Our Group CEO, Ms Helen Wong (in red), launching the OCBC Seagrass Restoration Project together with Mr Tan Kiat How (second from left), Senior Minister of State for Ministry of National Development; Ms Hwang Yu-Ning (far left), CEO of NParks; and Dr Theresa Su (far right), Lecturer at National University of Singapore.
0.2%
of the world's seagrass meadows store up to
18%
of overall oceanic carbon
>45%
of seagrass meadows in Singapore have disappeared over the last five decades
Together with Mr Felix Loh (in white), CEO of Gardens by the Bay, we launched the sponsorship of solar-powered electric cruisers at the famed attraction. This aligns perfectly with OCBC's commitment to climate action and reducing carbon emissions.
Singapore
We continued our sustainability journey by sponsoring solar-powered electric cruisers at Gardens by the Bay, promoting eco-friendly tourism while minimising carbon emissions. We also dived into revitalising marine ecosystems and enhancing biodiversity through our latest seagrass project in collaboration with the National Parks Board (NParks). These initiatives highlight our ongoing commitment to environmental stewardship, aligning our corporate responsibility efforts with national sustainability goals and building a greener future for the community.
Through the OCBC Seagrass Restoration Project, we became the first corporation in Singapore to engage in seagrass research. This initiative, led by researchers, aims to study the carbon sequestration capability of seagrass and its reproductive traits, and to developing innovative techniques for successful future transplantation of seagrass. This marks our fourth collaboration with NParks.
Seagrass meadows are critical to the environment and marine life. They contribute greatly to carbon sequestration, habitat creation, survival of marine species, and coastal protection. Although seagrass meadows cover only 0.2% of the world's ocean floor and seabed, they store up to 18% of overall oceanic carbon.
However, seagrass meadows are declining worldwide and continue to be impacted due to a variety of factors, including pollution, shoreline modification and climate change. More than 45% of seagrass meadows in Singapore have disappeared over the last five decades. Given the key role that seagrass plays in mitigating climate change, it is important to better understand and restore these plants to ensure that they continue to thrive in Singapore.
As part of our dedication to fostering a low-carbon future and enhancing environmental awareness through green initiatives, OCBC has sponsored a fleet of 15 solar-powered electric cruisers at Gardens by the Bay. These sustainable vehicles are expected to save around 22,000 kWh each year, enough energy to power approximately 60 four-room apartments for a month.
Indonesia
In 2024, we broadened our mangrove planting projects to Indonesia, expanding in regions such as Sumatra, Central Java, and Bali. Our goal is to contribute a total of 26,000 mangrove trees over the next three years. This expansion raises our overall commitment of mangrove trees across the region to 44,000.
Hong Kong
Our colleagues took part in the annual “Tree-planting challenge”, organised by the non-profit organisation Friends of the Earth Hong Kong. This event gives participants the opportunity to focus on activities that emphasise carbon sequestration, combat climate change and promote green initiatives.
Malaysia
Our OCBC Al-Amin Sungai Petani branch colleagues, in partnership with the Rotary Club of Bandar Sungai Petani, assisted in the installation of food waste composting machines at four schools. This initiative will significantly reduce landfill waste and improve soil health by minimising reliance on chemical fertilisers. It provided students and teachers with insights into sustainable practices within their communities. Our colleagues also went above and beyond, educating students in financial literacy and scam awareness.
China
Since 2019, our China team has been conducting annual planting of taxodium distichum trees at Chongming Dongtan Wetland Park. The resilient species was selected for its durability and ability to sequester carbon. To date, a total of 120 trees have been planted, which are expected to absorb around 13,320kg of carbon dioxide over their lifetimes.