Security Bank vows to cut emissions by 62% by 2035
MANILA, Philippines — Security Bank Corp. is aiming to cut carbon emissions from its own operations by 62 percent by 2035, as it sharpens its focus on efficiency and long-term sustainability.
The bank led by tycoon Frederick Dy said on Wednesday that the target covers its Scope 1 and Scope 2 emissions, or those tied to fuel and electricity use across its nationwide network of offices and branches.
Announced in line with Earth Day 2026, the commitment will be measured using an emissions intensity approach, expressed as tons of carbon dioxide equivalent per full-time employee.
The bank said this framework will allow it to pursue growth while improving operational efficiency and lowering its carbon footprint.
Security Bank noted that for financial institutions, most emissions typically come from financed portfolios. Still, it is taking a step-by-step approach, starting with emissions it directly controls while building its broader decarbonization strategy.
“Climate action has to show up in how we operate day to day,” said Allen Reyes, chief financial officer and chair of the bank’s sustainability committee.
“This is about disciplined execution and exploring innovations that will reduce emissions while maintaining strong returns. Our actions today support a resilient and sustainable future.”
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Global standards
Since 2023, the bank has been working with climate consultancy firm South Pole to establish its emissions baseline aligned with global standards.
The firm also helped assess reduction pathways based on the bank’s projected growth and planned interventions.
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To meet its target, Security Bank said it would accelerate initiatives on energy efficiency, renewable energy adoption and sustainable workplace practices. It also plans to strengthen data systems, governance and accountability mechanisms to support its decarbonization efforts.
South Pole regional director Shruti Singh said credible climate action begins with clear baselines and achievable reduction pathways, noting the partnership supports the bank’s focus on measurable progress.
Security Bank said its strategy reflects a broader industry shift as climate expectations rise, underscoring its approach of starting with controllable emissions while laying the groundwork for wider portfolio decarbonization. INQ
