Union Bank of Colombo PLC Sustainability Profile
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 23 is lower than 76% 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, which includes 267,000 kg CO2e from Scope 1 emissions and 1,238,000 kg CO2e from Scope 2 emissions. The Scope 1 emissions breakdown reveals that mobile combustion accounted for about 43,470 kg CO2e, fugitive emissions contributed approximately 183,200 kg CO2e, and stationary combustion emitted around 40,080 kg CO2e. Despite these figures, Union Bank of Colombo PLC currently does not have any publicly disclosed reduction targets or climate pledges. The emissions data is cascaded from the parent organization, indicating a corporate family relationship, but specific details regarding the source of these targets or initiatives are not available. As a current subsidiary of Union Bank of Colombo PLC, the bank's climate commitments and performance are aligned with industry standards, although no specific initiatives such as SBTi targets or other climate pledges have been reported.
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| 2024 | |
|---|---|
| Scope 1 | 267,000 |
| Scope 2 | 1,238,000 |
| Scope 3 | - |
How Carbon Intensive is Union Bank of Colombo PLC's Industry?
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Union Bank of Colombo PLC's Climate Goals (2030 & 2050)
Climate goals typically focus on 2030 interim targets and 2050 net-zero commitments, aligned with global frameworks like the Paris Agreement and Science Based Targets initiative (SBTi) to ensure alignment with global climate goals.
Union Bank of Colombo PLC has not publicly committed to specific 2030 or 2050 climate goals through the major frameworks we track. Companies often set interim 2030 targets and long-term 2050 net-zero goals to demonstrate measurable progress toward decarbonization.
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