Ocbc Bank

Ocbc Bank's reported carbon emissions

OCBC Bank, headquartered in Singapore and operating within financial intermediation services, has reported its carbon emissions across Scopes 1, 2, and 3. For the reporting year 2025, OCBC Bank's total emissions were approximately 36.2 billion kg CO2e. This figure comprises approximately 2.0 billion kg CO2e for Scope 1, and approximately 30.6 billion kg CO2e for Scope 2 (market-based). Scope 3 emissions for this period accounted for roughly 3.7 billion kg CO2e. In 2024, total emissions were approximately 39.0 billion kg CO2e, with Scope 1 emissions at about 0.13 billion kg CO2e and Scope 2 (market-based) at approximately 35.4 billion kg CO2e. Scope 3 emissions were approximately 3.5 billion kg CO2e. For the reporting year 2023, total emissions were approximately 27.5 billion kg CO2e, including approximately 0.14 billion kg CO2e for Scope 1 and roughly 23.5 billion kg CO2e for Scope 2 (market-based). Scope 3 emissions were approximately 3.8 billion kg CO2e. OCBC Bank has established several climate commitments and reduction targets. The bank aims to maintain carbon neutrality for its banking operational emissions in 2024. Furthermore, OCBC Bank has set a target to reduce its Oil & Gas sector financed emissions intensity by 35% from a 2021 baseline by 2030, in line with the IEA Net Zero Emissions (NZE) reference pathway. For the Power sector, a reduction in financed emissions intensity of 9% was achieved in 2022 from a 2021 baseline. In the Steel sector, financed emissions intensity saw an 8% reduction in 2022 from a 2021 baseline. Looking towards longer-term goals, OCBC Bank has set targets to reduce emissions by 55% by 2030 and achieve net zero by 2040 for Scope 1, and by 66% by 2030 and net zero by 2050 for Scope 3. Additionally, global efforts towards net-zero by 2050, as agreed at COP28, are noted as a guiding principle for transitioning away from fossil fuels. It is important to note that some data, particularly for Scope 3, may have missing data points such as purchased goods and services.