Maybank sets new crude palm oil, power emissions targets by 2030

In 2023, CPO production and power emissions are well below reference scenarios.

Maybank sets new interim emission targets for 2030, with an extra focus on supporting its clients from the power and palm oil sectors to take the leap.

Malaysia’s biggest bank by assets has set an interim target of 1.40 tCO2e/tCPO by 2030 for crude palm oil (CPO) produced.

In 2023, Maybank’s 2023 baseline financed emissions intensity in its palm oil portfolio is 1.47 tonnes CO2e/tonnes crude palm oil (CPO) produced– reportedly well below the reference scenario of 2.04 tCO2e/tCPO. 

Meanwhile, Maybank has also set a new interim target of 272 kgCO2e/MWh in power emissions by 2030, based on the International Energy Agency Net Zero Emissions by 2050 Scenario (IEA NZE 2050) reference pathway. 

As of June 2023, Maybank’s power emissions intensity baseline was 442 kgCO2e/Megawatt-hour (MWh)– also below the regional benchmark of 573 kgCO2e/MWh. 

Maybank has also launched a new whitepaper on its net zero commitment during the inaugural Joint Committee on Climate Change (JC3) - Glasgow Financial Alliance for Net Zero (GFANZ) CEO Roundtable Luncheon. 

The whitepaper emphasises support for Maybank’s clients and industries whilst establishing connections with ongoing decarbonisation initiatives, said Dato’ Khairussaleh Ramli, president and group CEO of Maybank.

“The whitepaper for net zero pathway targets will serve as the [Maybank’s] primary instrument for publicly communicating our commitment to sustainable growth and enhancing credibility by signalling our dedication to achieving net zero. It will also highlight our role as a financial intermediary facilitating a ‘just transition’ in Southeast Asia, and our steadfastness to a net zero trajectory,” he said.