BUSINESS

MAYBANK LAUNCHES TRANSITION FINANCE FRAMEWORK AT COP28 DUBAI

03/12/2023 07:55 PM

From Anas Abu Hassan

DUBAI, Dec 3 (Bernama) -- Malayan Banking Bhd (Maybank) today launched its Transition Finance Framework, the first by a Malaysian bank, at the United Nations Framework of Convention on Climate Change’s 28th Conference of Parties here.

Transition finance refers to the funding of emission-intensive sectors, or an asset, in order to reduce emission and consequently avoid severe climate change outcomes, Maybank said in a statement today.

It has become apparent that no country, sector or company is able to achieve net zero and climate goals with green finance alone, the statement said.

The framework outlines Maybank’s approach to classifying and recognising solutions deemed as credible transition finance.

It also guides the development of credible transition finance solutions within the group based on internationally accepted guidelines and principles.

Maybank’s chief sustainability officer Shahril Azuar Jimin said the document reinforces Maybank’s commitment to playing a leading role in the systematic transformation towards a net zero economy.

"We hope this spurs open conversations and product development in the transition finance space," he said at the launch witnessed by Natural Resources, Environment and Climate Change Minister Nik Nazmi Nik Ahmad and Bank Negara Malaysia governor Datuk Shaik Abdul Rasheed Ghaffour.

According to Nik Nazmi, the initiative is important as the framework provides the funding for selected brown sectors with credible transition pathways or solutions such as hydrogen, bio energy as well as carbon capture, utilisation and storage.

Aligned to more than 12 international principles, standards and guidelines, the framework complements the group’s Sustainable Product Framework, first developed by a Malaysian bank and launched in August 2022.

-- BERNAMA

 

 

 

 

 


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