Sustainable action is all about creating positive impacts through our day-to-day business. Our key focus is on promoting sustainability practices in our operations and processes across the group. We set various milestones and commit to initiate tangible steps for addressing sustainability challenges facing our business as well as our stakeholders. We also encourage our people to champion definitive action to mitigate negative impacts and create positive change within our circles of influence as well as the communities where we operate.



CIMB Bank Philippines Initiatives



CIMB Bank PH partners with CORA to help coastal communities

Manila, Philippines — CIMB Bank Philippines recently concluded a mangrove reforestation initiative with the Communities Organized for Resource Allocation (CORA), a non-profit organization dedicated to creating sustainable programs to help solve global issues such as climate change.


The Bank donated mangrove seedlings to a community in need of support with environmental conservation efforts and to address the critical issue of coastal ecosystem degradation. The seedlings will be given to the WoMangrove Warriors in Leyte, a group of women who make their livelihood planting mangroves in coastal villages down south.


In the weeks leading up to the turnover ceremony, CIMB Bank PH employees participated in fun and easy activities to ‘earn’ a seedling, which were then donated by the Bank to CORA on their behalf. The ceremony marked the successful conclusion of the month-long mangrove seedling drive at the CIMB office in Taguig where CORA also gave a short talk on sustainability.


“Our road to sustainability is paved by these small actions that will make a big impact in the communities that we serve,” said CIMB Bank PH Chief Marketing Officer D’Artagnan Aguilar. “Because of our digital-only banking model, CIMB naturally has a light carbon footprint, but our efforts towards preserving the environment does not stop there. With our country being situated in the Pacific Ring of Fire and prone to being battered by typhoons, we know how important it is to do our part to mitigate the risks. We commit to making a bigger contribution towards preserving the environment and getting more actively involved in similar causes.”


“Mangroves are vital ecosystems that provide numerous ecological, social, and economic benefits not only to humans but to all of creation,” shared CORA Founder and Executive Director Antoinette Taus. “They act as natural barriers against coastal erosion, protect coastal communities from storm surges, and support a diverse array of wildlife. We at CORA are thankful to have found a new partner in CIMB Bank PH in making sure that we have enough mangroves in our coastal towns.”


CIMB Bank PH’s principal in Malaysia, the CIMB Group, considers as a key focus promoting sustainability practices in its operations and processes across entities. They set various milestones and commit to initiate tangible steps for addressing sustainability challenges facing the business as well as their stakeholders. They also encourage their employees across the ASEAN to champion definitive action to mitigate negative impacts and create positive change in the places where they operate.



CIMB Bank PH Chief Marketing Officer D’Artagnan Aguilar (right) and CORA Founder and Executive Director Antoinette Taus (left) at the ceremonial turnover of mangrove seedlings that CIMB employees donated to a coastal community in Leyte through CORA 

CIMB Group Initiatives

We recognise that the climate emergency is real. Global heating is affecting us, our clients’ businesses and communities that matter to us. In response, Governments in our key operating markets including Malaysia, Indonesia, Singapore and Thailand are in the process of strategising their transition to low-carbon economies. Meanwhile, we are committed to work with our peers and other stakeholders to take a precautionary approach to managing the impacts of climate change. The immediate priority is to raise awareness and catalyse action on climate resilience in the financial sector.


As an official supporter of the recommendations of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD), we aim to fully align our climate-related disclosures with the TCFD recommendations by 2024.

Structured based on the TCFD core pillars of Governance, Strategy, Risk Management, and Metrics & Targets, this section on Climate Change: Strategy and Risks marks CIMB’s first holistic endeavour to provide TCFD-aligned disclosures.

Through this, we seek to provide our stakeholders, and in particular our investors and clients, with decision-useful and up-to-date information on our climate risks and performance. This disclosure also reinforces our commitment to achieve net zero GHG Scope 1 & 2 emissions in our operations by 2030 and overall Net Zero GHG by 2050 (including Scope 3 and financed emissions).




