KUALA LUMPUR, Sept 1 — MBSB Bank Bhd has approved RM784 million worth of cumulative green financing as of August 30, 2022 and simultaneously developing in-house capability for financed emissions calculations and internalising climate risk stress testing.

Chief executive officer Datuk Nor Azam M Taib said the full-fledged Islamic Bank is also working to align its sustainability goals with Employees Provident Fund’s climate change policy to have a climate-neutral portfolio by 2050.

"We understand that the role of a financial institution in providing green financing is essential and every sector needs to come together and work collectively to protect the environment that requires extensive rehabilitation through reduced waste and carbon emission,” he said in a statement today.

Nor Azam said the bank aimed to create solutions that would help reduce the adverse environmental impact by facilitating green financing to businesses, affordable home financing to individuals and implementing a sustainable framework in our organisation.

He said MBSB Bank offered to finance companies that are in the renewable energy industries such as solar photovoltaic, mini-hydro, biomass and biogas.

Meanwhile, MBSB Bank said it has participated in the fifth International Sustainable Energy Summit 2022 (ISES 2022) organised by the Sustainable Energy Development Authority Malaysia in collaboration with the Ministry of Energy and Natural Resources.

Themed "Empowering Energy Transition”, the two-day summit, which started on August 29 provides the platform for intellectual and strategic discussion for actions and interventions towards achieving the government’s aspirational Renewable Energy target of 31 per cent by 2025 and 40 per cent by 2035.

ISES 2022 also brings together industry leaders and experts to discuss matters related to RE from the perspectives of technology, business models, financing, government policies and to the exploration of digital innovation in the electricity system and fostering urban development of low carbon cities in the energy transition. — Bernama