Over 3,750 trees to be planted via Maybank & FRIM’s afforestation project - reducing carbon footprint and benefitting the livelihoods of communities in need

In response to the urgent need for environmental stewardship, Maybank recently signed a five-year Memorandum of Understanding (MOU) with Forest Research Institute Malaysia (FRIM), with an option to extend for a further five-years, with the aim to reforest a five-hectare ex-mining plot at FRIM’s Bidor Research Station in Perak.

The project, which will commence by year end of 2024, will involve the planting of about 3,750 trees of various species such as timber, fruits and flowers, which are intended to mature into a secondary forest over time. 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.

As trees continue to be the best option to capture carbon, and remains the best natural climate solution, the project will entail the close monitoring and measurement of tree growth, to ensure high survivability rates, with the aim of computing the amount of carbon captured. The project is expected to partially offset, upon maturity, Maybank’s scope 1 and 2 yearly 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. Workshops and training for the local communities to engage in seedling planting activities and selling of their produce will also be conducted by FRIM.

Maybank will also be engaging Bureau Veritas Certification Sdn Bhd, a leading testing, inspection and certification services provider, to verify the carbon removal capabilities of Maybank’s five-hectare afforestation project, aligning this initiative with the Greenhouse Gas Protocol requirements, and substantiating Maybank’s carbon footprint reduction calculations.

The MOU was inked by Shahril Azuar Jimin, Maybank Group Chief Sustainability Officer and Dr Ismail Parlan, FRIM Director General.

The MOU was inked by Dr Ismail Parlan, FRIM Director General (left) and Shahril Azuar Jimin, Maybank Group Chief Sustainability Officer.

Shahril 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.

Ismail commended Maybank on its dedication to pursuing environmental, social and governance (ESG) aspirations and expressed hope that other corporations will also play their part in helping the government fulfill its commitment to reduce Malaysia’s economy-wide carbon intensity of 45% by 2023 compared to the 2005 level and achieve net-zero greenhouse gas emissions by 2050.

He 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