United Overseas Bank (UOB), a Singapore-based
multinational bank, has become the first bank in Asia to set out
criteria that its corporate and institutional clients must meet to
access sustainable banking products, such as green or
sustainability-linked loans. For example, companies must have a
clear sustainability strategy and objectives, achieve their
sustainability performance targets and use the proceeds to further
their sustainability agenda.
In addition, the new Smart City Sustainable Finance Framework
requires that companies also be able to demonstrate that their
activities will promote a better quality of life for urban
residents through the use of renewable energy, green building
construction, improved energy efficiency, green transport,
sustainable water and waste adaptation, and/or climate change
adaptation.
According to Frederick Chin, Head of Group
Wholesale Banking and Markets at UOB, financial institutions have
an important role to play in making Asian cities more sustainable
and liveable by bridging the financial gap in achieving the UN's
Sustainable Development Goals.
“Under our UOB Smart City Sustainable Finance Framework, we will be
able to support the sustainability efforts of more companies from
various sectors, working with them closely for the development of
sustainable and smart cities.”
The bank intends to monitor how companies manage their loan
proceeds and the environmental and social impact of their business
activities on an annual basis.
The UOB Smart City Sustainable Finance Framework is an expansion of
the UOB Green Infrastructure Financing Framework, which was
launched in 2019, which guides the financing of sustainable
buildings.
Asian bank defines criteria for financing smart cities
- 詳細內容
Singapore – United Overseas Bank has launched a new finance
framework to help make sustainable financing more accessible to
companies committed to advancing smart cities in Asia.