Corporate Sustainability: OCBC awarded “ESG Sustainability of the Year (Outstanding)

In our last blog post, we showcased OCBC as a sustainable finance pioneer committed to supporting our corporate clients’ net-zero transition. Besides partnering clients, we also align our own operations with sustainability principles to safeguard ecosystems and minimise environmental impact.

OCBC first met our goal of operational carbon neutrality in 2022, an achievement we maintained in 2023. Across the Bank, both our innovative financing and wholistic efforts in sustainability have led us to win ESG Sustainability of the Year (Outstanding Performer) from Bloomberg Businessweek Chinese Edition.

Meeting our goal of operational carbon neutrality

Since 2022, we have been auditing energy consumption of Group-owned properties to identify feasible solutions to fully optimise the decarbonisation potential of our buildings, progressively replacing equipment with best-in-class energy efficiency options where feasible. We also explore the use of innovative technology (e.g. deployment of passive heat removal technology at our data centre in 2022).

To increase renewable energy adoption, we continue to integrate renewable energy, such as the installation of solar panels covering 27,000 square feet across key OCBC properties in ASEAN and Greater China.

For residual and unavoidable emissions, we are supporting credible nature-based projects that remove carbon from the atmosphere.

OCBC’s contributions to nature ecosystems Mangroves are crucial to mitigating climate change, sequestering 10 times more carbon than mature tropical forests. OCBC’s contributions across two mangrove restoration sites, including Singapore’s first large-scale ecological mangrove restoration site, will help grow 18,000 mangrove trees and are estimated to absorb 30,000 tonnes of carbon dioxide over their lifetimes

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