CIMB Bank Berhad (CIMB) has signed a Memorandum of Understanding (MoU) with Wild Asia Sdn Bhd, marking a significant step in promoting sustainable and inclusive practices within the palm oil sector. The collaboration seeks to enhance supply chain transparency and uphold sustainability standards through Wild Asia’s Small Producer Inclusivity & Resilience Alliance (SPIRAL) programme.
The initiative will support CIMB’s palm oil clients, including mills and independent producers—such as smallholders, small growers, and estates—by facilitating access to credible certification. The SPIRAL programme aims to foster responsible sourcing, improve livelihoods, and expand market access for producers committed to sustainable agriculture.
The partnership is set to catalyse the adoption of regenerative agricultural practices, reduce carbon intensity, and strengthen the management of greenhouse gas emissions, thereby supporting the transition to nature-positive palm oil production.
Luanne Sieh, Group Chief Sustainability Officer at CIMB Group, commented: “We are pleased to partner with Wild Asia to drive meaningful change in the palm oil industry from the ground up. Sustainability in this sector goes beyond reducing environmental impact—it is about strengthening livelihoods and building long-term economic opportunities, particularly for smallholders who form the backbone of the ecosystem.”
As part of the collaboration, CIMB and Wild Asia will explore the development of tailored value-added services for palm oil clients. These may include co-created sustainable finance solutions designed to accelerate decarbonisation across the palm oil supply chain, helping businesses adapt to evolving environmental regulations and shifting market expectations.
Dr Reza Azmi, Founder and Executive Director of Wild Asia, added: “Our on-ground initiatives have shown that inclusive and sustainable palm oil production is not only achievable but can also be a powerful climate solution. With our SPIRAL Partners leading the way, we aim to scale these efforts to benefit communities, businesses, and the environment alike.”
The MoU aligns with CIMB’s broader sustainability ambitions, including its commitment to achieve Net Zero by 2050. In 2024, the bank has set a target to cut the emissions intensity of its entire palm oil portfolio by 16%, reducing from 1.81 tCO₂e/tCPO in 2022 to 1.52 tCO₂e/tCPO by 2030. This target is guided by the Science Based Targets initiative (SBTi) and the Forest, Land and Agriculture (FLAG) framework.
Sieh further noted: “This partnership exemplifies how collaboration across the value chain can drive systemic change. CIMB remains committed to enabling a just and inclusive transition to a low-carbon future as we work with our clients on real-economy decarbonisation.”
CIMB was recently recognised for its leadership in sustainable finance, ranking first among the world’s most influential financial institutions in the Financial System Benchmark by the World Benchmarking Alliance. The benchmark assessed 400 institutions on their contributions to global goals including the Paris Agreement and the UN Sustainable Development Goals, with CIMB moving up three positions since the inaugural ranking in 2022.
