Ocbc Bank Sustainability Profile
OCBC Bank, officially known as Oversea-Chinese Banking Corporation, is a leading financial institution headquartered in Singapore (SG). Established in 1932, OCBC Bank has grown to become one of the largest banks in Southeast Asia, with a strong presence in key markets including Malaysia, Indonesia, and Greater China. The bank operates primarily in the banking and financial services industry, offering a comprehensive range of products and services such as personal banking, corporate banking, wealth management, and insurance. OCBC Bank is renowned for its innovative digital banking solutions and customer-centric approach, setting it apart in a competitive landscape. With a commitment to sustainability and community engagement, OCBC Bank has received numerous accolades, solidifying its position as a trusted financial partner in the region.
DitchCarbon Score
How does Ocbc Bank'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
Ocbc Bank's score of 80 is higher than 89% of the industry. This can give you a sense of how well the company is doing compared to its peers.
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Ocbc Bank's reported carbon emissions
In 2024, OCBC Bank reported total carbon emissions of approximately 38,980,000 kg CO2e, with Scope 1 emissions at about 132,000 kg CO2e, Scope 2 emissions (market-based) at approximately 35,373,000 kg CO2e, and Scope 3 emissions at around 3,475,000 kg CO2e. In 2023, the bank's global emissions were about 27,492,000 kg CO2e, with Scope 1 at 142,000 kg CO2e, Scope 2 (market-based) at approximately 23,501,000 kg CO2e, and Scope 3 at about 3,849,000 kg CO2e. OCBC Bank has set ambitious climate commitments, aiming for a 35% reduction in absolute emissions in the Oil and Gas sector by 2030, based on a 2021 baseline. The bank has also achieved a 19% reduction in financed emissions for Oil and Gas from 14.9 million tonnes CO2e to 12.1 million tonnes CO2e. Additionally, OCBC aims to maintain carbon neutrality for its banking operational emissions in 2024 and has set long-term targets to reduce emissions by 55% by 2030 and achieve net zero by 2040 across all scopes. The bank's financed emissions intensity for the Steel sector decreased by 8% from 1.93 tCO2/tSteel to 1.76 tCO2/tSteel, while the Power sector's intensity saw a 9% reduction from 370 kgCO2/MWh to 337 kgCO2/MWh. These initiatives reflect OCBC's commitment to sustainable banking practices and its alignment with global climate goals.
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| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|---|---|
| Scope 1 | - | - | - | 000,000 | 000,000 | 000,000 | 000,000 |
| Scope 2 | 47,880,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 |
| Scope 3 | - | - | - | 000,000 | 0,000,000 | 0,000,000 | 0,000,000 |
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Ocbc Bank'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.
Ocbc Bank has established climate goals through participation in recognized frameworks and target-setting initiatives. Companies often set interim 2030 targets and long-term 2050 net-zero goals to demonstrate measurable progress toward decarbonization.
