OCBC Becomes Latest Signatory to the UN’s Net-Zero Banking Allianceby Fintech News Singapore October 26, 2022
OCBC Bank announced that it has become a signatory to the United Nations-convened, industry-led Net Zero Banking Alliance as part of its commitment to transition to a low-carbon world.
As a signatory of the Alliance, OCBC will be transitioning the operational and attributable GHG emissions from its lending and investment portfolios to align with pathways to net-zero by 2050 or sooner.
Additionally, OCBC will be setting its 2030 targets (or sooner) and a 2050 target, with intermediary targets to be set every 5 years from 2030 onwards within 18 months of joining.
The bank will also annually publish absolute emissions and emissions intensity in line with best practices.
Within a year of setting targets, OCBC will disclose its progress against a board-level reviewed transition strategy setting out proposed actions and climate-related sectoral policies.
The Net Zero Banking Alliance was launched by the United Nations Environment Programme Finance Initiative (UNEPFI) in April 2021.
The Alliance reinforces, accelerates and supports the implementation of decarbonisation strategies, providing an internationally coherent framework and guidelines in which to operate, supported by peer-learning from member banks.
There are currently 119 member banks across 41 countries, representing close to 40% of global banking assets amounting to US$70 trillion.
Eri Usher, Head of UNEPFI said,
“We’re pleased to welcome OCBC Bank as the newest signatory to the Net-Zero Banking Alliance and we look forward to their contributions to the global banking community’s collective transition to net-zero.”
Helen Wong, Group CEO of OCBC Bank said,
“For our part, joining the Alliance reflects our commitment as a group to achieving net zero not just in our operations but also in our lending and investments businesses.
We want to help bring about progress that is measurable and broad-based; it should gain momentum over time and be irreversible.”