CIMB raises sustainable finance target to $13.7b by 2024

The bank has already directed close to $9.6b in sustainable finance since 2021.

CIMB Group has raised its sustainability finance target to $13.7b (RM100b) by 2024.

The increased target comes after CIMB already achieved its over $8.2b (RM60b) target in 2022, ahead of plan.

To date, CIMB said that it has directed close to $9.6b (RM70b) in sustainable finance since 2021.

ALSO READ: Strong income drives CIMB to a 26.2% net profit growth in H1

The new target is guided by CIMB’s Green, Social, Sustainable Impact Products and Services (GSSIPS), which serves as the group’s internal taxonomy for sustainable finance. In line with the framework, CIMB’s commitment includes, 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.

Beyond 2024, CIMB also targets achieving net zero greenhouse gas (GHG) emissions, including scope 3 financed emissions, by 2050.