OCBC stays the course on climate commitment
[SINGAPORE] The global effort to combat climate change has faced significant headwinds in recent years.
Under the Trump administration, the US withdrew from the Paris Agreement, a landmark international treaty to tackle climate change. More recently, several major financial institutions, including American and Japanese banks, exited the Net-Zero Banking Alliance, a coalition committed to aligning banking practices with net-zero greenhouse gas emissions by 2050.
Despite this shifting landscape, OCBC remains committed to its decarbonisation agenda.
'For OCBC, our position remains the same because climate change is still a real issue based on science, and it is our responsibility to be part of the solution as a connector of capital,' says OCBC's group chief sustainability officer Mike Ng.
The bank offers strategic advisory, innovative financial solutions and ecosystem partnerships to help large corporations, small and medium enterprises (SMEs), and retail investors achieve their sustainability goals.
Ng acknowledges that the journey to net zero is fraught with challenges and 'will never be linear'.
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Nevertheless, he stresses that OCBC's commitment to sustainability is not an 'academic exercise' but a long-term business strategy for the bank that shapes its portfolio and guides how it supports industries and clients in their green transition.
While climate efforts globally may appear to be losing momentum, Ng believes that significant opportunities remain in the transition to net zero, particularly in Asia.
A World Economic Forum white paper from 2023 estimated that climate adaptation and mitigation initiatives in Asia could unlock an additional US$4.3 trillion in revenue and create 232 million new jobs in the region by 2030.
Ng points out that industries such as renewable energy and electric vehicles have already achieved commercial viability, and that some OCBC clients are actively increasing their investments in these areas across the bank's key markets.
These markets include China, which has emerged as a green industry powerhouse. The country added 373 gigawatts of renewable energy capacity in the past year and now accounts for more than 70 per cent of global EV production. In 2024 alone, it exported nearly 1.25 million electric cars.
Investments are also being made in emerging technologies. In 2024, OCBC participated in the project financing of a large-scale carbon capture and storage (CCS) project in the UK. CCS technologies are currently being explored in various markets in Asia.
The business case for sustainability
Ng cautions that the risks of inaction against climate change remain high, especially in Asia, which is expected to bear the brunt of the physical consequences of climate change. 'We need to continue to pay attention, especially from a loan portfolio perspective, as part and parcel of sound risk management,' he says.
Ng notes that despite the broader global turn against decarbonisation, governments in the region remain focused on the transition.
For example, in the markets where OCBC operates, policymakers continue to promote regulations and guidelines pertaining to transition planning, sustainability reporting and sustainable financing, among others.
The global backtracking by some institutions also presents a timely opportunity to take stock of current decarbonisation policies and regulations, says Ng.
For example, sustainability reporting has become a 'burdensome' requirement for some firms, potentially distracting from meaningful climate action. In this context, the European Union's Omnibus package announced earlier this year aims to streamline sustainability regulations and ease compliance costs for companies, especially SMEs.
Ng also calls for a reassessment of the reference pathways – which set out emission reduction targets and deadlines – for underperforming sectors.
While a sector such as power is progressing well against its net-zero reference pathway due to the proliferation of renewable energy, others such as aviation and shipping are seeing slower progress due to the limited availability of green technology. This disparity suggests it may be time to recalibrate these pathways and targets.
'Because the more unrealistic those reference pathways and targets remain, the less inclined financiers, investors and businesses will be to commit to them. Without targets, it will be hard to galvanise action,' says Ng.
An opportune moment for action
In light of this, Ng believes it is all the more critical now to continue to encourage and support businesses to work towards their decarbonisation goals, rather than risk having them fall off the journey due to the difficulties.
'OCBC remains committed to supporting our clients in their net-zero transition and sustainability goals with financing as well as knowledge and tools,' he says.
The bank supports both large corporates and SMEs through three key areas: strategic advisory, innovative financial solutions and ecosystem partnerships.
