CIMB SETS NEW TARGET OF MOBILISING RM100 BILLION IN SUSTAINABLE FINANCE BY 2024, ACCELERATING ITS ASPIRATION TO BE AN ASEAN SUSTAINABILITY LEADER

In a world increasingly defined by environmental challenges and the need for sustainable solutions, CIMB Cooler Earth Sustainability Summit stands as a testament to the commitment of individuals, businesses and nations to create a more sustainable future. This flagship event, hosted by CIMB Group Holdings Bhd, aimed to connect businesses with key players from across the public and private sectors as well as civil society, to hear from global and regional experts and better understand the multitude of opportunities arising from the shift towards a greener economy and more equitable society. A curated series of keynote presentations, expert panel discussions, masterclasses, as well as experiential events across the ASEAN region, was planned to engage businesses on the many ways they can both drive and benefit from sustainable business adoption. The event hosted approximately 1,000 attendees in-person and more than 6,000 participants virtually.

The rapid growth in today’s sustainability landscape signals the rising awareness of the importance of sustainability, raising hopes that it will translate into concrete actions to address the pressing issues society faces. One such urgent issue is climate change, with global temperatures reaching unprecedented levels.

It requires a monumental effort to transition to net zero, which demands economic restructuring, technological breakthroughs and substantial financial investments.

With the theme “Sustainability in Action: Opportunities for a Better Tomorrow”, this year’s summit encapsulates CIMB’s recognition of its pivotal role in facilitating the transition to a more sustainable, equitable and inclusive economy in the journey to Net Zero. CIMB is dedicated to support its clients to excel in a rapidly shifting landscape, which brings with it a myriad of opportunities. CIMB’s focus is to assist clients in identifying and seizing these opportunities amid the transition towards a low-carbon future. CIMB also aims to aid in navigating the complex terrain of ESG risks while adapting to the changing regulatory environment.

CIMB’s track record in sustainable finance has surpassed its expectations, with close to RM70 billion mobilised since 2021, leading the bank to increase its sustainable finance commitment to RM100 billion by 2024, triple the initial target of RM30 billion set in 2021.

CIMB, as the fifth-largest banking group in Asean, is leading by example. The bank has expanded its range of sustainable finance solutions with the recent launch of sustainability-linked financing for small and medium enterprises (SMEs) in Malaysia. It offers SMEs financing incentives for achieving greenhouse gas emission reduction targets, aligning with Bank Negara Malaysia’s Low Carbon Transition Facility. CIMB has been proactively charting its emission reduction plans towards Net Zero by 2050, recently outlining its 2030 climate targets for its palm oil and power portfolios. The Group has formulated transition strategies for clients in high carbon emitting sectors.

CIMB also supports retail customers in making sustainable choices by offering financial solutions to drive electric vehicle adoption and green home financing. Its wholesale banking franchise has facilitated more than RM10 billion in sustainability-linked bonds, sukuk and financing across the region.

Through unwavering commitment to innovation and collective action, CIMB’s Cooler Earth Sustainability Summit continues to pave the way for a more sustainable future.

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