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Malaysia’s Maybank to stop financing coal activities

Malaysia’s largest bank Malayan Bangking Bhd (Maybank) said it will stop financing new coal activities as part of tis sustainable agenda.
Malaysia’s Maybank to stop financing coal activities ảnh 1Maybank will stop financing new coal activities as part of tis sustainable agenda. (Photo: theedgemarkets.com)

Kuala Lumpur (VNA) – Malaysia’s largest bank Malayan Bangking Bhd (Maybank) said itwill stop financing new coal activities as part of tis sustainable agenda.

Currently, coal financing makes up 0.2 percent of the bank’s total portfolio.

Maybank President and CEO Datuk Abdul FaridAlias said the bank aims to transition together with its borrowers to achievesustainable renewable energy mix in the medium and long term.

He affirmed that there is no new coalfinancing going forward for Maybank

The No Deforestation, No New Peat, and No Exploitation (NDPE) stance wasapproved by the bank’s board in January 2020, which applies to all relevantsectors, including but not limited to palm oil, forestry, logging, constructionand real estate.

Maybank has also launched its next five-year business strategy (2021-2025),known as M25, with focus on three outcomes of attaining sustainable return onequity, achieving top-rated customer experience through digital and hybridservices and becoming and regional leader in environmental, social andcorporate governance./.
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