For large companies, OCBC provides industry-specific advisory services, helping them quantify cost savings from undertaking emissions reduction initiatives and assess return on such investments.
The bank also extends financing to help them meet their sustainability goals.
Asia's partner for a sustainable future
Its leadership in sustainable finance is reflected in recent accolades. With a committed sustainable finance portfolio of S$71 billion, OCBC was ranked the top Mandated Lead Arranger for Green and Sustainability Linked Loans in both Asia-Pacific (excluding Japan) and in South-east Asia by the London Stock Exchange Group last year.
OCBC also ranked eighth in Environmental Finance's 2024 Sustainability Coordinators League Table, which showcases the top banks leading the charge globally in sustainability coordinator deal activity and volume. OCBC was the only Singapore bank on the list.
For SMEs which lack the resources of larger firms, OCBC helps them understand the steps they can take to decarbonise and to access the capital needed to do so.
For example, in February this year, OCBC partnered Enterprise Singapore to launch the OCBC SME Start-ESG Programme, which helps SMEs measure sustainability metrics, receive expert advice and access sustainability-linked loans (SLL). Last year, more than 110 SME clients received such loans – four times more than in 2023.
The bank also offers unique products, such as its first-in-market OCBC 1.5 degrees Celsius loan. Unlike other SLLs whose parameters are negotiated between the client and financial institution, the OCBC 1.5 deg C loan sets 'science-based, measurable targets' for clients to lower their emissions, based on the industries they are in. Since its launch in 2023, OCBC has offered the loan to major corporates, including City Developments Limited, CapitaLand Ascott Trust and Cofco International.
Beyond businesses, OCBC also supports retail investors on their sustainability journey. In February 2024, it launched the OCBC Sustainability Hub on its mobile app, allowing users to view the ESG rating of their investment portfolios. This feature helps individuals make more informed investment decisions and contribute to sustainability in a tangible way.
Staying the course
Ng reiterates that OCBC's net-zero commitment in its financed emissions is a 'strategic, long-term decision', aligned with the enduring nature of climate change.
He acknowledges that some companies may choose to pause their green transition efforts for now, focusing on more immediate business challenges such as the impact of US tariffs.
Even so, he urges businesses to view decarbonisation as an integral part of their long-term strategy. As larger corporations increasingly scrutinise the emissions of their supply chains, smaller suppliers will find it in their business interest to reduce their own emissions in order to stay competitive. Improving on their sustainability metrics also allows companies to tap into the growing pool of sustainable finance.
Says Ng: 'Climate change will come back and bite us one of these days, sooner or later, in one way or another. So it's better to be prepared than not to be prepared.'
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Straits Times
3 hours ago
- Straits Times
Why restaurants like Scarpetta do not take reservations
Mr Theeviyan Raja (left), a front-of-house staff member at Scarpetta, welcomes diners as the restaurant opens for dinner. By 6pm, around 80 customers had joined the queue. ST PHOTO: BRIAN TEO Why restaurants like Scarpetta do not take reservations SINGAPORE – Dining out is a fairly straightforward process in Singapore, swathed, for the most part, in the certainty of a guaranteed seat. You pick a place, punch in your details and rock up at the prearranged hour. Recognition glints in the host's eyes as your name surfaces in the system. The food arrives after a while. You pay, you leave. In some cases, a special reservation link is sent to your e-mail, and the cycle begins anew. But what happens when a restaurant eschews convention for the unpredictability of a walk-in system? Suddenly, it is anyone's game. The question becomes not just what to order, but also what time to show? How long to wait? When to throw in the towel and leave? 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'The only way to charge these prices is with high volume. And if I need volume, I can't take reservations because that would limit my dinner seatings to two a night.' Queues at Scarpetta tend to snake along Amoy Street, once even reaching Amoy Street Food Centre. ST PHOTO: BRIAN TEO For restaurants like Mensho Tokyo Singapore at Raffles City, doing away with bookings helps to democratise the dining experience. No number of bots or connections will make the line move any faster. 