Maybank invests in mRECs to offset carbon emissions

“We are also supporting the overall ecosystem as the proceeds from the intended purchase of the mRECs will be used to construct more renewable energy plants and thus encourage the further development of such energy sources in the country,” said Maybank group president and chief executive officer Datuk Abdul Farid Alias.

KUALA LUMPUR: Maybank has signed a letter of intent with TNBX Sdn Bhd to purchase Malaysia Renewable Energy Certificates (mREC), making it the first local bank to purchase the non-tangible energy commodities to support renewable energy generation.

TNBX, which is a subsidiary of Tenaga Nasional Bhd, is currently the only provider of mRECs with recognition of certification from the International REC Standard Foundation (I-REC).