The investments will reduce approximately 10,000 tonnes of carbon emissions within the next four years. Image: ST Photo/Kua Chee Siong
From The Straits Times
SINGAPORE – OCBC Bank will invest more than $25 million to reduce its carbon footprint in Singapore, Malaysia and Greater China.
The investments will fund energy-efficient technology to reduce carbon emissions, and invest in solar energy systems that will increase renewables in its energy mix, it said in a media release on Wednesday (May 25).
In all, the investments will reduce approximately 10,000 tonnes of carbon emissions within the next four years, or the equivalent of close to removing 10,000 cars off the road for four years.
To improve energy efficiency, OCBC will retrofit its buildings and a data centre with more energy-efficient technologies, including the use of LED lights over conventional lighting and more energy-efficient air-conditioning systems.
The lender’s regional data centre will also implement a rack-based cooling system by the end of this year.
OCBC Bank had announced last month that it will retrofit the air-conditioning system at OCBC Tampines Centre Two, which is located in Tampines Avenue 4, to connect to SP Group’s district cooling network at Tampines Town Centre.
The cooling system will be operational in the first half of 2025.
OCBC also aims to achieve Green Mark certifications for all its retail branches by 2030.
As of last month, four branches and eight buildings, including its learning and development hub, OCBC Campus in Tanjong Pagar, have received Green Mark certifications.
To advance the shift to renewable energy, the lender will install solar energy systems in about 10 buildings in Singapore, Malaysia and Greater China by 2024.
The energy that will be generated each year – over 2,000 MWh – will help offset the bank’s energy consumption in these markets.
The energy savings can power more than 600 three-room HDB households every year.
OCBC Bank will also assess if it can install solar energy systems in other offices in Singapore, Malaysia, Indonesia and Greater China.
Other initiatives include converting its fleet of cars to electric vehicles (EV) and deploying EV charging facilities at major commercial buildings it manages.
Ten charging points have already been installed at OCBC Centre, making it the largest EV charging hub in the business district.
Mr Lim Khiang Tong, group chief operating officer of OCBC Bank, said that everybody must do their part to build a sustainable future.
On its part, OCBC has committed to achieve carbon neutrality in operational emissions from this year.
In 2019, the lender committed to no longer finance new coal-fired power plants, becoming the first bank in South-east Asia to do so.
It has also exceeded its target of extending $25 billion in sustainability-linked and green loans by 2025.
At the end of last year, the lender has extended more than $34 billion of sustainable financing to customers, prompting it to raise the target to $50 billion by 2025.
Author: Chor Khieng Yuit