OCBC unveils decarbonization targets for six sectors

The bank commits to achieving a net zero status for its financed emissions by 2050.

OCBC Bank released decarbonisation targets and priority steps for six sectors in its road to achieve the 2050 goal of net zero financed emissions.

These sectors include power, oil and gas, real estate, steel, aviation and shipping.

According to OCBC’s report “Partnering Clients towards a Net Zero ASEAN and Greater China”, these six sectors emit the most greenhouse gas which OCBC finances.

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Approximately 42% of its corporate and commercial banking loan portfolio aligns with the targeted sectors, which are specifically chosen based on their significant contribution to emissions within the value chains, OCBC found.

The bank is focusing on parts of these sector value chains that are responsible for the majority of emissions. 

Moreover, OCBC takes into account the availability of established and credible reference pathways for these sub-sectors as a crucial factor in determining its sustainability efforts and financing decisions.