CIMB GROUP HOLDINGS BERHAD
Malaysia | 1023.KL | Main
Reference
Report Year: 2024
Source Files: CIMB_Annual_Report_2024_-_Part_1.pdf, CIMB_Annual_Report_2024_-_Part_2.pdf, CIMB_Sustainability_Report_2024.pdf
Sustainability Committee
Sustainability Committee (6 pax) 🟢
- Quarterly meetings 🟢
- Policy oversight 🟢
Reporting
GRI, IFRS S1, IFRS S2, TCFD, Separate Report 🟢
GHG Accounting
Comprehensive GHG reporting is a strength for CIMB, with Scope 1 (4,205 tCO₂e), Scope 2 (62,904 tCO₂e), and Scope 3 (42,161 tCO₂e) emissions detailed for 2024, achieving a 35.6% reduction in Scope 1 and 2 since 2019. Third-party verification by KPMG enhances credibility. The report aligns with GHG Protocol standards and covers key ASEAN markets. However, carbon intensity metrics are missing, limiting performance benchmarking. Improvement could include detailed GWP basis and expanding Scope 3 categories beyond business travel and commuting. Overall, CIMB demonstrates a strong foundation in emissions accounting but should aim for deeper granularity to support its Net Zero by 2050 goal.
Emissions
| Scope | Value | Note |
|---|---|---|
| Scope1 | 4,205 tCO₂e 🟢 | |
| Scope2 | 62,904 tCO₂e 🟢 | |
| Scope3 | 42,161 tCO₂e 🟢 | |
| Biogenic emissions | Not applicable → | No biomass or biofuel usage reported. |
Other Details
- Base year: 2019
- Boundary inventory: Operational control across Malaysia, Indonesia, Singapore, Thailand, and Cambodia
- Gwp basis: Not specified
- Standard: GHG Protocol
- Data collection approach: Quantitative data with year-on-year comparisons
- Third party verification: Verified by KPMG PLT (limited assurance)
- Carbon intensity: Not reported ⚠️
Efforts
- 35.6% reduction 🟢
- 140 tonnes diverted 🟢
- 28% renewable energy 🌞
- Biogas financing 🌱
Social Highlights
- RM28.3M community investment 🥗
- 28,000 participants engaged 🥗
- 216,000 volunteer hours 🥗
- RM7B for low-income families 🥗
- 272 MSMEs empowered 🥗
Governance
- Salary disclosure: Disclosed 🟢
- Litigation: Ongoing case (environmental/human rights) 🔴
Report Quality
Commendable depth in CIMB's 2024 Sustainability Report, with a separate report showcasing detailed metrics like a 35.6% reduction in Scope 1 and 2 emissions since 2019 and RM117 billion mobilized in sustainable finance 🟢. The use of frameworks such as GRI and IFRS S2, backed by third-party assurance from KPMG, adds credibility. Forward-looking commitments, including Net Zero by 2050 and interim 2030 targets for high-emitting sectors, reflect strategic vision. However, gaps remain in carbon intensity reporting and detailed Scope 3 granularity ⚠️. Some statements, like 'committed to sustainability,' lack specific evidence of impact. CIMB could enhance the report by incorporating more measurable outcomes for social initiatives and addressing data limitations explicitly. Overall, the report provides a solid foundation but could benefit from deeper specificity and broader verification scope to strengthen stakeholder trust.
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