The Oversea-Chinese Banking Corporation Limited has apparently declared that it will invest nearly S$87,000 in six green ventures in Singapore. Incidentally, the #OCBCCares Fund for the Environment, launched in July 2017, had resolved to provide around S$100,000 on a yearly basis for the projects that contribute toward a greener environment.
Koh Ching Ching, the Head of Corporate Communications at OCBC Bank, has stated that the ability of the financial institution to fund six ventures through a funding lesser than the allocated amount indeed demonstrates eco-friendly programs need not necessarily be backed with exorbitant capital.
Earlier, #OCBCCares had received 28 bids for funds, half among which were aimed at waste reduction or increasing recycling activities across the country. Some of the key officials of the bank are of the view that this does not exactly come as a surprise, given that solid waste production in Singapore has piled up substantially over the last few years. As per the National Environment Agency (NEA), the quantity of disposable waste in the Southeast Asian country has increased by 22% from 2006 to 2016 (figuratively, from 7,023 tons per day in 2006 to 8,559 tons per day in 2016).
Post the shortlisting process of the proposals, aspirants reportedly had to undergo consultation & interview sessions with committee members, who would evaluate their bids. The committee included representatives from the National Parks Board, OCBC Bank, NEA, and PUB. According to the #OCBCCares Fund for the Environment, more such bids are likely to be invited for providing funds in the second half of this year. The fund apparently is open to those firms, individuals, or groups, whose key objective is to develop eco-friendly products.
OCBC’s strategic move targeted at environmental protection and sustainability is likely to promote the large-scale development of green projects, claim industry experts.
Dhananjay develops content for Market Size Forecasters. A post graduate in mathematics as well as business administration, he worked as a process executive in Infosys BPO Limited before switching his professional genre. Following his childhood passion, he opted for a career in writing and now pens d...