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 Assistant General Manager, Sustainable Banking at the Bank of Ceylon. “We’re taking every possible actions 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 branch levels, the adoption of renewable energy sources, compliance with green building standards, and the promotion of energy efficient employee commuting solutions to reduce fuel consumption.
The bank has also introduced green loans, further supporting the shift towards renewable energy among its customers and staff.
Recognising the urgency of mitigating the 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 January 1, 2023, to December 31, 2023, were carefully and diligently assessed by Climate Smart Initiative (Pvt) Ltd and independently verified by Sri Lanka Climate Fund (Pvt) 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 islandwide 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 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.
