Union Bank of Colombo PLC
Union Bank of Colombo PLC, commonly referred to as Union Bank, is a prominent financial institution headquartered in Colombo, Sri Lanka. Established in 1995, the bank has made significant strides in the Sri Lankan banking sector, offering a comprehensive range of services across retail, corporate, and investment banking. With a strong presence in major operational regions throughout Sri Lanka, Union Bank is dedicated to providing innovative financial solutions tailored to meet the diverse needs of its customers. Its core products include savings and current accounts, loans, and investment services, distinguished by a commitment to customer-centric service and technological advancement. Recognised for its robust market position, Union Bank has achieved notable milestones, including various awards for excellence in banking services. The bank continues to play a vital role in the economic development of Sri Lanka, fostering financial inclusion and supporting local businesses.
DitchCarbon Score
How does Union Bank of Colombo PLC's carbon action stack up? DitchCarbon scores companies based on their carbon action and commitment to reducing emissions. Read about our methodology to learn more.
Industry Average
Mean score of companies in the Financial Intermediation industry. Comparing a company's score to the industry average can give you a sense of how well the company is doing compared to its peers.
Industry Benchmark
Union Bank of Colombo PLC's score of 20 is lower than 84% of the industry. This can give you a sense of how well the company is doing compared to its peers.
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Union Bank of Colombo PLC's reported carbon emissions
In 2024, Union Bank of Colombo PLC reported total carbon emissions of approximately 1,505,000 kg CO2e. This figure includes Scope 1 emissions of about 267,000 kg CO2e, which encompasses direct emissions from owned or controlled sources, and Scope 2 emissions of approximately 1,238,000 kg CO2e, representing indirect emissions from the generation of purchased electricity, steam, heating, and cooling. Despite the significant emissions reported, Union Bank of Colombo PLC has not established specific reduction targets or initiatives as part of their climate commitments. The bank's emissions data is cascaded from its corporate family, indicating that it operates as a current subsidiary of a larger organisation, which may influence its overall climate strategy. As of now, there are no publicly disclosed climate pledges or commitments to reduce emissions, nor are there any targets set under the Science Based Targets initiative (SBTi). The absence of such commitments highlights a potential area for improvement in the bank's approach to sustainability and climate action.
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| 2024 | |
|---|---|
| Scope 1 | 267,000 |
| Scope 2 | 1,238,000 |
| Scope 3 | - |
Industry emissions intensity
Location emissions intensity
Reduction initiatives & disclosure networks
Companies disclose and commit to reducing emissions to show they are serious about reducing emissions impact over time. They can also help a company track its progress over time.
Union Bank of Colombo PLC is not participating in any of the initiatives that we track. This may change over time as the company engages with new initiatives or updates its commitments. DitchCarbon will update this information as it becomes available.
