May 6, 2021 Read More →

Maybank announces halt to coal financing as part of five-year plan


Malaysia’s Malayan Banking Bhd (Maybank) on Thursday said it will no longer finance new coal activities as part of a five-year strategy that will also see the bank committing 50 billion ringgit ($12 billion) in sustainable financing.

Maybank’s announcement comes after criticisms from a coalition of non-governmental organisations (NGOs) in Malaysia and Indonesia for funding coal plants despite making environmental, social and governance (ESG) commitments.

“There’s no new coal financing going forward for Maybank,” Group President and Chief Executive Abdul Farid Alias told reporters after its annual shareholders meeting.

[Liz Lee and Mei Mei Chu]

More: Malaysia’s Maybank to stop financing new coal activities

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