HONG LEONG FINANCIAL GROUP BERHAD
Malaysia | 1082.KL | Main
Reference
Report Year: 2024
Source Files: Hong_Leong_Financial_Group_Berhad_-_Annual_Report_2024_(Part_1).pdf
Sustainability Committee
Sustainability Committee (4 pax) 🟢
- Oversees initiatives 🟢
- Regular engagements 🟢
Reporting
GRI, TCFD, Integrated Report 🟢
GHG Accounting
HONG LEONG FINANCIAL GROUP BERHAD demonstrates a robust approach to GHG accounting with third-party verified data by SIRIM QAS International 🟢. The Group reports Scope 1, 2, and 3 emissions comprehensively, including financed emissions for HLB under PCAF methodology. A clear Net Zero by 2050 commitment is supported by short-term targets (15-25% reduction in Scope 1 & 2 by FY2026). However, Scope 3 data gaps remain for some operating companies like HLA and HLCB ⚠️. Improvements could include expanding Scope 3 reporting across all entities and disclosing carbon intensity metrics to enhance transparency and benchmarking.
Emissions
| Scope | Value | Note |
|---|---|---|
| Scope1 | 221 tCO₂e 🟢 | |
| Scope2 | 32,096 tCO₂e 🟢 | |
| Scope3 | 15,869 tCO₂e 🟢 | Includes financed emissions for HLB (Mortgages and Auto Loans) |
| Biogenic emissions | Not applicable → | No biomass or biofuel usage reported. |
Other Details
- Base year: 2019
- Boundary inventory: Covers head offices, regional offices, data centers, branches across Malaysia and selected international operations (HLB).
- Gwp basis: IPCC Guidelines
- Standard: GHG Protocol
- Third party verification: Verified by SIRIM QAS International Sdn. Bhd. (limited assurance per ISAE 3000).
- Carbon intensity: Not reported ⚠️
Efforts
- 27% reduction 🟢
- 19.14 tonnes recycled 🟢
- Solar panels installed 🌞
- EV/hybrid adoption 🌱
Social Highlights
- RM476,600 invested 🟢
- 9,013 beneficiaries 🥗
- 73 workshops 🥗
- RM30,000 raised 🥗
- Limited data ⚠️
Governance
- Salary disclosure: Can’t find ⚠️
- Litigation: Can’t find ⚠️
Report Quality
Commendable effort by HONG LEONG FINANCIAL GROUP BERHAD in their 2024 integrated sustainability report 🟢. The report provides a solid foundation with quantifiable actions like a 27% reduction in Scope 1 & 2 emissions since FY2019 and RM3.5 billion in renewable energy financing. Third-party verification by SIRIM QAS enhances credibility. Forward-looking commitments, such as Net Zero by 2050 and short-term emission reduction targets, are well-articulated 🟢. However, gaps exist in Scope 3 reporting for some entities and a lack of carbon intensity metrics ⚠️. Generic statements on governance disclosures (e.g., salary transparency) lack specificity. The Group could benefit from expanding Scope 3 data coverage, incorporating detailed governance metrics, and providing more measurable social impact outcomes to strengthen stakeholder trust and transparency.
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