Oversea-Chinese Banking Corporation Limited (OCBC) will invest over SGD25 million to finance decarbonisation efforts of its operations in Singapore and Malaysia. The bank will use the resources to deploy energy-efficient technology and solar energy systems which are expected to offset around 10,000 tonnes of carbon emissions within the next 4 years.

OCBC also plans to make its existing managed buildings and data centres more energy-efficient by installing a rack-based cooling system at its regional data centre by the end of 2022. As of now, this facility accounts for more than 40 per cent of the bank’s total emissions in Singapore.

By 2024, the bank also plans to retrofit solar energy systems at its buildings in Malaysia and Singapore which are expected to produce around 2,000 MWh in renewable energy (RE) annually.  OCBC is assessing its other offices throughout its markets to see whether they are suitable for future solar energy installations. If its decarbonisation initiatives in the two countries are successful, OCBC also plans to reduce other ongoing carbon offset programmes.