Managing our environmental footprint
As we support our clients’ net-zero transition and their aspirations for a low-carbon world, we also prioritise aligning our operations with sustainability principles to safeguard the vital ecosystem supporting life on Earth and minimising our environmental impact. We are committed to reducing the environmental footprint of our physical operations by reducing our consumption of energy, water, paper and other resources. To reduce our environmental impact, three key approaches have been identified:
- Improving building energy efficiency with technology and management practices
- Exploring innovative solutions to push boundaries
- Enhancing sustainability through strategic collaboration
Maintaining Carbon Neutrality
In 2023, we met our target of achieving carbon neutrality for OCBC’s banking operational emissions through a hierarchy of priorities:
Priority 1
Reducing Energy Consumption from our Operations
We are consistently prioritising the deployment of sustainable technologies, optimising building system efficiency and exploring innovative solutions for Group-owned properties. Since 2020, reducing energy consumption from our operations has been our immediate key agenda. A portfolio-wide energy audit has been conducted across our buildings, supporting the deployment of several data-driven energy optimisations.
Building equipment is progressively replaced with best-in-class energy efficiency options where feasible. Exploration of innovative technology is also intensified to supplement the drive to reduce energy consumption (e.g. deployment of Passive Heat removal technology at our data centre in 2022).
Reducing Energy Consumption from our Operations
We are consistently prioritising the deployment of sustainable technologies, optimising building system efficiency and exploring innovative solutions for Group-owned properties. Since 2020, reducing energy consumption from our operations has been our immediate key agenda. A portfolio-wide energy audit has been conducted across our buildings, supporting the deployment of several data-driven energy optimisations.
Building equipment is progressively replaced with best-in-class energy efficiency options where feasible. Exploration of innovative technology is also intensified to supplement the drive to reduce energy consumption (e.g. deployment of Passive Heat removal technology at our data centre in 2022).
Priority 2
Increasing Renewable Energy Adoption
We are maximising the deployment of on-site renewable energy. Solar panels have been progressively installed at viable spaces across our local and regional buildings and branches.
For our remaining Scope 2 emissions, we place emphasis on securing Renewable Energy Certificates (RECs) that are generated in the locality we operate in. By doing so, we support the transition of the local electricity grid towards a cleaner grid. We have done so for our operations in Malaysia, Indonesia and Greater China. For Singapore, local renewable energy is limited in supply and we will continue to watch the development of this space and will participate when viable.
Increasing Renewable Energy Adoption
We are maximising the deployment of on-site renewable energy. Solar panels have been progressively installed at viable spaces across our local and regional buildings and branches.
For our remaining Scope 2 emissions, we place emphasis on securing Renewable Energy Certificates (RECs) that are generated in the locality we operate in. By doing so, we support the transition of the local electricity grid towards a cleaner grid. We have done so for our operations in Malaysia, Indonesia and Greater China. For Singapore, local renewable energy is limited in supply and we will continue to watch the development of this space and will participate when viable.
Priority 3
Responsible Purchase of Carbon Credits to Offset Residual and Unavoidable Emissions
For hard-to-abate emissions, we are supporting credible carbon sequestration nature-based offset projects that remove carbon from the atmosphere. Our support extends to carbon removal projects originating in Indonesia and Greater China. These projects not only sequester carbon dioxide but contribute positively to multiple UN SDGs.
Responsible Purchase of Carbon Credits to Offset Residual and Unavoidable Emissions
For hard-to-abate emissions, we are supporting credible carbon sequestration nature-based offset projects that remove carbon from the atmosphere. Our support extends to carbon removal projects originating in Indonesia and Greater China. These projects not only sequester carbon dioxide but contribute positively to multiple UN SDGs.
These approaches and priorities underscore our commitment to comprehensive sustainability and environmental responsibility.