'This ensures that every guest has an equal opportunity to enjoy our ramen, creating a welcoming and fair experience for all,' says a spokesperson for the Japanese chain. Likewise, Mr Lim Kian Chun, 33, chief executive of Ebb & Flow Gro up, which runs popular Italian restaurant Casa Vostra at Raffles City, adds: 'Physical queues keep things simple and accessible to customers of all ages, especially our segment of older customers who are less familiar or comfortable with digital reservation systems.' Cancelling cancel culture It is a type of survival tactic too. With cancellations rising across the board – Mr Yeunh says that a 20 to 30 per cent cancellation rate, which some restaurants are experiencing, is enough to kill a business – it is sometimes easier not to section off seats in advance. Mr Lim says: 'Implementing reservations introduces the element of unpredictability with no-shows, late arrivals and variable dining durations, which can disrupt the dining experience for other s.' By eliminating the logistical scramble, staff can focus on the parts that count the most: food and service. And that extra bandwidth comes in especially handy when walk-in traffic continues unabated throughout the night. The first 28 guests are seated when doors open and everyone else is given a time to return, their names scribbled down on a tiny blackboard. ST PHOTO: BRIAN TEO Mr Yeunh recalls: 'We were really grateful that response was so overwhelming when w e opened in February, but part of the issue was that we were running out of food. So, people would wait two hours, only to find that we've sold out half the men u. I imagine that would be incredibly frustrating. ' The seven-person team, now fortified with two extra chefs, has since fine-tuned operations to guarantee that all guests who wait in line will be able to order whichever dishes they came to try. They try to estimate based on the capacity of the restaurant, but as a general rule, 'we make as much as we can'. Casa Vostra's team also had to adjust to the daunting task of keeping up with demand while maintaining a consistent quality of food and service. Over a year in, Mr Lim says they have got the hang of things. 'We've worked very hard to improve our daily operations and food and service standards, and hav e managed to reduce waiting times while continuing to serve the same volume of customers.' Great expectations The longer the queue, the higher the expectation. 'It best be worth the wait,' quips chef consultant Fiona Tang, 35, who eventually snagged a seat at Scarpetta 2½ hours after arriving. Her sentiment is echoed by fellow diner Kelly Pohan, a 17-year-old student who visited Scarpetta in May. 'The food does not just have to be good, but also good enough to justify wasting two hour s. ' However, she also relished the anticipation of waiting to try very in-demand restaurants, whi ch ' creates more excitement'. Service at Scarpetta moves fast, with most diners finishing their meal within an hour. ST PHOTO: BRIAN TEO For 20-year-old undergraduate Raen Tan, a snaking queue – like the one she joined outside Casa Vostra – is a worthwhile gamble. 'It suggests that the food is either good or new. As someone who's adventurous, I'd be willing to queue to try new things that are popular or raved about.' Besides, as Ms Joey Chua, 29, a liquefied natural gas market analyst, points out: 'I can do many other things, such as read, look through e-mails, reply texts or daydream while queueing. To me, it doesn't really count as a waste of time.' In Singapore, where queueing has all but been gazetted as a national pastime, hers is far from an atypical view. Dr Hannah H. Chang, associate professor of marketing at SMU, says it is an example of social proofing – a phenomenon in which people make decisions by following the actions of those around them – that has found special resonance here. 'Queue culture is sometimes discussed as a demonstration of kiasuism, that if you don't queue, you may miss out on a good deal, experience or produc t.' Mr Sai Ming Liew, a senior adviser at global research and innovation consultancy Behavioural Insights Team, adds that while the tipping point may come when customers feel that a queue is not moving fast enough, the sunk cost fallacy sometimes keeps them in place longer tha n intended. 