KUALA LUMPUR, December 20 — CIMB Group Holdings Berhad has set ambitious climate targets, marking a significant stride in the global banking sector. The 2030 goals concentrate on sustainable palm oil production and a shift to cleaner energy sources in the power sector. Building on last year’s commitment to Net Zero in thermal coal mining and cement portfolios, these targets underscore CIMB’s overarching aim to achieve Net Zero emissions by 2050. The bank’s whitepaper outlines detailed decarbonization plans for palm oil, power, coal, and cement portfolios.
In the palm oil sector, CIMB seeks to reduce the emissions intensity of its entire palm oil portfolio by 16% by 2030, adhering to Science-Based Targets Initiative and Forest, Land, and Agriculture guidance. The Net Zero targets complement CIMB’s 2022 commitment to No Deforestation, No Peat, and No Exploitation. The bank actively engages clients to adopt sustainable palm oil standards, improve agricultural practices, and enhance emissions reporting. In the power sector, CIMB establishes an interim Scope 1 emissions target, aiming for a 38% reduction in emissions intensity by 2030.
The bank commits to collaborative efforts with power clients to expedite decarbonization, contributing to a just energy transition in Southeast Asia. CIMB’s move positions it as the first bank globally to declare a science-based Net Zero decarbonization pathway for the palm oil sector, reinforcing its status as a sustainability leader in the region. The bank’s strategic initiatives align with its commitment to providing sustainable finance solutions, as evidenced by a recent announcement to triple its sustainable finance target to RM100 billion by 2024.
