UOB today released its first net zero progress report, showing that the bank is on track to meet its 2050 net zero target.
The report shows that the bank has reduced emissions intensities across all five of its focus sectors: power, automotive, real estate, construction, and steel.
UOB said that it is taking a holistic approach to operationalizing its net zero commitment. This includes developing sectoral plans, supporting customers, embedding net zero in its operating model, and driving effective stakeholder engagement.
The bank has also extended S$38 billion in sustainable financing as at the end of September 2023, and it will continue to develop and expand its suite of sustainable finance frameworks and solutions.
Wee Ee Cheong, Deputy Chairman and Chief Executive Officer, UOB, said,
“At UOB, we support an orderly and just transition to net zero so that economies continue to grow and people’s access to energy continues to improve. We are here to catalyse funding and support our customers on their transition journey.
We have also taken steps to transform our operating processes and to deepen our collaboration with the larger ecosystem of stakeholders, including across all levels of government, economy and society to effect transformative changes.”