Managing Our Environmental Footprint
Maintaining Carbon Neutrality in Our Operations
Starting from 2022, we have been maintaining our target of carbon neutrality for OCBC’s banking operational emissions through a hierarchy of priorities:
Priority 1: Reducing Energy Consumption from our Operations
Since 2020, optimising our operational energy consumption has been a key area of focus. From 2021 to 2025, a total of $25 million has been allocated to asset enhancement initiatives that contribute to our net-zero goals.
A portfolio-wide energy audit has been conducted across our buildings, supporting the deployment of several data-driven energy optimisations. We continuously seek opportunities to deploy new technologies for more efficient and sustainable buildings. Equipment is progressively replaced with best-in-class energy-efficient options where possible (e.g. Electronically Commutated (EC) fan retrofits to existing Air Handling Units), and we explore innovative solutions that can further enhance our energy-reduction efforts (e.g. deployment of Smart Heating, Ventilation, and Air Conditioning (HVAC) optimisation to chiller plants).
Since 2020, optimising our operational energy consumption has been a key area of focus. From 2021 to 2025, a total of $25 million has been allocated to asset enhancement initiatives that contribute to our net-zero goals.
A portfolio-wide energy audit has been conducted across our buildings, supporting the deployment of several data-driven energy optimisations. We continuously seek opportunities to deploy new technologies for more efficient and sustainable buildings. Equipment is progressively replaced with best-in-class energy-efficient options where possible (e.g. Electronically Commutated (EC) fan retrofits to existing Air Handling Units), and we explore innovative solutions that can further enhance our energy-reduction efforts (e.g. deployment of Smart Heating, Ventilation, and Air Conditioning (HVAC) optimisation to chiller plants).
Priority 2: Increasing Renewable Energy Adoption
We are maximising the deployment of on-site renewable energy across our buildings across the region. We have progressively installed solar panels in suitable locations at our buildings and branches.
To address our remaining Scope 2 emissions, we secure Renewable Energy Certificates (RECs) generated in the key regions where we operate. This approach not only supports our operations in Malaysia, Indonesia and Greater China but contributes to the transition of the local electricity grid towards cleaner energy sources. In Singapore, where local renewable energy is limited, we will continue to monitor market developments and engage when opportunities arise.
We are maximising the deployment of on-site renewable energy across our buildings across the region. We have progressively installed solar panels in suitable locations at our buildings and branches.
To address our remaining Scope 2 emissions, we secure Renewable Energy Certificates (RECs) generated in the key regions where we operate. This approach not only supports our operations in Malaysia, Indonesia and Greater China but contributes to the transition of the local electricity grid towards cleaner energy sources. In Singapore, where local renewable energy is limited, we will continue to monitor market developments and engage when opportunities arise.
Priority 3: Responsible Purchase of Carbon Credits to Offset Residual and Unavoidable Emissions
To tackle hard-to-abate emissions, we acquire high-quality nature-based carbon offset projects. Our support encompasses carbon removal initiatives, including peatland restoration and conservation, as well as blue carbon projects for coastal area protection and alternative livelihoods creation with a substantial carbon storage capacity. These projects not only sequester carbon dioxide but foster positive outcomes in line with the UN SDGs.
To tackle hard-to-abate emissions, we acquire high-quality nature-based carbon offset projects. Our support encompasses carbon removal initiatives, including peatland restoration and conservation, as well as blue carbon projects for coastal area protection and alternative livelihoods creation with a substantial carbon storage capacity. These projects not only sequester carbon dioxide but foster positive outcomes in line with the UN SDGs.
In line with our Priority 1, we are committed to reducing the environmental footprint of our physical operations by reducing our energy demand as well as our consumption of water, paper and other resources. We adopted three key approaches to mitigate our environmental impact:
- Improving building energy efficiency with technology and management practices;
- Exploring innovative solutions to push boundaries; and
- Enhancing sustainability through strategic collaboration.
Our Policies
The following policies guide our efforts in decarbonising our operations, providing a framework for our sustainability efforts to reduce our consumption and offset hard-to-abate emissions.
Sustainable Building and Workplace Guidelines
- Established to ensure material sustainability elements are consistently embedded across our workplace and buildings.
- Covers the entire building lifecycle from site selection, procurement, design development and operation of building assets and workplace across OCBC’s operations.
Carbon Procurement Approach
- Established to ensure the integrity of carbon offsets we procure to offset hard-to-abate emissions.
- Stringent set of criteria aligned with global best practices, such as the Oxford Principles for Net Zero Aligned Carbon Offsetting.