Timothy Colyer On CIMB’s New Climate Targets

Beginning 1 January 2025, Southeast Asian banking group CIMB will cease financing new upstream oil fields which were approved for development after 2021. The decision was announced on 3 July as part of the bank’s new climate targets for the upstream oil and gas sector across all its markets, including Malaysia, Indonesia, Thailand and Singapore.

Timothy Colyer, partner and head of climate and sustainability for Asia Pacific Oliver Wyman said: “In my experience, banks setting net zero targets really does matter. Every time a large financial institution says ‘We believe this is going to happen and we’re going to commit our own financing in this direction’, it provides a bit of extra certainty [to firms that are mulling new decarbonization or climate-related technology or solutions],” he said.

Following the new climate targets for the oil and gas and real estate portfolios, CIMB is now the first Malaysian bank to complete its 2030 decarbonization target setting for high emitting sectors. The Oliver Wyman team is proud to have journeyed with the CIMB team to set their net-zero targets.

Read the full article here (paywall).