to ESG rules.
Maybank’s M25+ technique amplifies our dedication to prioritise local weather motion because the cornerstone of the group’s sustainability agenda, positioning Maybank on the forefront to drive a simply and accountable transition to a low-carbon economic system. In 2022, Maybank was the primary in Malaysia to ascertain its financed emissions baseline and implement Malaysia’s first-ever Sustainable Product Framework (SPF). Shifting on to this yr, we developed a Consumer Engagement Guidebook for relationship managers to have significant ESG-related shopper engagements, constructing forward-looking strategic and operational pondering capabilities and curating bespoke options.
We additionally up to date the eligible actions and thresholds underneath the SPF to replicate market finest practices within the provision of sustainable finance options and launched an internally developed Financed Emissions Calculator, guiding financed emission administration by enabling customers to gauge emission upfront from new financing and its impression to the prevailing portfolio.
Maybank is already within the means of growing a science-based internet zero pathway and technique to information our decarbonisation transition for sure sectors throughout the group’s portfolio and can proceed to push boundaries as we attempt to make a optimistic impression to society and higher future for all.
Shahril Azuar Jimin is Maybank chief sustainability officer.