We are committed to carbon neutrality and the integration of sustainability considerations into decision making in our core business. As part of this Race to Zero commitment, we target to achieve net zero GHG Scope 1 and 2 emissions in our operations by 2030, with overall Net Zero emissions by 2050 including scope 3 and financed emissions.


We are a signatory to the Collective Commitment to Climate Action, and are committed to align our portfolios to reflect and finance the low-carbon, climate-resilient economy required to limit global warming to well below 2 degrees Celsius, striving for 1.5 degrees Celsius. We commit to mobilise our products, services and relationships to help facilitate the economic transition necessary to achieve climate neutrality.


We are the first ASEAN bank to sign the industry-led, UN-convened Net-Zero Banking Alliance (NZBA), a member of the Glasgow Financial Alliance for Net Zero (GFANZ). The Alliance brings together banks representing over 40% of global banking assets, who are committed to aligning their lending and investment portfolios with Net Zero emissions by 2050, along a 1.5 degree pathway. The Alliance works to reinforce, accelerate and support the implementation of decarbonisation strategies, providing an internationally coherent framework and guidelines, supported by peer-learning between pioneering banks.



In the context of climate governance, the Board is responsible for overseeing the management of climate-related matters. The Board is assisted primarily by the GSGC, a board sub-committee which was established in 2021. The Board is also supported by BRCC on climate risk appetite setting and management practices, AC on ensuring adequate internal control against climate risks, and the GNRC on Board-level climate competency, among others.


The Group Sustainability Council (GSC) assists the Group Chief Sustainability Officer in leading the development and successful execution of CIMB’s sustainability priorities, in line with strategic outcomes set by the Board, GSGC and/or Group CEO. The GSC’s roles and responsibilities include monitoring the sustainability risk profile of the Group’s business activities and ensuring the implementation of appropriate sustainability policies, procedures, and controls. The GSC reports to the Group Transformation Committee (GTC) which assists the Group CEO in directing and steering CIMB’s overall strategy, including sustainability, which is a key programme under CIMB’s Forward23+ strategy. The GSC also acts as the governing body for assets under CIMB’s own sustainability bonds.


At the working level, the Group Sustainability Division is responsible for driving the execution and implementation of group-wide climate measures, in collaboration with Business Units and Enablers. For instance, the Group Administration and Property Management team is responsible for reducing CIMB’s operational impacts on the climate, and the vulnerability of our facilities to physical climate risks. Supported by Group Sustainability, the team drives reduction of our environmental footprint, including GHG from energy use, water and waste.




As a business, our physical assets and operations are exposed to climate-related risks, in particular physical risks, such as those arising from extreme flooding. However, as a financial institution, our greater exposure by far is indirect, primarily through our transactions and dealings with our clients, through which we are exposed to various sectors and geographies. It is therefore prudent to assess these climate-related risks, which could have significant impact to our clients, our business and the broader economy, and to take climate change considerations into account when setting our business strategies and risk appetite.


CIMB Group's commitment to sustainability, including climate change, is demonstrated by the fact that our CEO, top management, and all divisions have sustainability key performance indicators (KPIs). Sustainability-linked remuneration is an effective way of ensuring that our leadership, business units and enabling functions remain focused on our sustainability goals. Summary of the KPIs for our CEO and top management as below:


Name of Executives Incentive Type KPIs

Chief Executive Officers


Country CEOs for Malaysia, Indonesia, Singapore, Thailand and Cambodia as follow:


Dato’ Abdul Rahman Ahmad

Group CEO / CEO CIMB Bank


Lani Darmawan

President Director & CEO, CIMB Niaga


Victor Lee Meng Teck

CEO, CIMB Singapore


Paul Wong Chee Kin,

President & CEO, CIMB Thai


Bun Yin

CEO, CIMB Cambodia


Emission reduction


KPI to reduce Scope 1 and Scope 2 emissions in 2022 compared against our 2019 baseline.

