FRIM Director General Dr Ismail Parlan (left) and Maybank Group chief sustainability officer Shahril Azuar Jimin (right).
KUALA LUMPUR: Malayan Banking Bhd
(Maybank) has signed a five-year memorandum of understanding (MoU) with the Forest Research Institute Malaysia (FRIM) to reforest a five-hectare ex-mining plot at FRIM’s Bidor Research Station in Perak, with an option to extend the MoU for another five years.
In a statement, the bank said the project, which will commence by year-end, involves planting approximately 3,750 trees of various species.
The initiative serves as a pilot project, as Maybank Group has intentions to extend such initiatives to other parts of Malaysia and across the Asean region.
Maybank said as trees are the best option for capturing carbon and remain the top natural climate solution, the project will involve closely monitoring and measuring tree growth to ensure high survival rates and calculate the amount of carbon captured.
Upon maturity, the project is expected to partially offset Maybank’s annual scope 1 and 2 emissions.
The initiative is also aimed at improving the biodiversity of the surrounding location and provide opportunities to the surrounding communities to have an alternative source of food, income and livelihood.
Maybank will also engage Bureau Veritas Certification Sdn Bhd to verify the carbon removal capabilities of its five-hectare afforestation project, ensuring it meets greenhouse gas standards.
Maybank Group chief sustainability officer Shahril Azuar Jimin said the afforestation project with FRIM marks a significant phase towards a greener future, dedicated to restoring our environment and securing a sustainable future for generations to come.
“We recognise that addressing climate change requires coordinated efforts across all sectors of society to safeguard the planet, thus we are pleased to be collaborating with FRIM on this sustainable initiative. In line with Maybank’s sustainability journey, the project also further supports Maybank’s continued commitment of achieving a carbon neutral position of our own emissions by 2030 and net zero carbon equivalent position by 2050.”
Currently, Maybank has reduced 50.4% of its Scope 1 and 2 emissions against its 2019 baseline as of the first quarter of 2024 through various initiatives focusing on using energy efficient equipment, installing solar panels at various locations, purchasing renewable energy certificates (mRECs) and carbon credits.
Meanwhile, FRIM director-general Dr Ismail Parlan said: “FRIM is committed in our mission to achieve excellence in tropical forestry research that will contribute to generation of scientific knowledge and technology with various research and consultancy projects besides commercialisation of our innovations.”
FRIM, he added, is also prepared to work with any local and international agency or corporation in corporate social responsibility projects including tree planting, environmental education and public awareness raising activities for the conservation and sustainability of the country’s forest resources.
