"Green group files complaint against OCBC to SGX over alleged disclosure gaps on coal plants", 24 February 2026

... complaint has been lodged with the Singapore Exchange (SGX) against OCBC Bank for potentially failing to comply with sustainability reporting requirements, specifically pertaining to the lack of disclosures around the bank’s exposure to captive coal plants.

.... Market Forces said in a media statement on Feb 24 that OCBC did not provide investors with complete information material, including .... its exposure to ... captive coal plants.

The ... organisation previously flagged OCBC, along with UOB and DBS Bank, for financing coal-powered nickel smelters and refineries run by Indonesia’s Harita Group.

Even though all three Singapore banks have committed to cease the financing of new coal-fired power plants, financing the production of nickel does not fall under this remit even if the extraction activities are powered by coal....

.... OCBC chief sustainability officer Mike Ng said the bank remains committed to transparent sustainability and environmental disclosures that are aligned with SGX rules and international frameworks.

“In addition, we are guided by our responsible financing framework and policies which outline our approach and dedication to managing ESG risks within our lending practices, to ensure that our financial services do not adversely impact people, communities or the environment,” he added.

.... Market Forces said... “OCBC does not clearly disclose whether captive coal power plants are included in the calculation of these thresholds, nor how such exposure is assessed for energy-intensive industrial clients,”...

... this lack of a clear disclosure may constitute “material omissions” and potentially result in investors not being provided with an accurate representation of the bank’s climate-related risks, which are requirements under 711A and 711B of SGX’s rule book.

Under SGX’s rule book, banks would also have to comply with the recommendations made by the International Sustainability Standards Board (ISSB) from their 2025 financial year, which means the first sustainability reports aligned with ISSB would be published in 2026.

Under the new ISSB framework, banks are required to disclose their absolute gross financed emissions for each industry by asset class. This would ... fall under the investment category of a bank’s Scope 3 emissions – indirect emissions arising from an entity’s supply chain.

... OCBC did not specifically disclose its financed emissions arising from its loan to Harita Nickel in its previous ... reports, the bank reports the financed emissions of six sectors – power, oil and gas, real estate, shipping, steel, and aviation – for which it has set decarbonisation targets.....

.... Market Forces did not file a complaint with SGX against DBS and UOB, which were also flagged for their lending to Harita Nickel, ... the organisation’s Asia energy finance campaigner, said DBS and UOB have different policies, funding timelines and exceptions.

Mr Ng said funding the production of nickel is necessary, with global demand for the material – a critical component for the production of electric vehicle batteries – projected to increase by nine times in the next 25 years.....