MALAYAN BANKING BERHAD
Malaysia | 1155.KL | Main
Reference
Report Year: 2024
Source Files: Maybank_Integrated_AR_2024_Part_1.md, Maybank_Integrated_AR_2024_Part_2.md, Maybank_Sustainability_Report_2024.md
Sustainability Committee
Board Sustainability Committee 🟢
- Reviewed Frameworks 🟢
- Net Zero Oversight 🟢
- Climate Risk Testing 🟢
Reporting
GRI, TCFD, IFRS S2, Separate Report 🟢
GHG Accounting
Robust GHG Accounting with a 53.0% reduction in Scope 1 and 2 emissions against a 2019 baseline, verified by third-party assurance in 2023 🟢. Maybank reports financed emissions at 32.6M tCO₂e, a significant step in addressing Scope 3 impacts. The use of PCAF standards and internal data frameworks ensures credibility. However, detailed breakdowns for Scope 1 and 2 individually are aggregated into a total figure, limiting transparency ⚠️. Expanding Scope 3 categories beyond financed emissions and providing granular data could enhance reporting. Overall, Maybank demonstrates leadership in climate action with clear targets like carbon neutrality by 2030 and net zero by 2050.
Emissions
| Scope | Value | Note |
|---|---|---|
| Scope1 | 115,736 tCO₂e (Total Emissions) 🟢 | Includes Scope 1, Scope 2 (market-based), and selected Scope 3 categories |
| Scope2 | Included in Total 🟢 | Reported under total emissions figure |
| Scope3 | 32.6M tCO₂e (Financed Emissions) 🟢 | Covers financed emissions across portfolio |
| Biogenic emissions | Not applicable → | No biomass or biofuel usage reported. |
Other Details
- Base year: 2019
- Boundary inventory: Own operations (Scope 1, 2, selected Scope 3) and financed emissions (Scope 3)
- Gwp basis: Not specified
- Standard: Partnership for Carbon Accounting Financials (PCAF)
- Third party verification: Yes (2019 baseline for Scope 1 and 2, verified in 2023)
- Carbon intensity: 40.1 tCO₂e/RM million, verified 🟢
Efforts
- 53.0% reduction 🟢
- 585.83 tonnes waste managed 🟢
- RM2.86B for EVs 🌞
- Sectoral Pathways 🌱
Social Highlights
- 5,699 SMEs trained 🟢
- 302,868 households covered 🟢
- RM2.03B housing support 🟢
- 10,000+ employees engaged 🟢
- 446 advocates trained 🟢
Governance
- Salary disclosure: Disclosed 🟢
- Litigation: Corruption case (2024) 🔴
Report Quality
Commendable Depth and Transparency in Maybank's 2024 Sustainability Report 🟢. The report excels with quantifiable metrics, such as a 53.0% reduction in Scope 1 and 2 emissions and RM46.69 billion in sustainable finance, demonstrating measurable impact. The alignment with GRI, TCFD, and IFRS S2 frameworks adds credibility, while forward-looking commitments like net zero by 2050 show ambition. However, some areas lack specificity ⚠️, such as individual Scope 1 and 2 breakdowns and limited Scope 3 granularity beyond financed emissions. Generic statements on 'sustainability leadership' could be bolstered with more evidence of outcomes. To improve, Maybank should enhance transparency in GHG data segmentation and incorporate broader Scope 3 categories. Overall, the report provides a strong foundation but could benefit from deeper detail in critical areas.
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