Maybank has expanded its white paper series to include a focus on the aluminium and steel sectors, reinforcing its commitment to driving the transition to a net-zero economy. This initiative reflects Maybank's dedication as a Net Zero Banking Alliance (NZBA) signatory to align its operations with sustainability goals while supporting clients in their transition journeys. Maybank is Malaysia's largest bank by market capitalisation and total assets, operating throughout the country and broader region.
A white paper is an informational document issued by a company or not-for-profit organisation to promote or highlight the features of a solution, product, or service it offers or plans to offer.
As a result of its initial decarbonisation efforts communicated in its maiden white paper titled, "Banking on a better tomorrow: Our commitment to net zero", Maybank has been expanding its focus to include additional hard-to-abate sectors.
First released in May 2024, the white paper outlined Maybank's science-based interim emission targets and decarbonisation strategies.
Dato' Khairussaleh Ramli, President and Group CEO of Maybank, announced during the Analyst Briefing for the bank's 'Q3 2024 Financial Results' that the company's focus on expanding its involvement in the steel and aluminium sectors marks a significant step forward in Maybank's ongoing commitment to achieving its net-zero goals.
As of December 2023, Maybank's aluminium portfolio recorded a baseline financed emissions intensity of 2.36 tCO2e per tonne of aluminium—remarkably lower than the Mission Possible Partnership (MPP) Global reference scenario benchmark of 14.83 tCO2e per tonne. This notable disparity highlights Maybank's strong starting position, significantly outperforming the global average. It also underscores the positive influence of its client base, which has already achieved considerable advancements in sustainable practices.
However, in December 2023, Maybank reported a baseline financed emissions intensity of 0.80 tCO2e per tonne of steel for its steel portfolio—32 per cent lower than the Mission Possible Partnership (MPP) Tech Moratorium (TM) benchmark of 1.18 tCO2e per tonne of steel for Southeast Asia. This significantly below-average performance reflects Maybank's strategic focus on partnering with industry players who prioritise cleaner practices in steel production.
In his statement, Dato' Khairussaleh pointed out, "Our baseline position for these two high-emitting sectors being substantially below the global average highlights the effectiveness of our ongoing efforts to align with industry-leading sustainability standards. That said, we remain steadfast to further support our clients in their decarbonisation efforts.”
Image credit: Maybank’s whitepaper. Please visit https://maybank.my/whitepaper-netzero
Information credit: Maybank (https://www.maybank.com/en/news/2024/12/09.page