Group Risk - Chief Risk Officer

Vera Handajani


Emission reduction


Implementation of a flood risk assessment pilot on Malaysia’s mortgage book

Business Unit Managers


Group Consumer Banking

Group Wholesale Banking

Group Commercial Banking


Emission reduction


Green financing mobilised for retail and non-retail clients.

Risk Management


Paris Agreement Capital Transition Assessment (PACTA)

Climate scenario analysis provides a means for us to cut through the complexity of climate-related risks and assess our exposure to such risks under a plausible range of climate scenarios. In 2021, we embarked on our first transition risk scenario analysis pilot using the Paris Agreement Capital Transition Assessment (PACTA) for Banks tool.

PACTA for Banks allows us to measure if we are channeling financial flows sufficiently towards a low-carbon economy pathway, by providing a 5-year forward looking portfolio alignment projection through a bottom-up analysis of clients’ production plans, based on their physical assets in the real economy.

To derive the forward-looking alignment results, we relied on the Asset-Based Company Dataset (ABCD) provided by 2DII’s data provider, Asset Resolution (AR). The ABCD contains 5-year production forecasts of approximately 40,000 companies globally, updated annually. CIMB’s corporate banking clients in Malaysia and Singapore, were matched with the ABCD, based on outstanding financing amount (i.e. defined as drawn amount in PACTA for Banks) as at 31 December 2020 (Portfolio), with a match success rate of 100% for Oil & Gas (Upstream), 98% for Power (Generation) and 7% for the Automotive (Car Manufacturing) sector.


Figure 1: Pilot Scope and Parameters

Through our discussions with internal stakeholders, as well as with selected clients, we have uncovered a number of analysis limitations and data gaps. For instance, results for the Automotive (Car Manufacturing) sector cannot be taken to represent our overall sector alignment, since data for only 7% of our exposure was represented on the ABCD. As such, this section should be read as the documenting of our pilot study, rather than a conclusive and concrete plan for the pilot sectors.


The table below provides an overview of the production trajectory alignment of selected portfolios in 2025:

Figure 2: Overview of production trajectory alignment of selected portfolios in 2025

This pilot has helped to build the groundwork for future work on portfolio-level scenario analysis and we plan to use results from PACTA for Banks as a risk management tool to monitor our portfolio alignment, inform our sector strategies and appetite limits, as an engagement tool for meaningful conversations with our clients, and potentially as an input for our climate target-setting and stress testing, as well as other strategic planning processes in the near future.

Scope 3 Financed Emissions

In 2021, we stepped up our climate pledge by targeting to achieve Net Zero greenhouse gas (GHG) emissions by 2050. As a financial institution, the vast majority of our greenhouse gas emissions come from Scope 3 emissions, notably in the form of “financed emissions”.


Considered as a Category 15 item of Scope 3 activities in the GHG Protocol, financed emissions are from financing of clients and investments that are attributable to us. Achieving Net Zero in our Scope 3 emissions means that our attributed exposure to clients’ emissions must be at least balanced by the same amount of carbon sequestration in our overall portfolio.


In order to achieve our target, we have started conducting analyses throughout our on-balance sheet financing which covers our Wholesale, Commercial and Consumer segments. Nine carbon intensive sectors (as defined by UNEP FI Collective Commitment to Climate Action) were selected for the analyses. These included agriculture; aluminum; cement; coal; commercial and residential real estate; iron and steel; oil and gas; power generation; and transport.


In these initial analyses, we are only taking into account the clients that are representing a significant majority of the exposure for each of the carbon-intensive sectors mentioned above. When compared to the Group’s gross loan, our disclosure represents 19%, 40% and 35% respectively for FY19, 20 and 21. The coverage is lower in 2021 as most of our clients have yet to provide their audited financial statements. 


To estimate the financed emissions, we used the PCAF (Partnership for Carbon Accounting Financials) methodology which provides a harmonized approach towards assessing and disclosing the GHG emissions associated with our loans. The data listed in the tables below are based on PCAF Methodology, using total assets as the denominator and principal outstanding amount as attribution metric. Only businesses that are in the upstream segment of their sectors are included in the calculation of the financed emissions, i.e. the production and manufacturing segment.


