SINGAPORE – OCBC Bank has appointed sustainable finance veteran Mike Ng as its group chief sustainability officer – a new role created by Singapore’s second-largest lender to lead its net-zero ambitions.
In the past five years, Mr Ng has advised corporate clients across various industries on their net-zero transitions, helping the bank to make significant headway in the renewable energy sector, solar financing and wind farm projects worldwide, said OCBC.
He was also instrumental in the bank’s commitment to cease financing for new coal-fired power plants in 2019.
Mr Ng joined OCBC as its head of structured and project finance in 2010, before taking on an expanded role to drive sustainable finance solutions for large corporations in 2018.
He became head of the sustainability office for the bank’s global wholesale banking business in June 2022.
Mr Ng will assume his new role on Aug 1, overseeing the bank’s net-zero transition in lending and wealth management, and leading efforts to help clients achieve their climate action plans.
OCBC group chief executive Helen Wong said the position requires a sharp business acumen and deep expertise not just in sustainability and climate change, but also in financial products and services.
“Mike is thus a natural fit. He is highly regarded as a sustainable finance veteran with an innovative and forward-looking mind,” she said.
OCBC said the role will go beyond promoting and reporting of environment, social and governance (ESG) content or strategy, to ensure “effective business alignment”.
The bank set up its board sustainability committee in February to increase its oversight of ESG issues.
In May, the local lender pledged to embark on decarbonisation targets in six carbon-intensive sectors, joining its peers DBS Bank and UOB in their net-zero quests.
The six sectors that OCBC finances that emit the most greenhouse gas are: power, oil and gas, real estate, steel, aviation, and shipping.
The lender said in May that it will not extend project financing to upstream oil and gas projects that obtained approval for development after 2021. This is on top of a target to reduce absolute emissions from its portfolio by 35 percent by 2030 and by 95 percent by 2050.
Image by: The Straights Times
