CIMB Group announced that it is doubling its sustainable finance target to RM60 billion by 2024 under its Green, Social, Sustainable Impact Products and Services (GSSIPS) framework.

The increased target was announced during the opening of CIMB’s flagship The Cooler Earth Sustainability Summit 2022 themed ‘Facilitating a Just Transition’.

The increased commitment of RM60 billion was made as CIMB has already mobilised its earlier announced target of RM30 billion two years ahead of plan, guided by its GSSIPS Framework.

CIMB’s sustainable finance commitment includes, among others, green, social and sustainable, as well as sustainability-linked, retail, corporate and commercial financing, trade financing, debt and equity capital markets, wealth management and treasury solutions.

The sustainable finance target complements a series of enhanced sustainability commitments announced by the group in 2021, which include its target of achieving net zero emissions, including scope 3 financed emissions by 2050.

CIMB was a drafting member of the UN United Nations Environment Programme Finance Initiative (UNEP FI) Principles for Responsible Banking, is a member of the Collective Commitment to Climate Action (CCCA) and Net-Zero Banking Alliance (NZBA).

Dato’ Abdul Rahman Ahmad, Group Chief Executive Officer of CIMB Group said,

“Our strengthened commitment is a reflection of CIMB’s progress since embarking on our sustainability journey in 2018, and a testament to the accelerated adoption of sustainable finance with the support of our clients and customers across ASEAN.

 

We look forward to continue driving the sustainability agenda, catalysing environmentally and socially positive actions in our business ecosystem towards our aspiration of becoming an ASEAN sustainability leader.”