OCBC to fund 5 projects by youths to encourage collective action on climate change issues

OCBC Bank will fund the implementation of 5 projects proposed by Singapore youths that can make a “viable and large-scale difference” to Singapore’s national agenda for sustainable development.

These projects - to be supported by the #OCBCares Environment Fund - were picked out of a total of 11 submissions that were showcased during the recent Sustainability Exchange event held on May 27. The bank said that this fund supports ground-up projects that can “generate actionable outcomes and nudge adoption of environmentally responsible behaviour”.

Two of the 5 chosen projects tap on the growing popularity of vending machines and a “Bring Your Own” culture in Singapore to mitigate a rise in plastic waste. The other 3 projects include one that develops a game simulation to encourage more people to adopt green practices, and a portal to connect like-minded individuals to tackle environmental issues.

According to figures from market research provider Euromonitor International, revenues earned in Singapore from vending machines grew about 15 per cent in the period from 2014 and 2019.

One of the projects - called ReuseOnly, by a team of 4 students from the National University of Singapore and Singapore Polyclinic - will see them implement vending machines with a 2-in-1 function to dispense reusable crockery and cutlery. A customer can either buy the items at the machines at affordable prices, or loan them at a fee that is lower than the market rate. Cleaning services from the loaned items will be provided by the machines.

In a media release, OCBC’s head of group brand and communications Koh Ching Ching noted that as climate change issues have become more salient, there is a greater urgency to take action.

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“The purpose of the #OCBCares Environment Fund is to motivate the community through projects that can empower the general public to implement sustainable and scalable climate action solutions that will benefit Singapore. That’s why this fund supports projects that go beyond raising awareness to directly impacting the environment. We need to rouse everyone to take action now,” she said.

Koh added that the bank’s ability to fill in the funding gap to support the implementation of solutions by the youths will give them the opportunity to test their solutions, assess the tangible outcomes, and possibly scale up their solutions to benefit Singapore’s Green Plan.