Kuala Lumpur, 1 October 2019 – CIMB Bank Berhad (CIMB) today launched its renewable energy financing for micro and small SMEs in Malaysia, as part of its RM15-billion SME allocation for 2019 – 2020 and CIMB Group’s sustainability commitment.
The programme was launched at CIMB’s The Cooler Earth Sustainability Summit, witnessed by YB Yeo Bee Yin, Minister of Energy, Science, Technology, Environment and Climate Change, in Kuala Lumpur. RM100 million was allocated by CIMB to the CIMB SME Renewable Energy Financing programme.
One of the initiatives under this programme is to provide smaller SMEs with 100% financing to cover the cost of solar photovoltaic (PV) systems and installation on their rooftops. In support of the government’s Net Energy Metering (NEM) scheme, the financing initiative offers packages as low as RM20,000 up to RM1 million.
To be eligible for CIMB’s Renewable Energy Financing, SMEs need to first obtain the NEM approval from SEDA. The financing initiative provides a practical solution to enable even the smaller and micro SMEs to purchase solar PV systems to contribute to planet earth’s well-being and save electricity bills.
“With the CIMB Renewable Energy Financing, we are pleased to be able to incorporate environmentally friendly policies into our commitment to the SME sector. Our planet is at a tipping point, from an environmental, economic and social (EES) perspective, and we must take action now. To that end, members of the banking and finance industry can and must leverage on our resources and network to catalyse real lasting change across these fronts, and to begin pursuing profits with a purpose.” said Tengku Dato’ Sri Zafrul Aziz, Group CEO, CIMB Group
Other steps taken to fulfill its commitment to sustainability includes launching its Group Sustainability Policy and Sustainable Financing Policy to guide decisions on operations and lending policies to ensure positive EES impact.
On 30 September 2019, CIMB announced that it had successfully priced its US$680 million SDG bond, the proceeds of which will be channeled to various impactful sectors that serve seven of UN’s Sustainable Development Goals (SDG’s) that CIMB Group has committed to.
“We live in extremely challenging times with issues such as climate change, water scarcity and increasing wealth inequality. We are engaging with key stakeholders because we believe we must, can and will solve all these issues. As a leading banking group in ASEAN, CIMB fully embraces its responsibility to effect change, and we want to ensure that 40, 50, 60 years from now, when we look back to today, we want to know that we did the right thing and stood on the right side on history,” continued Tengku Zafrul.