CIMB Group, a financial services provider in the ASEAN region, is committed to attaining net-zero operational greenhouse gas (GHG) Scope 1 and 2 emissions by 2030 and achieving net zero for overall GHG emissions by 2050 as part of its sustainability agenda. The company recognizes the importance of achieving a net-zero future, which not only helps combat climate change but also promotes inclusive growth and resilience.

In 2022, CIMB accomplished a 48% reduction in Scope 1 greenhouse gas (GHG) emissions and a 21% reduction in Scope 2 GHG emissions compared to the 2019 baseline. The company’s scope 1 direct GHG emissions reported was 2,620.0 tCO2e, scope 2 indirect GHG emissions were 71,416.2 tCO2e and other indirect GHG emissions (Scope 3) excluding Category 15 was 4,241.7 tCO2e. CIMB is aiming for a 50% reduction in exposure by 2030 and a complete phase-out by 2040 in the coal sector. Furthermore, there is a commitment to reduce the physical intensity of financing clients in the cement sector by 36%, aiming to decrease it from 0.72 to 0.46 tCO2e/t cement produced by 2030.

The company acknowledges the need to measure its financed emissions on an annual basis and analyze its performance in priority sectors against its targets. CIMB aims to disclose its progress in its annual sustainability disclosures, indicating a commitment to transparency and accountability. CIMB Group has taken steps to reduce emissions and contribute to a just transition for the region. The company has set a global first by committing to a net-zero approach for the palm oil sector, aiming to meet growing demand in a sustainable way. CIMB also emphasizes its role as a partner to both large corporates and SMEs, offering innovative financing solutions and increased engagement to support their transition to a net-zero future.

The sustainability report mention the importance of external factors and policies, such as carbon pricing, in driving the adoption of technology and reducing emissions. CIMB acknowledges that transitioning to electricity usage may lead to higher scope 2 emissions, depending on the carbon intensity of the local electricity supply. The company also highlights the need for further development and economic feasibility of technologies like carbon capture and storage (CCS), electric kilns, and alternative fuels in carbon-intensive sectors such as cement production.

In conclusion, CIMB Group is committed to driving the sustainability agenda and achieving a net-zero future. CIMB's focus on transparency, measurement, and progress disclosure demonstrates its dedication to sustainability. The company aims to play a pivotal role in supporting the transition to a low-carbon economy, particularly in sectors like palm oil and cement production.

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