'The longer people spend in a queue, the more they start to feel a sense of psychological ownership over the object or experience they're waiting for. Because people are naturally averse to losses, this can make them reluctant to walk away, even if it might no longer be worthwhile,' he notes. Though this fear of missing out has proved something of a boon to Scarpetta, Mr Yeunh laughs off accusations that he is creating a queue for the sake of it. 'I always tell the team that we have to deliver. Don't skimp on the hospitality. Don't skimp on the food. Be super focused. Take our food really, really seriously.' In the past, before the blackboard system freed customers from having t o sta nd in line outside the restaurant , staff would try to sweeten the wait by handing out free drinks. Refreshments are also distributed outside at restaurants such as Gyukatsu Kyoto Katsugyu at Raffles City. Nonetheless, some restaurants have caved and done away with their no-reservations policy. Spanish restaurant Esquina opened in 2012 and started accepting bookings in 2014, after it added a dining room on the second floor. Though walk-ins are more efficient for a busy restaurant like his, chef-owner Carlos Montobbio, 38, concedes that bookings made a big difference to the guest experience. 'We care a lot about service, and having people wait outside – especially if it's a business dinner, a date or regulars coming back – just didn't feel right. Letting people book a table gave them a much more comfortable and reliable experience,' he says. Others, like local cuisine chain Great Nanyang, which gets multiple queries a week about whether it takes reservations, have found a compromise of sorts. Since April, groups of at least 10 diners can secure their seats at any of its outlets in advance. 'As our customers have different dining time periods, it i s di fficult to get available empty tables side-by-side to combine for larger groups. To cater to groups of this size, we need to plan and set aside tables in advance,' says founder Keith Kang, 42. Though he is wary that the sight of empty tables may provoke some unhappiness among walk-in guests, no complaints have been made so far. Casa Vostra's Mr Lim is also grateful that most customers understand the reasons for the restaurant's policy, and vows to go the extra mile to maintain that trust. He says: 'Our team makes every effort to offer attentive service and maintain relationships with our regulars – from remembering their favourite dishes and preferences to connecting with them each time they dine.' Worth the wait? The next time you find yourself staring down the barrel of a weekend with no prearranged plans, try your luck at one of these no-reservations restaurants – the final bastions, some might say, of dinnertime democracy. Scarpetta Cacio e Pepe pasta with Crispy Guanciale from Scarpetta. ST PHOTO: BRIAN TEO Where: 47 Amoy Street Open: 11.30am to 2.30pm (Tuesdays to Saturdays), 6 to 10.30pm (Tuesdays and Wednesdays), 6 to 11pm ( Thursdays ), 6 to 11.30pm (Fridays and Saturdays) Info: @ on Instagram This chic 28-seater was modelled after the pasta bars of London – think Padella, the perennially popular Borough Market institution, and the like. So, it was that ethos of casual excellence that Mr Aaron Yeunh, who lived in the English capital for over a decade, sought to recreate here: great food at fair prices, without so much as a whiff of pretentiousness. Scarpetta's menu is lean and disciplined. It is split into four modest sections, with most prices hovering around the $10 to $20 range. The most expensive thing on sale is al granchio e limone ($26), a dish of taglioni with blue swimmer crab and confit garlic that would, in most other centrally located restaurants, have retailed for upwards of $30. There is undeniable finesse in the way pasta here is twirled – continuously and right before the eyes of hungry, restless diners too. The cacio e pepe ($20) is really a pasta alla gricia, with a black pepper-pecorino romano base and crispy guanciale topping. Whatever its name, it is a textural delight, perfect for anyone who prefers his or her pasta al dente and salted with pockets of fried fat. All'assassina from Scarpetta. ST PHOTO: BRIAN TEO The all'assassina ($18) with pomodoro tomatoes and chilli is more divisive, says Mr Yeunh. Diners might be forgiven for mistaking the messy nest of slightly burnt strands for a kitchen accident that snuck onto the table . But the char is intentional, and elevates the springy, spicy noodles in the same way wok hei breathes fragrance into a plate of bee hoon. Cut the heaviness with a radicchio salad dressed with a truffle vinaigrette and showered in parmigiano cheese ($14), before diving into the sweet embrace of dessert – milk gelato draped in extra virgin olive oil and flaky salt ($6). Tip: