has mobilised RM34.37 billion in sustainable finance cumulatively in two years under what it calls commitment one.
"Non-retail sustainable finance mobilisation was driven by group global banking , business banking , and Etiqa ,” he told Bernama. Maybank also formulated its own sustainable product framework to enable greater green, social and sustainable product development. Its initial RM50 billion target in sustainable finance to be mobilised by 2025 to help one million households was further raised to RM80 billion in February this year to help two billion Asean households.
In the power industry, Maybank mobilised RM535.7 million for solar and RM750 million for hydro projects as renewable energy financing. In the automotive industry, Maybank disbursed RM1.21 billion for electric vehicles and hybrid vehicles financing, an increase of 124 per cent year-on-year . "Furthermore, we encourage the usage of greener vehicles. For example, in Malaysia and Singapore, we introduced preferential rates for financing of electric and hybrid vehicles , while in Indonesia, we collaborated with Hyundai to offer financing for electric car purchases with interest rates starting at zero per cent,” he said.