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HomeStartup NewsMalaysia-Based CIMB Partnered with DHL Express to Reduce Carbon Dioxide Equivalent

Malaysia-Based CIMB Partnered with DHL Express to Reduce Carbon Dioxide Equivalent

The international transportation company DHL Express and Malaysian lender CIMB Group Holdings Berhad have reached an agreement for the banking group to join the GoGreen Plus program.

The two stated that CIMB’s overseas exports’ carbon dioxide equivalent emissions can be reduced by using sustainable aviation fuel thanks to their relationship.

By means of the collaboration, CIMB will roll out the initiative throughout Singapore and Malaysia.The statement claims that CIMB understands how critical it is to match corporate objectives with climate action.

A net-zero by 2050 target for Scope 3 emissions was declared by the group in September 2022, with a focus on the indirect greenhouse gases produced by distribution and transportation activities.

It is mentioned that DHL’s GoGreen Plus solution aids in scaling the larger SAF ecosystem and provides a route towards cleaner operations.

SAF is regarded as the most potential decarbonization strategy for the aviation sector.

During its lifecycle, SAF, which is produced from alternative raw materials such trash, hydrogen, and used cooking oil, reduces carbon emissions for air transport cargo by about 80% when compared to traditional jet fuel.

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CIMB anticipates working with DHL Express to reduce the carbon emissions of its time-definite international air shipments from Singapore and Malaysia by 20%.

Société Générale de Surveillance, an independent auditor, confirms the reductions in greenhouse gas emissions that are applied to CIMB’s Scope 3 carbon emission footprint.

“Many of our customers look at sustainability as a business imperative today,In Asia Pacific alone, more than 12,000 customers have signed up for our GoGreen Plus service and this number continues to grow consistently,” said Ken Lee, Chief Executive Officer DHL Express Asia Pacific.As a leading express logistics company, we always connect people and businesses across borders,GoGreen Plus serves as a vital avenue for businesses to cut carbon emissions, and we are convinced more will come on board,” he added.

The company’s 2050 net-zero promises are essential to CIMB’s focus on sustainability, according to Gurdip Singh Sidhu, CEO of CIMB Malaysia and CIMB Bank Berhad.

Julian Neo, Managing Director of DHL Express Malaysia and Brunei, said that SAF is widely acknowledged as a truly viable route to decarbonizing the aviation sector.There is still significant progress to be made, as SAF makes up only 0.1 percent of aviation fuel consumed today,We are impressed with the leadership CIMB has demonstrated in the sustainability space and we are delighted to have CIMB partner us for this important initiative,” he said.

One of the DHL Group’s efforts to reach net-zero emissions by 2050 is GoGreen Plus, which was introduced in February 2023. These efforts are made possible by three of the most important SAF agreements with bp, Neste, and World Energy.

Sustainable air transportation solutions are essential for more environmentally friendly logistics, as the air freight network contributes around 70% of the company’s carbon footprint.

In addition to providing domestic and international package delivery, DHL also provides e-commerce shipping and fulfillment services, international express, road, air, and sea transportation, as well as industrial supply chain management.

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CIMB is the second-largest financial services provider in Malaysia in terms of assets and one of the top banking groups in ASEAN.

As of March 31, 2024, its market capitalization was around MYR 70.8 billion ($15.03 billion), after it was listed on Bursa Malaysia through CIMB Group Holdings Berhad.

The bank provides wealth management, digital payment products and services, retail, business, Islamic, and consumer banking.

The group, which has its headquarters in Kuala Lumpur, has operations in eight ASEAN countries: Malaysia, Indonesia, Singapore, Thailand, Vietnam, Cambodia, Myanmar, and the Philippines.

About CIMB

CIMB Group is a significant ASEAN universal bank, Asian investment bank, and Islamic bank.They provide consumer, commercial, wholesale, Islamic, and asset management services from Kuala Lumpur, Malaysia. The fifth largest ASEAN banking group, we employ over 36,000 people in 16 sites in ASEAN, Asia, and beyond.

About DHL EXPRESS

DHL is the worldwide logistics leader. Its provide unmatched logistics services, including national and worldwide parcel delivery, e-commerce shipping and fulfillment, international express, road, air, and ocean transport, and industrial supply chain management.

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