CIMB Group Holdings Bhd is formalising its 2030 climate target for its palm oil sector portfolio, focusing on sustainable palm oil production. CIMB has set a goal to reduce emissions intensity of its entire palm oil portfolio by 16 per cent by 2030, equivalent to a 2 per cent average annual reduction. The banking group is also raising its commitment towards decarbonisation, establishing a target for its power portfolio, and emphasising a transition towards cleaner, renewable energy sources. In a statement, CIMB group chief executive officer Datuk Abdul Rahman Ahmad said the bank is pleased to present a strategy on the sectors, the first in Malaysia, and thus solidify its commitment towards net-zero by 2050.

Source: The Star