United Commercial Bank unveils ‘Sustainability Report 2024’

United Commercial Bank PLC (UCB) has launched its "Sustainability Report 2024" at its corporate office in Dhaka recently, 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, according to a press release.

Through the report, the bank has undertaken an 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.

Sharif Zahir, chairman of United Commercial Bank PLC, attended the event as chief guest, along with members of the board of directors and the senior management team.

"The greatest threat to human existence is the unchecked emission of carbon into the atmosphere. Without immediate and effective action, it will bring about catastrophic consequences," Zahir said at the event.

"UCB's Sustainability Report 2024 is not just a document; it reflects our steadfast commitment to a future where financial growth, social welfare, and environmental protection are deeply interconnected," he added.

The bank announced plans to strengthen financing in green and renewable energy sectors while gradually reducing investments in high-carbon industries.

UCB also aims to enhance operational efficiency 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 core of its decision-making process.

In 2024, the bank made significant progress in green and sustainable financing, supporting projects in renewable energy, energy-efficient technologies, sustainable waste management, green buildings, and climate-resilient agriculture, thereby contributing to national food security and climate resilience.