United Commercial Bank PLC has launched its Sustainability Report 2024, becoming one of the first banks in Bangladesh to formally disclose carbon accounting details in the financial sector.
The press release said the report measures and discloses total carbon emissions from lending and investment activities, setting a new benchmark for environmental transparency in banking.
The report was unveiled at a recent ceremony at the bank’s corporate office in Dhaka.
“The greatest threat to human existence is the unchecked emission of carbon into the atmosphere,” said UCB Chairman Sharif Zahir.
He said the Sustainability Report reflects the bank’s commitment to ensure financial growth, social welfare and environmental protection move together.
The report includes Scope 3 financed emissions using a PCAF-based template developed by JIM Foundation, along with Scope 1 and Scope 2 emissions related to the bank’s direct and energy-based footprint.
UCB plans to expand financing in green and renewable energy sectors while gradually reducing exposure to high-carbon industries.
The bank aims to reduce electricity and paper consumption, regularly disclose its carbon footprint and achieve net zero emissions by 2050.
UCB said it has advanced Environmental, Social and Governance integration in its decision-making process.
In 2024, the bank increased support for renewable energy, energy-efficient technologies, sustainable waste management, green buildings and climate-resilient agriculture that contribute to food security.
UCB said sustainable banking will deliver long-term value to customers, borrowers and shareholders as investments shift toward low-risk and environmentally responsible sectors.
The Sustainability Report 2024 outlines UCB’s vision to contribute to a resilient and sustainable Bangladesh for future generations.
