The chief sustainability officer will have a significant focus on OCBC business and clients.
This new position will drive the sustainability goal, which includes the shift to a Net Zero economy on the fronts of lending and asset management.
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Furthermore, to guarantee successful business alignment, the function will go beyond promoting and reporting Environment, Social, and Governance (ESG) content or strategy with greater business performance measurement.
The board sustainability committee was established by OCBC in February 2023 to increase its efforts in ESG issue supervision.
At the beginning of August 2023, Mike Ng, an expert in sustainable finance, will take over as group CSO.
In order to assist customers in achieving their climate action objectives, he will also actively lead the efforts supporting clients’ transition and delivering modern products and services.
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By GlobalDataNg serves as the head of the sustainability office for global wholesale banking, the division in charge of small- and medium-sized businesses and large corporations.
He has been leading OCBC’s initiatives in sustainable finance.
Ng began working for the bank in 2010 as the head of structured & project finance.
In 2018, he expanded his responsibilities to lead the development of sustainable finance solutions for large corporations.
He started out as the global wholesale banking’s head of sustainability office in June 2022.
In the last five years, Ng has provided corporate clients from a variety of industries with advice on how to transition to Net Zero and has guided the bank to make great strides in the renewable energy industry by funding solar and wind farm projects all over the globe.
As the first Singaporean bank to do so, he played a key role in OCBC’s decision to stop funding new coal-fired power plants in 2019.
OCBC announced in May 2023 the decarbonization targets for six sectors and the crucial steps necessary to achieve Net Zero in its financed emissions by 2050.
It will surpass the S$50bn threshold in committed sustainable finance in 2023, two years earlier than expected and two years ahead of the aim of “S$50bn by 2025.”