Visit during off-peak hours, such as 1.35pm on a weekday or after 8.45pm for dinner. Mensho Tokyo Mensho Tokyo Singapore is famous for its chicken soup ramen. ST PHOTO: CHERIE LOK Where: 03-43 Raffles City, 252 North Bridge Road Open: 11am to 9pm daily Info: @ on Instagram Mensho Tokyo, a Japanese ramen chain whose San Francisco outlet is currently listed in California's Michelin Guide, arrived in Singapore in July, trailed by hordes of curious diners eager for a sip of its umami-rich soup. Its signature toripaitan ($28++) la yers A5 wagyu chashu, smoked pork chasu, duck chasu, chicken chashu, king oyster mushroom strips and ajitama eggs on wavy wheat noodles. All this is steeped in a creamy chicken broth that does not immediately knock you out in the way that pork, with its stronge r fl avour, sometimes does. A dry alternative exists in the form of the A5 wagyu aburasoba ($41++), which blankets its chewy wheat noodles in two types of Miyazaki beef. A sauce made of barrel-aged shoyu adds savoury depth to this oily, indulgent bowl of noodles. Other more unconventional options include the duck matcha ($25++) and chilli crab ramen ($28++) – a Singapore-exclusive tribute to a local classic – which have yielded mixed reactions from diners. Th e restaurant also serves up a bevy of sides, like fried chicken ($12.80++) perfumed with Japanese black vinegar, crispy enoki chips ($8.80++) and torched corn with tare sauce ($8.80). Tip: Go on a Tuesday or Wednesday evening, when the restaurant tends to be quieter – you might even be able to enter without queueing. As wait times can reach up to 30 minutes on weekends, guests are encouraged to arrive early. Tonshou Hire katsu set from Tonshou. ST PHOTO: CHERIE LOK Where: 51 Tras Street Open: 11am to 9pm daily Info: @tonshou_sg on Instagram Tonshou is a Korean pork cutlet chain more than capable of going toe to toe with the top Japanese tonkatsu restaurants in Singapore. Its not-so-secret weapon? A charcoal-grilled pork cutlet that redefines what tonkatsu should look and taste like. Instead of rectangular blocks trimmed with fat – though it has those too – Tonshou's Instagram-famous hire katsu set ($28++) rolls in on blushing pork loin medallions. A meticulous four-stage cooking process packs the juices into the meat, ensuring the cutlet remains crispy yet succulent. The rosu katsu set ($28++), on the other hand, more closely resembles the version of this dish typically found at Japanese eateries, and offers much of the same textural duality, plus an added burst of fat. These breaded slabs of gold can also be stuffed between bread. A pork cutlet sandwich costs $21++, while a shrimp tempura sandwich goes for $24+ +. Because this is a Korean chain, all sets come with a small saucer of kimchi. The usual accoutrements follow too: miso soup, shredded cabbage and rice. Tip: The restaurant uses a QR-based remote queueing system, so join the waitlist before travelling to the restaurant to minimise waiting time. It is also in the process of setting up a reservation system. Casa Vostra Italian restaurant Casa Vostra has updated its menu with new dishes. PHOTO: CASA VOSTRA Where: 01-49/50/51 Raffles City, 252 North Bridge Road Open: 11.30am to 10pm daily Info: After a year at Raffles City, casual Italian joint Casa Vostra is still commanding formidable queues, even on weekday evenings. To keep up with the hype, the restaurant refreshed its menu in April, unveiling homely fare such as the aglio e olio ($15) inspired by the recipe of chef-owner Antonio Miscellaneo's moth er. It tosses in sun-dried tomatoes for some summery pizzazz. The beef cheek parpadelle ($25) is another new entrant worth waiting for. Silky pasta sheets act as the perfect vehicle to sop up a rich and meaty ragu stewed with tomatoes and smoked speck. A smattering of new sides have wound their way onto the menu too. For example, the baked scamorza ($6), a dangerously gooey puddle of melted cheese drizzled with honey. Last but not least, no trip to Casa Vostra is complete without a slice of its trademark Newpolitan pizza, dressed up this time with the sweet-savoury melange of Parma ham, fig puree, rocket, Parmigiano Reggiano, candied walnuts and Fior di latte mozzarella ($26). As always, the crust – whipped into shape by a long process of fermentation and baking – is perfectly airy and crisp. If its sweet undertones do not suit your palate, there is a steady selection of traditional flavours to pick from, all affordably priced and well under the $30 mark. Tip: Drop by from 2 to 5pm, the restaurant's off-peak hours. Check out ST's Food Guide for the latest foodie recommendations in Singapore.
