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This strengthens its environment and social (E&S) risk management disclosure.
OCBC has adopted the Equator Principles, an international risk management framework adopted by financial institutions worldwide, as a guide on how the bank will determine, assess, and manage environment and social (E&S) risk projects.
In a press release, OCBC revealed that as a signatory, it is required to strengthen its environmental, social and governance disclosure and reporting by disclosing information related to large-scale projects it has financed. This reportedly ensures that strict environmental and social standards are applied in line with international best practices during the project development, construction process, and follow-up monitoring.
The Equator Principles (EPs) is recognised internationally as the “gold standard” for E&S risk management for infrastructure projects, added OCBC, establishing a common standard for determining, assessing and managing environmental and social risks in large-scale development projects.
The EPs is based on the International Finance Corporation performance standards published by the World Bank Group and covers a majority of the project finance transactions originating from emerging markets, providing a minimum standard for due diligence and monitoring to support responsible risk decision-making.
Earlier this year, OCBC announced a new target of $25b by 2025 for its sustainable finance portfolio after surpassing its initial target of $10b in the first quarter of 2020 – two years ahead of schedule.
Notable deals include an A$25m green loan to ComfortDelGro to finance a hybrid bus fleet in Australia, a $1.95b green club loan to M+S for Marina One, and a sustainability-linked trade facility to support the trade and shipment of 50,000 metric tonnes of sustainably sourced sugar, valued at almost US$16m.
A more complete measure of ESG in Mexico
Grab Holdings Inc. and Gojek have made substantial progress in working out a deal to combine their businesses in what would be the biggest internet merger in Southeast Asia, according to people with knowledge of the talks.
The Straits Times Index ended the Tuesday trade up by 8.17 points or 0.29% at 2,814.12. The recovery was in react to the latest economic data of China, recording the fastest growth of factory activity in a decade last month. The gain was also boosted by the investor’s sentiment after pharmaceutical company Moderna asked US and UK regulators to allow emergency use of COVID-19 vaccine. Top gainers for the day were Hongkong Land with 0.12 points to…
SAN RAMON, Calif. (AP) — Business software pioneer Salesforce.com is buying work-chatting service Slack for $27.7 billion in a deal aimed at giving the two companies a better shot at competing against longtime industry powerhouse Microsoft. The acquisition announced Tuesday is by far the largest in the 21-year history of Salesforce. The San Francisco company was one of the first to begin selling software as a subscription service that could be…
Deadline for submissions is on 5 March 2021. With the global acceleration of digitisation, many companies are now tapping into the opportunities of technology and innovation, and Malaysia is definitely not lagging in this trend.
WASHINGTON (AP) — American factories grew at a slower pace last month and there are concerns that surging coronavirus infections will endanger an economic recovery. The Institute of Supply Management, an association of purchasing managers, reported Tuesday that its manufacturing index dipped to 57.5 in November from 59.3 in October. Any reading above 50 signals that manufacturing is expanding. The ISM index plunged in the spring but has since…
Entries can be submitted until 12 March 2021. The highly anticipated awards program for local businesses comes to Malaysia as Singapore Business Review opens the nomination for the inaugural Malaysia National Business Awards. The inaugural awards programme is an initiative to honour exceptional local businesses in Malaysia and give recognition to their outstanding initiatives. Nomination is open to homegrown Malaysian companies with initiatives…
GIC joins 560 investors in requesting companies to disclose their environmental data. Singapore sovereign wealth fund GIC has become the newest investor signatory of global non-profit CDP, joining the growing ranks of 560 investors with US$106t in assets in requesting thousands of companies to disclose their environmental data. According to CDP, a few ways investors are seeking to impact the industry include engaging portfolio companies on their…
MEXICO CITY (AP) — Mexico announced another round of 29 private and public infrastructure projects Monday worth about $11.5 billion which are expected to break ground by the end of 2021. The majority of the plans are for highways, energy and water projects. The announcement is similar to a roughly $14 billion package of 39 building works announced in October. The plans are intended to help kickstart Mexico’s recovery from the coronavirus…
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