While we aim to work with our clients’ verified self-reported emissions for our estimation of financed emissions, there is still a very big gap in terms of emissions reporting for companies in the ASEAN region. Where our client-reported emissions are missing, we estimated the emissions using proxies based on the company’s revenue figures. We have also included the PCAF data quality scores in the tables below which should provide an overview on our confidence with the estimated financed emissions.


We acknowledge that our data quality is in the lower spectrum but we do aspire to work closer with our clients to improve their GHG emissions calculation and reporting. Furthermore, our initial set of baseline may require updating as data availability changes over time and methodology and climate science evolve. 



Figure 3: Scope 3 Financed Emissions for FY2021


Figure 4: Scope 3 Financed Emissions for FY2020


Figure 5: Scope 3 Financed Emissions for FY2019

Metrics and Targets

Our Operational Scope 1 and Scope 2 GHG Emissions

At CIMB, operating in a socially and environmentally responsible manner is driven by more than moral obligations or ethics. There is increasing evidence that shows how integrating sustainability throughout the value chain can generate positive financial outcomes. As a purpose-driven bank, we are committed to reducing our own emissions to meet the 1.5 degree Celsius target established by the Paris Agreement, playing our part to help mitigate climate change. This is reflected in our target to achieve net zero scope 1 and 2 greenhouse gas (GHG) emissions in our operations by 2030. Our GHG Emission data is as shown in table below:

Scope (tCO2e) 2019 2020 2021 2022
Direct GHG emissions (Scope 1) 4,997.9 2,195.8 5,023.9 2,620.0
Indirect GHG emissions (Scope 2) – Location-based 89,836.0 81,754.5 66,941.0 71,416.2
Indirect GHG emissions (Scope 2) – Market-based 89,836.0 81,754.5 66,941.0 71,416.2
Data Coverage (as % of total employee) 98.8% 98.8% 98.5% 98.2%

It is to note that our calculated Scope 2 emissions on Location-based and Market-based are similar up to the year 2022. In almost all locations we operate, we source our electricity via the respective national utility company, which is predominantly responsible for the power supply in the countries where we operate. In addition, we also have not purchased any Renewable Energy Certificates (RECs) or subscribed to any Green Electricity Tariffs (GETs) up to year 2022. More information is available in our Sustainability Report.

Our Financed Emissions


We have begun to collate and report some climate-related data and targets, as shown in the initial dashboard below. Notwithstanding, we are cognisant of the necessity to build out our dashboard with more decision-useful data points for our stakeholders, especially our investors and clients.


CIMB has set its first round of 2030 climate targets for two sectors – thermal coal mining and cement – becoming the first Malaysian bank and second ASEAN bank to publish such concrete targets in alignment with globally recognised 1.5°C climate scenarios.


¹ SBTi (2022). Cement Science Based Target Setting Guidance. Available at: Cement sector guidance - Science Based Targets

² IEA (2021). Net Zero by 2050: A Roadmap for the Global Energy Sector. Available at: Net Zero by 2050 – Analysis – IEA

³ CIMB Internal Sector Codes, which are further mapped against International Standard Industrial Classification (ISIC), were used for target setting.

⁴ Within the value chain included, the target is only applicable to manufacturing or production of cement.

⁵ Within the value chain included, the target is only applicable to clients that generate >5% revenues from thermal coal mining


To ensure that CIMB stays on track towards achieving its interim targets, CIMB will be announcing client engagement and decarbonisation plans for the thermal coal mining and cement sectors by September 2023. The Group also aims to introduce more sectoral climate targets and transition plans by 2024, including for power generation (covering coal-fired power plants / generation companies), transport, iron and steel, real estate, oil and gas, aluminum and, agriculture. 

We recognise the importance of lifecycle thinking for delivering positive environmental and social performance. Supply chain impacts can be significant and can potentially increase costs, as well as be detrimental to our reputation as a sustainable bank. We are continuously assessing our relationships with suppliers in different functions, the nature of procurement services and their EES aspects that are directly linked to our sustainability performance. We are committed to evolve our approach to sustainable supply chain management practices over the next 3-5 years, to include responsible sourcing strategies and supplier’s welfare and development.


