AFFIN BANK BERHAD
Malaysia | 5185.KL | Main
Reference
Report Year: 2024
Source Files:
Sustainability Committee
Group Board Sustainability Committee (Members: Unknown) 🟢
- Strategic oversight 🟢
- Bi-monthly meetings 🟢
Reporting
GRI 🟢, TCFD 🟢, Integrated Report 🟢
GHG Accounting
AFFIN Bank Berhad demonstrates a promising start in GHG accounting with an 8% reduction in Scope 1 and 2 emissions in 2023 compared to the 2022 baseline, aligning with their target of a 30% reduction by 2030 and Net Zero by 2050. The focus on operational emissions is a strength, supported by energy-efficient infrastructure like Menara AFFIN in TRX. However, Scope 3 emissions remain unreported, limiting the comprehensiveness of their inventory. The lack of third-party verification and unspecified standards (e.g., GHG Protocol) are notable gaps. AFFIN should prioritize Scope 3 disclosure, adopt recognized standards, and seek external assurance to enhance credibility and transparency in their climate efforts.
Emissions
| Scope | Value | Note |
|---|
Other Details
- Base year: 2022
- Boundary inventory: Operational emissions (Scope 1 & 2)
- Gwp basis: Not specified
- Standard: Not specified
- Data collection approach: Internal data tracking for energy and emissions
- Third party verification: Not verified ⚠️
- Carbon intensity: Not reported ⚠️
Efforts
- 8% reduction 🟢
- 19% paper reduction 🟢
- Solar panels at 12 branches 🌞
- Green building relocation 🌱
Social Highlights
- 84,500 beneficiaries 🥗
- 5,298 employees trained 🟢
- 319,036 training hours 🟢
- RM54.6M SME financing 🥗
- Limited data available ⚠️
Governance
- Salary disclosure: Can't find ⚠️
- Litigation: Can't find ⚠️
Report Quality
Commendable Foundation in AFFIN Bank Berhad’s 2023 sustainability report, with clear strengths in quantifiable actions like an 8% reduction in operational emissions and a 19% decrease in paper usage 🟢. The integration of GRI and TCFD frameworks and the establishment of the Group Board Sustainability Committee are positive steps. However, the report lacks depth in certain areas, such as third-party verification for GHG data and disclosure of Scope 3 emissions ⚠️. Forward-looking commitments, like achieving Net Zero by 2050 and 25% sustainable financing by 2028, are ambitious but need more detailed interim milestones. Generic statements on 'responsible banking' could be supported by more measurable outcomes. AFFIN could enhance credibility by incorporating external assurance, expanding Scope 3 reporting, and providing granular progress updates on targets. Overall, the report provides a solid base but has room for greater transparency and specificity.
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