RHB partners MEOA to boost plantation productivity

KUALA LUMPUR: RHB Bank has formed a strategic alliance with the Malaysian Estate Owners Association (MEOA) to bolster sustainability and productivity within the plantation industry. This two-year collaboration aims to provide financial tools, industry engagement, and technical aid to facilitate the adoption of eco-friendly practices and enhance business resilience among plantation operators.

RHB's chief sustainability officer, Angus Salim Amran, emphasized the critical need for enhanced cooperation between financial entities and industry participants to expedite the sector's shift towards sustainability. He explained that such integration is vital to foster a robust sustainability ecosystem. Salim further stated that this groundbreaking partnership between RHB and MEOA seeks to jointly offer practical solutions and unlock possibilities to bolster long-term business resilience.

The partnership was solidified through a memorandum of understanding signed during MEOA's 95th anniversary gala dinner in 2026. Both organizations will collaborate on investments in initiatives such as oil palm replanting, renewable energy, energy efficiency, decarbonisation, workers' welfare, and circular economy projects. These projects encompass solar photovoltaic systems, biogas facilities, energy-efficient machinery, methane capture systems, and enhancements to workers' housing and welfare.

Additionally, the collaboration will include workshops and industry engagements to educate estate owners about sustainable financing, regulatory compliance, and climate risk management. MEOA president, Ahmad Zachry Anifah Aman, highlighted that the partnership will enable the association to share operational insights with RHB while assisting estate owners in identifying appropriate financing and implementation avenues.

With 163 members managing around 1.2 million hectares of oil palm and rubber plantations across the country, MEOA's involvement is pivotal. Moreover, this partnership aligns with RHB's sustainable finance agenda under its PROGRESS27 strategy. To date, the bank has facilitated RM71 billion in sustainable financial services, aiming to reach the RM90 billion target by 2027.