Responsible Procurement


Considering that our procurement mission stands for more than short-term gains, we work with our suppliers to go beyond legal compliance and to strive for continuous improvement. All new suppliers are required to disclose their non-involvement in:


  • Child labour, forced labour and human trafficking


  • Environmental harm - illegal logging, uncontrolled use of fire for clearing forest lands, natural resource development within UNESCO World Heritage sites (unless there is prior consensus with both the government authorities and UNESCO, etc.)


  • Transactions linked to the financing of and/or parts of arms and ammunition


We encourage all new suppliers to subscribe to the national and/or the international principles of sustainable development, covering areas of human rights, labour, the environment and anti-corruption. These indicators and disclosures are also part of our procurement supplier due diligence and tender submission processes respectively.


In our internal efforts to preserve the integrity of procurement processes, we partnered with Group Human Resource to raise awareness to all staff on procurement ethics.

Vendor Code of Conduct


Today, all new procurement suppliers interested to work or collaborate with CIMB are required to register on the Group Electronic Procurement System (“GEPS”). GEPS serves as the first touchpoint for our suppliers when accessing any part of the CIMB Procurement process, including the Vendor Code of Conduct (VCOC).


All suppliers go through an onboarding process that also provides an orientation on EES-related guidelines in the VCOC. The suppliers can understand CIMB’s sustainability position as well as our policies on anti-corruption, human rights and environment.


From the GEPS homepage, suppliers can also access the CIMB Group Whistleblowing Policy as well as various communication channels, which are confidential avenues to report suspected unethical, illegal or improper behaviour. All disclosures and reports are treated confidentially.

Our people and their talent are the machinery behind all growth. Motivated by our shared values, they catalyse change, solve complex problems, and challenge the norms for greater good. Together, our people shape our inclusive #TeamCIMB culture, with a sense of belonging and respect for each other, instilling pride in association and driving performance.


We therefore recognise the need to equip our people with special skills that will prepare them to manage the present and emerging risks and opportunities for both personal and professional growth. This also means empowering them with the skills of tomorrow and offering horizontal and vertical career and education paths. 


Our Values

Deliver impact together the right way

Enabling Talent


Integrity & Accountability


Customer Centricity

Enabling Talent

We enable and develop our people.


We want to be the best place for the best talent.


We pursue excellence in all we do and deliver beyond the ordinary.

Integrity & Accountability

We act in an ethical and trustworthy manner.


We take ownership of all of our actions.


We commit to team over individual success.


CIMB’s success is my success.

Customer Centricity

We put customers at the heart of everything we do.


We always do right by them.



Occupational Safety and Health (OSH)


We comply with all relevant health and safety-related national and local requirements where we operate. We have in place measures to prevent injuries, diseases, as well as property loss. Our Occupational Safety and Health (OSH) Policy extends beyond our employees to include on-site contract workers, vendors, and customers. Endorsed by the Board of Directors, the policy sets out the requirements and guidance for identification, monitoring and management of OSH risk. The responsibilities of the Group Chief Executive and Board of Directors include setting OSH targets and goals and ensuring that processes and resources are available to implement the policy.


The Occupational Safety and Health (OSH) team carries out periodic risk assessments to identify, assess, and control on-site risks and hazards, with regional OSH units responsible for driving compliance within their localities. The OSH team is supported by OSH Committees comprising of management, as well as employee representatives.


OSH Committee members are trained to conduct quarterly inspections to ascertain if there are any detrimental circumstances that could impact the safety and health of our staff.  A safety and health performance monitoring plan includes frequency of various safety inspections. These include quarterly workplace safety inspections. Procedures are in place for incidents investigation and reporting. Results are shared with the audited units, who subsequently work to improve any gaps as recommended by the OSH auditor.

