Public Bank and Sunway Property ink MOU to promote end-financing for green projects

• Sunway Property, in alignment with the Sunway Group, has set five ESG goals with 19 targets to fully support Malaysia's transition to a low-carbon, climate-resilient economy by 2030, with sights set on achieving net zero by 2050.

KUALA LUMPUR (Sept 5): Public Bank Bhd and Sunway Integrated Properties Sdn Bhd (Sunway Property) have signed a memorandum of understanding (MOU) to collaborate on sustainable development projects.

In a joint statement, Public Bank managing director and chief executive officer Tan Sri Dr Tay Ah Lek said with this MOU, customers who purchase green-certified properties developed by Sunway Property are entitled to Public Bank's Special Sustainable Financing Package.

"Through this special package, customers will get to enjoy preferential pricing, fast lane approval and a financing option for customers who wish to purchase eco-friendly and energy efficient appliances, fixtures and fittings to further enhance the sustainability elements of their properties," said Tay.

He added that the bank will be deploying RM40 billion in environmental, social and governance (ESG)-friendly financing by 2025 as part of its commitment to achieving carbon neutral by year 2030 and net-zero by 2050, which includes making green building financing more accessible to customers.

Meanwhile, Sunway Property's managing director Sarena Cheah said the signing of the MOU marked a milestone for both companies in their journeys towards a carbon-neutral Malaysia.

"We are confident that with this collaboration, we can synergise our strengths and deliver value to the larger community as well as drive the 2030 agenda forward. We look forward to working with Public Bank to do well by doing good," she said.

According to the statement, Sunway Property, in alignment with the Sunway Group, has set five ESG goals with 19 targets to fully support Malaysia's transition to a low-carbon, climate-resilient economy by 2030, with sights set on achieving net zero by 2050.

The first of these goals aims to drive the transformation of Sunway Property's developments into low-carbon, sustainable cities and to reduce emissions, achieve a set of resource efficiency targets, divert waste away from landfills and certify industrial and construction sites, amongst others, by 2030.

At the time of writing, Public Bank's share price was up two sen or 0.43% to RM4.69, valuing the banking group at RM91.04 billion.

Shares of Sunway Bhd, the holding company of Sunway Property, rose one sen or 0.61% to RM1.66 for a market capitalisation of RM8.19 billion.