Photo courtesy of Calvin Teo.

Maybank sets financed emission baseline, adopts ESG transition strategy

It is the first bank in Malaysia to do so.

Maybank announced that it has established its Scope 3 financed emission baseline, bringing it closer to its target of net zero equivalent position by 2050.

This also makes it the first bank in Malaysia to do so, according to Malaysia’s biggest bank by assets.

Financed emissions refer to indirect emissions related to loans, underwriting, investments and any other financial services. This is reportedly a necessary input for climate scenario analysis, which is crucial in managing climate-related transition risks and opportunities, the bank stated in a press release.

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Maybank is also adopting the Global GHG Accounting and Reporting Standard for the Financial Industry by Partnership for Carbon Accounting Financials. 

This standard calculates the emissions for six asset classes: Listed Equities & Corporate Bonds, Business Loans & Unlisted Equities, Project Finance, Commercial Real Estate, Mortgages and Motor Vehicle Loans.

“This exercise has allowed us to split our emissions by geographies, asset classes and sectors, which then allows us to focus our efforts in engaging with the customers that can have the greatest impact on reducing our financed emissions over the long-term,” said group president & CEO of Maybank, Dato’ Khairussaleh Ramli.

“Our next step is to  engage and collaborate with our customers and key stakeholders including regulators and  ministries to implement our transition strategy,” he added.

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Of these, Listed Equities & Corporate Bonds, Business Loans & Unlisted Equities and Project Finance make up close to 80% of the group’s financed emissions. 

Meanwhile, the bank’s top five sectors contributing the most to its financed emissions are power, oil and gas, agriculture, utilities and  construction. 

Geographical-wise, ninety-seven percent (97%) of Maybank’s financed emissions come from its home markets Malaysia, Singapore and Indonesia. 

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