The Bank set decarbonisation targets for hard-to-abate sectors with the announcement of its second white paper series

As part of the Group's broader strategy to drive the transition to a net zero economy, Maybank announced an expansion to its white paper series, focusing on the Steel and Aluminium sector. This addition underscores Maybank's continued responsibility as a signatory of the Net Zero Banking Alliance (NZBA) and dedication to aligning its operations and supporting its clients in their transition journey.

Building on the momentum from its initial decarbonisation efforts communicated through its maiden white paper titled, "Banking on a better tomorrow: Our commitment to net zero", Maybank continues to expand its focus to include additional hard-to-abate sectors. The white paper, first released in May 2024, outlined Maybank's science-based interim emissions targets and decarbonisation strategies for the Power and Palm Oil sectors.

Announced by Dato' Khairussaleh Ramli, President & Group CEO Maybank recently during the Analyst Briefing for Maybank's Q3 2024 Financial Result said that the expansion focusing on the Steel and Aluminium is part of Maybank's continuous advancement in its net zero journey.

"Since our first publication, we have now broadened our scope to decarbonise more hard-to-abate sectors such as Steel and Aluminium. This expansion reinforces our long-term commitment to reducing emissions in key industries, crucial for meeting our net zero ambitions", said Dato' Khairussaleh.

Maybank's December 2023 baseline financed emissions intensity for its Steel portfolio was at 0.80 tCO2e/tSteel, 32% lower than Southeast Asia's Mission Possible Partnership (MPP) Tech Moratorium (TM) reference scenario benchmark which is at 1.18 tCO2e/tSteel. This position, being well below the Southeast Asia's average was driven by Maybank's focus on industry players that have demonstrated clean practices in the steel making process.

For the Aluminium portfolio, Maybank's baseline financed emissions intensity as of December 2023 stood at 2.36 tCO2e/tAluminium, significantly below the MPP Global reference scenario benchmark of 14.83 tCO2e/tAluminium. This substantial difference shows that Maybank's starting point is not only well below the global average but also reflects the positive impact of its existing client mix, which has already made significant progress in adopting sustainable practices.

Dato' Khairussaleh stated that "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".

An overview of the outcomes of Maybank's baselining and target setting exercise are as below:

Further emphasising Maybank's leadership in the sustainability space, the Bank has been appointed as a member of the UN-convened NZBA Steering Group, effective July 2024 and a co-chair of the Glasgow Financial Alliance for Net Zero's (GFANZ) Asia Pacific Network SEA Public Policy Workstream for Malaysia.

Maybank also holds a position in the United Nations Environment Programme Finance Initiative (UNEP-FI) Advisory Board. Maybank represents the Asia-Pacific region alongside other esteemed members, dedicated to leading systematic transformation towards a net zero economy, not just in Southeast Asia, but on a global scale.

"Our role in the Steering Group, Work stream and Advisory Board exemplifies our commitment in advancing our efforts toward a sustainable future. These memberships strengthen our ability to influence the regional agenda on decarbonisation and reinforces our belief that the financial sector must play a critical role in driving the transition to net zero", Dato' Khairussaleh added.

For more information on Maybank's whitepaper, please visit