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In 2024, we are proud to have delivered positive impact on the environment, our people and the communities we serve in our sustainability journey. These collective efforts underscore our steadfast commitment to accelerating the transition to a net-zero future, bringing impact to communities and conducting our business responsibly.

Accelerating the Transition to a Net-Zero Future

  • Extended over 200 green, social and sustainability-linked loans and served as sustainability advisors in more than 140 of these transactions, leading to $15 billion increase in our committed sustainable finance portfolio to $71 billion
  • Partnered with ecosystem stakeholders to launch the Queen Bee Enabled Sustainability Transition (QUEST) programme to assist SME suppliers in developing their carbon inventories and implementing effective decarbonisation strategies
  • Provided over $9 billion in sustainable finance to more than 3,800 SMEs across the region since 2020
  • Achieved significant progress in decarbonising our corporate and commercial banking loan portfolio in our six priority sectors
  • Launched the OCBC Sustainability Hub, a market-leading platform that simplifies sustainable investing
  • Trained over 12,200 employees on various sustainability topics
  • Strengthened our Responsible Financing Policies to support the managed phase-out of coal-fired power plants (CFPPs)

Bringing Impact to Communities

  • Launched the OCBC Women Unlimited programme in Singapore, the first initiative dedicated to women entrepreneurs by a local bank
  • Initiated Singapore’s first seagrass restoration project to enhance the success of seagrass transplants and quantify the benefits of seagrass restoration
  • Introduced the OCBC Singapore Immersion Programme, helping foreign employees gain a deeper understanding and appreciation of Singapore’s rich culture and values
  • Introduced MOBI, OCBC’s AI-powered career development platform that empowers employees to take charge of their learning and career progression
  • Launched MyWellness Fiesta 2024, supporting the holistic health and wellbeing of over 30,000 employees across 19 locations
  • Renewed our commitment to The Families100 Programme by OCBC, a first-of-its-kind social uplift initiative in partnership with the Ministry of Social and Family Development that focuses on supporting 100 lower-income families

Conducting Our Business Responsibly

  • Achieved Data Protection Trustmark and Asia-Pacific Economic Cooperation (APEC) Cross Border Privacy Rules certification – one of the first banks in Singapore to attain both certifications
  • Implemented the Staff Abnormal Activities Monitoring (SAAM) programme to detect potential misuse of authorised access to systems containing customers’ personal data
  • Built on the success of our Digital Silvers Programme in Singapore and continued to empower seniors with digital banking skills, including the utilisation of anti-scam security features
  • Showcased our decade-long cybersecurity innovations to over 13,000 delegates from over 90 countries at the Singapore International Cyber Week 2024 – the first local bank to be invited to exhibit
  • Continued our partnership with the Singapore Police Force to prevent scams, successfully safeguarding our customers from scam-related losses totalling $104.1 million

Our Net Zero Progress Update

OCBC’s commitment to achieving net-zero emissions by 2050 is a key pillar of our transition plan. By aligning our financing with our net-zero goal, we aim to play an active role in driving the shift towards a green economy.

Sector In scope Emissions Metric Reference
Pathway		 Baseline
(2021)		 2022 2023 2030
target		 2050
target

Power
  • Power generation companies
  • Power equipment manufacturers
  • Scope 1 (generation)
  • Scope 3 (equipment manufacturers)
 kgCO2/MWh IEA NZE(1) 370 337 300 165 0 by 2040

Oil & Gas*
  • Upstream
  • Integrated
  • Scope 1
  • Scope 2
  • Scope 3
 MtCO2e IEA NZE(1) 14.9 12.1 11.2 9.6 0.8

Real Estate
  • Real Estate owner-operators
  • Financed buildings
  • REITs
  • Scope 1
  • Scope 2
  • Scope 3 (tenant/plug load)
 Alignment Delta (%) CRREM(2) -5.3% -1.4% -4.0% ≤0% ≤0%

Steel
  • Steel producers
  • Scope 1
  • Scope 2
 tCO2/tSteel MPP – TM(3) (regional) 1.93 1.76 1.91 1.68 0.12

Aviation
  • Airline operators and lessors
  • Scope 1 (operators)
  • Scope 3 (lessors)
 kgCO2/passenger-km IATA Fly Net Zero 0.261 0.097 0.097 0.088 0

Shipping
  • Financed vessels
  • Scope 1 (from Fuel Burn)
  • Scope 3 (tank-to- wake emissions)
 Alignment Delta (%) IMO – PP +4.5% +11.2% (revised trajectory(4)) +4.6% (revised trajectory(4)) ≤0% ≤0%

Note: The calculations for the Bank’s financed emissions are based on our clients’ reported emissions data, which are typically published at least three months after the end of the Financial Year. Given the lag time in reporting and time needed to consolidate, calculate and analyse the emissions data, our 2024 Sustainability Report showcases our 2023 financed emissions.

In 2024, we saw good progress in our net-zero journey as we continued to work closely with our clients in supporting their efforts towards a credible and timely transition.

Our net-zero commitments go beyond the targets we aim to achieve; they represent our long-term vision to mobilise all parts of OCBC to engage our clients on their net-zero journeys. They provide a common framework for aligning our net-zero ambition with those of our clients, enabling us to hold meaningful discussions with our clients on their transition journeys and deliver tailored and impactful solutions.

Please refer to our Sustainability Report for more information by clicking here.

  1. (1) International Energy Agency Net Zero Emissions by 2050 (IEA NZE)
  2. (2) Carbon Risk Real Estate Monitor (CRREM)
  3. (3) Mission Possible Partnership's Tech Moratorium (MPP-TM)
  4. (4) Revised trajectory refers to IMO's 2023 revised minimum trajectory.