Maybank deepens commitment to Net Zero with expanded White Paper - addressing Automotive and Commercial Real Estate sectors

Sustainability

Maybank deepens commitment to Net Zero with expanded White Paper - addressing Automotive and Commercial Real Estate sectors

Group covers six critical sectors for decarbonisation, reinforces leadership in sustainable finance

Maybank has released an updated version of its net zero white paper series titled "Banking on A Better Tomorrow: Our Commitment to Net Zero", first published in May 2024. The latest version, unveiled in February 2025, expands Maybank's decarbonisation roadmap to include two additional key sectors: Automotive and Commercial Real Estate, outlining Maybank's science-based interim targets and decarbonisation strategies.

The update builds on the white paper's initial focus on the Power and Palm Oil sectors, as well as its November 2024 expansion into Steel and Aluminium, further solidifying Maybank's leadership in aligning its operations with the Net Zero Banking Alliance (NZBA) goals and supporting its clients in their transition journey.

Dato' Khairussaleh Ramli, President & Group CEO Maybank said that the expansion of decarbonisation strategies in Automotive and Commercial Real Estate, remains the most challenging yet crucial aspects of Maybank's net zero journey.

"The white paper now addresses six hard-to-abate sectors, providing a holistic approach to decarbonisation. This expansion reinforces our long-term commitment to reducing emissions in critical industries, driving meaningful climate actions across high-emitting sectors, vital for achieving our net zero goals,"

In December 2023, Maybank set its baseline financed emissions intensity for the Automotive portfolio at 138 gCO₂/vkm, which is 15% below the International Energy Agency's Net Zero Emissions passenger cars pathway of 162 gCO₂/vkm. This demonstrates the significant strides Maybank and its clients have taken toward reducing emissions. This is also attributed by the fact that passenger cars in Maybank's portfolio are, on average, newer and equipped with more efficient engines compared to the global average.

As the first commercial bank outside Europe to set a retail automotive decarbonisation target, we are leading the charge in reducing emissions from passenger vehicle financing and promoting the adoption of electric vehicles (EVs). Aligning with the IEA NZE passenger cars pathway's glidepath requires reducing emissions to 94 gCO₂/vkm by 2030 - a target that underscores the need for significant effort, collaboration and commitment. Achieving this ambitious goal will rely on key enablers, such as supportive policies and shifts in consumer preferences. Policymakers and automotive industry leaders must continue to work hand-in-hand to scale solutions and accelerate the transition to low-carbon mobility. Equally important is the growing consumer enthusiasm and preference for EVs, which will be instrumental in driving this transition," added Dato' Khairussaleh.

For the Commercial Real Estate portfolio, Maybank's baseline financed emissions intensity as of December 2023 was 80.5 kgCO₂e/m2. This aligns with the December 2023 benchmark of 81 kgCO₂e/m2 set by the sector's reference pathway - Regionalised Hybrid net zero aligned Carbon Risk Real Estate Monitor and International Energy Agency's Announced Pledges Scenario.

"A reduction of emission intensity to 56kgCO₂/m² by 2030 as recommended by the reference pathway is feasible, influenced by supportive policies promoting energy-efficient buildings, decarbonisation strategies of power generation companies within our footprint, alongside the commitment of our real estate clients are pivotal in driving progress toward our decarbonisation goals in this sector. We remain dedicated to collaborating with diverse stakeholders to tackle challenges and accelerate the transition in this space." said Dato' Khairussaleh.

For more information on Maybank's whitepaper, please visit https://www.maybank.com/iwov-resources/documents/pdf/annual-report/2025/maybank-net-zero-whitepaper.pdf