KUALA LUMPUR (July 14): CIMB Group Holdings Bhd (KL:CIMB) has raised its sustainable finance target to RM300 billion by 2030, triple its earlier target, to support its clients in navigating risks and building resilience in a low carbon and more inclusive economy.
The commitment is part of CIMB’s Forward30 strategy and 2030 sustainability roadmap. Since its sustainable finance roadmap was introduced in 2021, the bank has increased from its initial RM30 billion to RM100 billion target for the 2021 to 2024 period, to RM300 billion through 2030.
The group achieved RM117 billion for the 2021-2024 period, according to its latest financial year results released in February.
CIMB Group chief executive officer Novan Amirudin said the bank, being one of Asean’s leading banks, is committed to enabling real-world impact by directing capital towards responsible businesses, as well as activities that reduce emissions, protect ecosystems and generate meaningful social outcomes and to ensure no one is left behind.
“Our ambitious sustainable finance target, which is three times higher than our previous target, is anchored on our purpose of advancing customers and society. We have a critical role to play in supporting our clients in their sustainability journeys, and enabling them to thrive in a low-carbon economy,” said Novan in a statement on Monday.
“We understand the many challenges our clients face, from mandatory reporting requirements like IFRS S2, as well as navigating climate, nature and human rights risks, while responding to increasing customer demands on their supply chains. Our role is to help our clients navigate these complex challenges, enabling them to understand and manage sustainability risks to future-proof their businesses, while opening doors to new business opportunities,” he added.
The bank also aims to support regional initiatives and national plans such as the Asean Power Grid, the National Energy Transition Roadmap and the Johor-Singapore Special Economic Zone.
CIMB intends to work closely with clients to adopt responsible business practices, while mitigating the impact of potential carbon taxes, as well as electricity tariff hikes, in order to build long-term resilience and enhanced competitiveness in international markets.
The bank will also provide transition finance, nature-based carbon finance and blended finance structures to enable long-term value creation while meeting a growing demand for environmentally and socially aligned financial services.
It also supports small and medium enterprises (SMEs) by helping them to improve their environmental performance and ecompetitiveness through programmes such as GreenBizReady and SMEBizReady. For SMEBizReady, which approved RM990 million for nearly 500 SMEs in 2024, helping them to adopt green technologies, automotion, digital tools including e-invoicing to help future-proof operations.
For individuals, CIMB is offering financing for green homes and vehicles through special deals and preferential financing rates.
It is also ramping up efforts to support the underserved group and the B40 segment, with building financial literacy, awareness of scams as well as micro investment and protection facilities.
“Our ambition goes beyond financing — it’s about deepening partnerships, creating real value,” said Novan.