Bank rebukes NGOs claims that it is the second-largest single creditor of companies implicated in Indonesia forest fires.
Nearly all of Maybank Group’s borrowers in the palm oil industry have international or national sustainability certificates, the bank said today.
“About 90 percent of approved loans in Malaysia for this industry is to clients carrying Roundtable on Sustainable Palm Oil , Malaysian Sustainable Palm Oil and/or Indonesian Sustainable Palm Oil certification, while the figure is around 86 percent for clients in Indonesia. ESG risks have been incorporated into the bank’s risk acceptance criteria for palm oil financing since then, it said.
Earlier today, the report published by the environmental groups claimed that Maybank had lent US$1.12 billion to 17 companies that are beingby the Indonesian Environment and Forestry Ministry for alleged involvement in this year’s fires. The report was prepared by the US-based Rainforest Action Network , the Netherlands-based Profundo and Indonesian environmental NGOs TuK Indonesia, Jakalahari and Walhi.
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