Ocbc Bank

Ocbc Bank's reported carbon emissions

OCBC Bank, headquartered in SG and operating within financial intermediation services, has demonstrated a commitment to climate action with evolving emissions reporting. **Latest Emissions Data:** For the reporting year 2025, OCBC Bank reported total global emissions of approximately 36.2 billion kg CO2e. This figure comprises: * **Scope 1:** Approximately 2.0 billion kg CO2e. * **Scope 2 (Market-Based):** Approximately 30.6 billion kg CO2e. * **Scope 3:** Approximately 3.7 billion kg CO2e. Prior to this, for the reporting year 2024, total global emissions were approximately 39.0 billion kg CO2e, with: * **Scope 1:** Approximately 0.1 billion kg CO2e. * **Scope 2 (Market-Based):** Approximately 35.4 billion kg CO2e. * **Scope 3:** Approximately 3.5 billion kg CO2e. In 2023, OCBC Bank's total global emissions were approximately 27.5 billion kg CO2e, consisting of: * **Scope 1:** Approximately 0.1 billion kg CO2e. * **Scope 2 (Market-Based):** Approximately 23.5 billion kg CO2e. * **Scope 3:** Approximately 3.8 billion kg CO2e. In 2022, total emissions were approximately 65.5 billion kg CO2e, with Scope 1 at approximately 0.2 billion kg CO2e, Scope 2 at approximately 63.8 billion kg CO2e, and Scope 3 at approximately 1.5 billion kg CO2e. For 2021, total emissions were approximately 68.2 billion kg CO2e, including Scope 1 of approximately 0.2 billion kg CO2e, Scope 2 of approximately 67.6 billion kg CO2e, and Scope 3 of approximately 0.3 billion kg CO2e. Earlier data shows Scope 2 emissions of approximately 66.5 billion kg CO2e in 2020, and approximately 71.4 billion kg CO2e in 2019. In 2018, Scope 2 emissions were approximately 47.9 billion kg CO2e. **Climate Commitments and Reduction Targets:** OCBC Bank has established several climate-related targets. For the Oil & Gas sector, the bank aims for a 35% reduction in absolute financed emissions by 2030 from a 2021 baseline. They also reported a 19% reduction in 2022 for Oil & Gas financed emissions, putting them on track for this target. Further, OCBC Bank is committed to maintaining carbon neutrality for its banking operational emissions in 2024. For the Power sector, they reported a 9% reduction in financed emissions intensity in 2022, reaching 337 kgCO2/MWh from a baseline of 370 kgCO2/MWh. The Steel sector saw an 8% reduction in financed emissions intensity in 2022, decreasing to 1.76 tCO2/tSteel from a baseline of 1.93 tCO2/tSteel. More broadly, OCBC Bank has a stated ambition to reduce emissions by 55% by 2030 and achieve net zero by 2040, with a Scope 3 target of a 66% reduction by 2030 and net zero by 2050. In line with global climate agreements, there is also a long-term aspiration to achieve net zero by 2050.