- Unveiled science-based sectoral net-zero targets for six key sectors
- Recorded $56 billion in sustainable finance commitments, ahead of 2025 target of $50 billion
- Launched the OCBC 1.5°C loan
- More than 100 new sustainable finance transactions recorded in the year, totalling $14 billion
- Achieved carbon neutrality for our banking operational emissions by actively reducing our emissions and offsetting unabatable and residual emissions with carbon credits
- Organised the OCBC Sustainability Innovation Challenge and the Emerging Enterprise Sustainability Award in Singapore
Accelerating the Net-Zero Transition for a Sustainable Future
OCBC is committed to accelerating the transition to a net-zero future, while conducting our business responsibly and bringing impact to our communities. We do this through our close engagement and collaboration with our customers and key stakeholders. We are dedicated to upholding business integrity and we have embedded sustainability focus across the Board, Board Committees, Management and functional groups, enabling us to realise our sustainability ambitions through our Sustainability Framework.
In 2023, we refreshed our sustainability framework to sharpen our sustainability priorities and leverage synergies across our operations. The framework reflects core elements of our approach including our sustainability imperatives and the material ESG factors that we are prioritising to drive performance and impact.
Board Oversight
Board of Directors
- Provides oversight for the overall sustainability agenda and strategy at OCBC
Board Sustainability Committee
- Supports the Board in its oversight of the Bank’s sustainability matters in conjunction with other relevant Board Committees
- Provides strategic direction on sustainability issues, with a focus on climate and environmental matters
Management Oversight
Sustainability Council
- Oversees the Group’s Sustainability Strategy and provides approval for key strategic initiatives relating to sustainability, with a focus on climate and environmental matters
Sustainability Steering Committee
- Supports the Sustainability Council in the alignment, execution and reporting of key sustainability-related outcomes and initiatives for the Group
Our Sustainability Framework
Asia’s Leading Financial Services Partner for a Sustainable Future
Our Sustainability Imperatives
Accelerating the Transition
to a Net-Zero Future
Enable our clients’ transition through strategic advisory, innovative financial solutions and ecosystem partnerships, across our multifaceted businesses
Bringing Impact to
Communities
Create a dynamic workplace and society through championing people development and community advancement
Conducting Our Business
Responsibly
Safeguard long-term stakeholder value through embedding responsible business practices and strong governance
How we Execute
Climate Action
Responsible Financing
Sustainable Financial Solutions
Talent Management and Wellbeing
Workplace Diversity
Community Development
Cybersecurity and Data Protection
Fair Dealing
Financial Crime Prevention
Governance and Culture
LIFRR as Foundation of our Sustainability Framework
Lasting value
Integrity
Forward-looking
Respect
Responsibility
Our core values guide our approach to sustainability. We take a long-term view in our climate actions and community development efforts, delivering positive impact on the environment and the society in a responsible manner. Specifically, we proactively support our clients’ net-zero transition and their aspirations for a low-carbon world.
2023 Sustainability Highlights
Accelerating the Transition to a Net-Zero Future
Bringing Impact to Communities
- Initiated Grow Your Way Expedition, a skills-first mobility initiative, resulting in 12,000 activity completions by employees and a 75% rise in career awareness within the Bank
- Embarked on two long-term volunteering projects, Families100 by OCBC and Care Corner ElderConnect supported by OCBC, involving more than 1,200 volunteers to provide targeted assistance to 100 families and 3,500 seniors respectively in Singapore
- Launched our inaugural non-conventional talent hire initiative in Singapore
- Empowered over 1,300 women entrepreneurs through our Women Warriors Programmes in Indonesia
Conducting Our Business Responsibly
- Established the Board Sustainability Committee to strengthen our sustainability oversight
- Appointed our first Group Chief Sustainability Officer to strengthen our sustainability leadership and governance
- Rolled out a set of first-to-market anti-malware security measures on the OCBC digital app, preventing customer losses of over $2 million in Singapore
- Achieved the highest Cyber Trust Mark (Advocate), a testament to OCBC’s robust cybersecurity practices in Singapore
Our Net Zero Progress Update
As a Net-Zero Banking Alliance (NZBA) signatory, we are committed to disclosing our progress on the net-zero targets every year. We are pleased with the good progress made in the first year for each sector. It is noteworthy to share that we have reduced the absolute emissions in the Oil & Gas sector and the emissions intensity of the remaining five sectors.
Science-based decarbonisation targets for six sectors to achieve net zero by 2050:
| Sectors | 2030 Target | 2050 Target |
|---|---|---|
Power |
55% reduction | 100% reduction by 2040 |
Oil & Gas* |
35% reduction | 95% reduction |
Real Estate |
Alignment Delta ≤ 0% | Alignment Delta ≤ 0% |
Steel |
13% reduction | 94% reduction |
Aviation |
66% reduction | 100% reduction |
Shipping |
Alignment Delta ≤ 0% | Alignment Delta ≤ 0% |
* No new project financing for upstream Oil & Gas projects that are approved for development after 2021.