Together, the targets cover 42% of OCBC’s corporate and commercial banking loan portfolio, specifically the parts of the value chain responsible for the majority of emissions. By sector, however, the targets cover two-thirds of OCBC’s wholesale loan portfolio, says the bank on May 16.
Oversea-Chinese Banking Corporation (OCBC) (SGX:O39
) has unveiled 2030 and 2050 targets to reduce financed emissions in six sectors: power, oil and gas, real estate, steel, aviation and shipping.
Notably, OCBC aims to reach net-zero financed emissions in the power and aviation sectors of its loan portfolio by 2040 and 2050 respectively.
