Hong Leong Bank (HLB) has been awarded the Gold Award in the Financial Services sector at The Edge ESG Awards 2023 for the second year in a row, in recognition of its commitment to upholding ESG principles and integrating sustainable practices into all layers of operation. This comes on the back of the Bank recording a 21% reduction in operational Greenhouse Gas emissions in Malaysia since FY2019, as it works towards its target to achieve net zero carbon emissions by 2050.
Kevin Lam, Group Managing Director and CEO of HLB, attributed the award to the Bank’s holistic, inclusionary approach to transitioning to a low-carbon economy, which sees HLB enforcing sustainability considerations throughout all operations.
“Sustainability is not just a compliance exercise at HLB. It forms a fundamental part of our corporate culture, and is embedded in our DNA through our brand value of being ‘Here For The Long Term’. With the continuous enhancement of ESG-related standards and requirements, we have put more emphasis on the accuracy, integrity, and governance within our processes.
“This includes marrying our sustainability goals with our digitalization aspirations, getting the best of both worlds from using energy-saving technologies, to automating our data capture and collection procedures, enabling us to make data-driven decisions.
Moving forward, we want to work towards carbon neutrality by 2050 by continuing to prioritize the implementation of tangible climate action throughout our operations, and also to provide additional investment opportunities for our customers through our green financing portfolio. By incentivizing sustainable businesses and practices, we want to work together with our customers to create a brighter, greener future for future generations to enjoy.”
In its commitment to empowering collaboration and inclusion towards transitioning to a low-carbon economy, HLB regularly organises various industry-level initiatives relating to sustainable business practices, carbon-related disclosures and management of emissions. One of these is the Sustainability Roundtable for SMEs, where industry experts provide insights, advisory, and tools to support SMEs on their sustainability journey, helping them to capitalize on an untapped opportunity for further collaborative growth.
Aligned with its aspirations to create a more sustainable ecosystem for current and future generations, HLB is committed to inculcating environmental awareness in all its customers, especially among its junior account holders. By championing environmental consciousness among young savers, especially through its junior mobile banking app, the Bank strives to empower a new generation that will actively pursue environmental conservation and sustainability.
Since July 1, 2021, HLB has stopped any new financing of greenfield coal-fired power plants, and will exclude financing of all coal-fired power plants from July 1, 2026.