OCBC invests S$25m to reduce carbon footprint in operations

The bank plans to retrofit its buildings with solar panels.

Singapore’s OCBC Bank is investing over $18m (S$25m) to deploy energy-efficient technology and reduce its carbon emissions in Singapore, Malaysia, and Greater China.

The bank plans to build a solar energy system to increase its use of renewable energy for powering its operations. It expects to reduce approximately 10,000 tonnes of carbon emissions from its operations within the next four years.

The move is part of OCBC Bank’s commitment to achieving carbon neutrality in operational emissions from 2022.

As part of this investment, the bank said that its managed buildings and data centre will be retrofitted with more energy-efficient technologies such as using LED lights and changing to a more energy-efficient air-conditioning systems.

To start, the bank’s regional data centre – which contributes 40% of the bank’s carbon emissions in Singapore – will implement a rack-based cooling system by the end of this year. This will reportedly  see the facility’s emissions reduced by over 400 tonnes annually, equivalent to removing close to 400 cars from the roads.

OCBC Tampines Centre Two’s air-conditioning system will also be retrofitted to connect to SP Group’s district cooling network at the Tampines Town Centre. It is expected to be completed and operational in the first half of 2025.

Close to 10 of its buildings in Singapore, Malaysia and Greater China will also be installed with solar energy systems by 2024. 

OCBC Bank also aims to achieve Green Mark certifications for all its retail branches by 2030. 

(US$1 = S$1.37)