Bank of Ceylon achieves ISO 14064-1:2018 certification

Tuesday, 22 October 2024 00:10 - - {{hitsCtrl.values.hits}}

The Bank of Ceylon (BOC) has been awarded the ISO 14064-1:2018 certification for the quantification and reporting of greenhouse gas (GHG) emissions.

The certification marks a major milestone in BOC’s ongoing journey to achieve carbon neutrality. As part of its commitment, the bank finalised a comprehensive Carbon Management Plan in 2022, which includes new strategies for the accurate measurement and effective reduction of GHG emissions.

“Getting the ISO 14064-1:2018 certification shows the bank’s commitment towards protecting our planet,” said BOC Assistant General Manager – Sustainable Banking. “We’re taking every possible action to lead the way in our industry and tackle the environmental issues that matter most.”

BOC has implemented a series of initiatives aimed at enhancing its natural capital and reducing its carbon footprint. These initiatives include energy-saving measures at the branch level, the adoption of renewable energy sources, compliance with green building standards, and the promotion of energy efficient employee commuting solutions to reduce fuel consumption.

Additionally, the bank has introduced green loans, further supporting the shift towards renewable energy among its customers and staff.

Recognising the urgency of mitigating global warming and the role of GHG emissions in exacerbating the issue, BOC has made it a priority to contribute to global efforts to combat climate change. This commitment is evident in the bank’s large-scale and branch-level tree-planting campaigns, installation of solar systems throughout its branch network, as well as its continuous efforts to operate in an environmentally responsible manner.

The operational GHG emissions for the period from 1 January 2023 to 31 December 2023 were carefully and diligently assessed by Climate Smart Initiative Ltd., and independently verified by Sri Lanka Climate Fund Ltd. in accordance with ISO 14064-1:2018 standards.

As a result of this rigorous assessment, BOC has been awarded a ‘reasonable level’ of assurance for its GHG emissions reporting, covering Scope 1 to 4 emissions. The bank’s total carbon footprint for 2023 was decreased by 28% compared to 2022 and determined to be 19,030 tCO2e, with per capita emissions at 2.22 tCO2e per employee and an emission intensity of 0.04 tCO2e per million rupees.

The comprehensive reporting of organisational-level GHG emissions by BOC, covering the head office and its entire island-wide branch network, adheres to the ISO 14064-1:2018 guidelines and the United Nations Intergovernmental Panel on Climate Change’s (IPCC) Fifth Assessment Report (AR5). This approach includes both direct and indirect GHG emissions, offering a more holistic view of the bank’s environmental impact. BOC also ensures that its reporting meets the Global Reporting Initiative (GRI) Standards, which are detailed in the bank’s Annual Report.

BOC said it continues to be the pioneer in sustainable banking practices and keeps setting industry benchmarks in environmental sustainability as it advances towards its goal of carbon neutrality.