Maybank to stop coal financing

Malayan Banking Bhd (Maybank) will stop financing new coal activities as part of its sustainable agenda. Currently, coal financing makes up 0.2% of the bank’s total portfolio. Group president and chief executive officer Datuk Abdul Farid Alias said the bank aims to transition together with its borrowers to achieve sustainable renewable energy mix in the medium and long term. “There’s no new coal financing going forward for Maybank,” he told reporters after the bank's 61th annual general meeting here today. He said No Deforestation, No New Peat, and No Exploitation (NDPE) stance was approved by the board in January 2020, which applies to all relevant sectors including but not limited to palm oil, forestry, logging, construction and real estate.