UOB adopts the Equator Principles as it continues to advance its sustainability strategy
SINGAPORE, Aug. 20, 2021 /PRNewswire/ -- UOB today announced that it has been approved to join the Equator Principles Association and has adopted the Equator Principles (EPs), a risk management framework used by financial institutions globally for determining, assessing and managing environmental and social risk in projects[1]. The EPs provide financial institutions with a set of internationally-recognised standards for due diligence and monitoring of projects to support responsible risk decision-making.
As an Equator Principles Financial Institution (EPFI), UOB is committing to the implementation of the EPs in its environmental and social policies, procedures and standards for financing projects.
Mr Eric Lim, Chief Sustainability Officer, UOB, said, "As an EPFI, we will ensure that rigorous environmental and social standards are applied in the projects we support, from the project development stage through to follow-up monitoring. UOB's adoption of the EPs underscores our ongoing integration of sustainability into our business strategy and lending practices, as we fulfil our role as a catalyst and enabler in helping our clients across the region to grow responsibly."
At UOB, environmental, social and governance (ESG) risk is actively monitored and managed. The adoption of the EPs will further strengthen the Bank's processes and practices as it continually enhances its approach to ESG risk management, Responsible Financing Policy and disclosure.
In supporting the national sustainability agenda of the countries in which it operates, especially across Southeast Asia, UOB is also proactively working with its clients to drive sustainable development. The Bank provides sustainable financing solutions that enable its clients to create positive environmental and social impact in areas such as sustainable infrastructure and land use, renewable and transitional energy, energy efficiency and connectivity, as well as circular economy. These solutions are anchored by the Bank's sustainable finance frameworks, including the UOB Smart City Sustainable Finance Framework, the UOB Green Trade Finance Framework, the UOB Real Estate Sustainable Finance Framework and the UOB Green Circular Economy Framework. As at the end of June 2021, UOB provided a total of S$13 billion in sustainable financing.
[1] A project is a development in any sector at an identified location and includes an expansion or upgrade of an existing operation. |
About UOB
United Overseas Bank Limited (UOB) is a leading bank in Asia with a global network of around 500 offices in 19 countries and territories in Asia Pacific, Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. UOB is rated among the world's top banks: Aa1 by Moody's Investors Service and AA- by both S&P Global Ratings and Fitch Ratings. In Asia, UOB operates through its head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia, Thailand and Vietnam, as well as branches and representative offices across the region.
Over more than eight decades, generations of UOB employees have carried through the entrepreneurial spirit, the focus on long-term value creation and an unwavering commitment to do what is right for our customers and our colleagues.
We believe in being a responsible financial services provider and we are committed to making a difference in the lives of our stakeholders and in the communities in which we operate. Just as we are dedicated to helping our customers manage their finances wisely and to grow their businesses, UOB is steadfast in our support of social development, particularly in the areas of art, children and education.
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