Banking giant, Maybank has launched its Transition Finance Framework, the first by a Malaysian bank at COP28 Dubai, which is the funding of greening of brown, emission-intensive sectors or asset.
The bank notes that it is critical to achieve a significant reduction in emission and it is apparent that no country, sector
or company is able to achieve Net Zero and climate goals with green finance alone. The primary objective of the Transition Finance Framework is to outline the Bank’s approach to the classification and recognition of financing solutions offered as credible transition finance, whilst the secondary objective is to guide the development of credible transition finance solutions within the Group based on internationally accepted guidelines and principles.
Dato’ Khairussaleh Ramli, Group President & CEO, Maybank said “The Maybank Group Transition Finance Framework’s principled-pragmatic approach allows Maybank to demonstrate the Group’s authenticity of supporting if not bolstering net zero economies in this era of global boiling.”
“We recognise that the transition finance space is still nascent in the ASEAN region and we are committed to contribute towards building and reinforcing a credible, orderly and just transition plan, which is underpinned by our Humanising Financial Services mission.”
While NRECC Minister Nik Nazmi said, I’m delighted that the framework provides the funding for selected brown sectors with credible transition pathways and or solutions such as hydrogen, bio energy as well as carbon capture, utilization and storage.”
Aligned to more than 12 international principles, standards and guidelines, the Maybank Group Transition Finance Framework complements the Maybank Group Sustainable Product Framework, which was a first developed by a Malaysian bank and launched in August 2022.