AsiaOne
4 hours ago
- AsiaOne
South Korea's Lee Jae-myung, Trump agree to work towards swift tariff deal, Lee's office says, World News
SEOUL/WASHINGTON - US President Donald Trump and South Korea's new president Lee Jae-myung agreed to work toward a swift tariff deal in their first phone call since Lee was elected this week, Lee's office said on Friday (June 6). Trump has imposed tariffs on South Korea, a long time ally with which it has a bilateral free trade deal, and pressed it to pay more for the 28,500 US troops stationed there. Separately, Trump allies have aired concerns about Lee's more conciliatory stance towards China, Washington's main geopolitical rival. Lee, a liberal, was elected on June 3 after former conservative leader, Yoon Suk Yeol, was impeached and ousted. The future of South Korea's export-oriented economy may hinge on what kind of deal Lee can strike with Trump, with all of his country's key sectors from chips to autos and shipbuilding heavily exposed to global trade. His term began on Wednesday. "The two presidents agreed to make an effort to reach a satisfactory agreement on tariff consultations as soon as possible that both countries can be satisfied with," Lee's office said in a statement. "To this end, they decided to encourage working-level negotiations to yield tangible results." Trump invited Lee to a summit in the US and they plan to meet soon, according to a White House official. Analysts say the first opportunity for the two to meet could be at a G7 summit in Canada in mid-June. Lee's office said the two leaders also discussed the assassination attempts they both experienced last year as well as their enthusiasm for golf. Lee underwent surgery after he was stabbed in the neck by a man in January last year, while Trump was wounded in the ear by a bullet fired by a would-be assassin in July. South Korea, a major US ally and one of the first countries after Japan to engage with Washington on trade talks, agreed in late April to craft a "July package" scrapping levies before the 90-day pause on Trump's reciprocal tariffs is lifted, but progress was disrupted by the change of governments in Seoul. Lee said on the eve of the elections that "the most pressing matter is trade negotiations with the United States." Lee's camp has said, however, that they intend to seek more time to negotiate on trade with Trump. While reiterating the importance of the US-South Korea alliance, Lee has also expressed more conciliatory plans for ties with China and North Korea, singling out the importance of China as a major trading partner while indicating a reluctance to take a firm stance on security tensions in the Taiwan Strait. Political analysts say that while Trump and Lee may share a desire to try to re-engage with North Korea, Lee's stance on China could cause friction with the US A White House official said this week that South Korea's election was fair, but expressed concern about Chinese interference in what analysts said may have been a cautionary message to Lee. Speaking in Singapore last week, US Defence Secretary Pete Hegseth said many countries were tempted by the idea of seeking economic co-operation with China and defence co-operation with the United States, and warned that such entanglement complicated defence co-operation. [[nid:718821]]