CIMB Workplace Wellness


We promote work-life flexibility to enhance workplace wellness and help individuals achieve quality of life and personal effectiveness. Workplace Wellness@CIMB is a comprehensive work-life initiative to support our people with their professional and personal aspirations. It covers all aspects of welfare and wellbeing – physical, mental, financial and spiritual – grouped under four key pillars as below.


Diversity and Inclusion


At CIMB, we believe that diversity and inclusion positively contributes to shaping a sustainable and high performance organisation. We recognise that employees are our greatest assets and it is the uniqueness of each individual member of our workforce that drives the company forward.


We believe this diversity contributes to bringing creative solutions and positive results to serve well our customers, business associates, stakeholders and the community at large which constitutes people of multi-ethnicity, religion, gender, nationality and age.


In building a diverse and inclusive organisation, we are anchored on the following principles, as stipulated in the Group Employee Diversity & Inclusion Policy:


1.      Equal Opportunities and Fair Treatment

CIMB Group is committed to diversity and inclusion, policies, standards and practices that provide equality of opportunity for all, protect the dignity of our employees and promote respect at work. We aim to provide equal opportunities for employment, development, and career progression based on objective criteria, merit and with due regard for diversity (diversity in this context refers to gender, age, backgrounds, beliefs, ethnicity, skills, and abilities).


2.      Inclusiveness, Dignity and Respect

CIMB Group will strive to maintain a work environment that promotes positive wellbeing and one where all employees are treated with respect and dignity. This is achieved by creating a work environment free from harassment, bullying, racism, discrimination and disrespectful behaviour, by dealing effectively with any complaints of misconduct, and encouraging respect for others at work. Discrimination, harassment, sexual harassment, bullying and victimisation are not tolerated within the Group and are contrary to the standards of behaviour set in CIMB Group’s Code of Ethics and Conduct.


Zero Tolerance for Discrimination and Harassment


Observing and upholding proper conduct to achieve a high standard of professionalism, integrity and ethics in the conduct of our business and professional activities by our employees is key to CIMB Group. In accordance with the Group Code of Ethics and Conduct, all employees are expected to act professionally and treat fellow employees with utmost respect.


CIMB Group’s Code of Ethics and Conduct prohibits any form of discrimination, bullying, intimidation or harassment of any kind, including sexual harassment. The Group also expressly prohibits any acts of violence or threats of violence by any employees against any other person in or about the Group’s facilities, or in connection with the conduct of the Group’s business.


We recognise sexual harassment as a form of misconduct which undermines the integrity of the employment relationship. No employee male or female should be subject to unsolicited and unwelcomed sexual advances or conduct, either verbal or physical. Our Sexual Harassment Policy ensures the appropriate disciplinary action is taken against any employees in the event of involvement in sexual harassment at the workplace.


All employees are expected to create and maintain a safe working environment and to speak up and report misconduct. We are committed to resolve any issues that are brought to our attention with regards to any incidents of discriminatory behaviour and harassment, via the Group’s whistleblowing channel or grievance settlement process. Employees in violation of the Code of Ethics & Conduct and related Group policies will be subject to disciplinary action, which may include termination of service.


Succession Planning


We believe that effective and efficient mechanisms to manage talent can ensure business continuity, productivity, performance and competitiveness. Hence, succession planning across all mission-critical functions of the organisation remains our priority. We seek opportunities to continuously upskill our high-potential talent, as well as maintain levels of motivation. We build trust and loyalty by making way for career satisfaction and growth.


Digital Skills Training


We recognise the need to continuously boost the skills of both our current and future workforce. One of our future-proof strategies has been to establish the CIMB 3D (Digital, Data, and Design) Academy. While the idea is to enhance the digital quotient of all CIMBians across functions, our long-term aspiration is to build an agile, innovative and tech-savvy workforce, which will meaningfully contribute to the digital transformation of the Group.


The 3D Academy competency framework is anchored on six pillars, namely digital world awareness; agile and entrepreneurial thinking; future communication skills; risk and governance; human-centred design; and data science and analytics.


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