Question 1

OCBC Bank is a long-established Singapore bank with a sustainability strategy. Review OCBC’s Sustainability Report 2022 (“OCBC Report”) (see https://www.ocbc.com/iwov- resources/sg/ocbc/gbc/pdf/ocbc-sustainability-report-2022.pdf) and address the following:

(a) Briefly explain the concept of green finance and appraise OCBC’s efforts in relation to green finance, by citing two (2) relevant examples of OCBC’s efforts from OCBC’s Report, and explaining the value created from these efforts with a conclusion.

(b) One of the inherent limitations highlighted by PricewaterhouseCoopers LLP (“PWC”) in its Assurance Statement in OCBC’s Report is that “the quantification of the greenhouse gas emissions data…is subject to inherent uncertainty” (See page 61 of OCBC’s Report). Apart from the scientific and estimation uncertainties in relation to greenhouse gas emissions data, there has also been a separate issue of a lack of common standards internationally and locally for companies to report their greenhouse gas emissions (“Lack of Common Standards Issue”).

Examine the problems that may have arisen from the Lack of Common Standards Issue and discuss how these problems can be addressed.