UCB launches 'Sustainability Report 2024'

United Commercial Bank PLC (UCB) has officially launched its 'Sustainability Report 2024', marking a significant milestone in the country's banking industry.

With this publication, UCB has become one of the first banks in Bangladesh to formally disclose its Carbon Accounting, setting a new benchmark for sustainable banking practices, says a press statement.

Through this report, the bank has undertaken the initiative to measure and disclose total carbon emissions generated from its lending and investment activities, establishing a new precedent in transparency and environmental accountability within the financial sector.

The report was unveiled at a special ceremony held at UCB's Corporate Office in Dhaka recently. Sharif Zahir, Chairman of UCB, was present as the chief guest, joined by members of the Board of Directors and Senior Management Team.

The Carbon Accounting section of the report includes Scope 3 (Financed Emissions), assessed using the JIM Foundation's PCAF-based template, along with Scope 1 and Scope 2 emissions, which cover the Bank's direct and energy-related carbon footprint.

UCB announced its plan to strengthen financing in green and renewable energy sectors while gradually reducing investments in high-carbon industries.

The bank also aims to enhance efficiency in its own operations by reducing electricity and paper consumption, regularly measuring and disclosing its carbon footprint, and ultimately achieving Net Zero emissions by 2050.

The report further highlights UCB's commitment to embedding Environmental, Social, and Governance (ESG) principles at the heart of its decision-making process.

In 2024, the bank made significant progress in Green and Sustainable Financing, supporting initiatives in renewable energy, energy-efficient technologies, sustainable waste management, green buildings, and climate-resilient agriculture, contributing directly to national food security and climate resilience.

UCB believes that sustainable banking is good banking. These initiatives will not only benefit the environment but also bring long-term value to customers, borrowers, and shareholders. Customers will enjoy more transparent and responsible banking services; borrowers will gain greater access to green financing opportunities that reduce costs over time; and shareholders can be confident that their investments are being directed toward sustainable, low-risk sectors.