UOB’s commitment to building a sustainable ASEAN
Climate change is intensifying with global greenhouse gas (GHG) emissions continuing to rise, and unabated GHG emissions will have profound negative implications across the global community and economy.
Southeast Asia, a region with almost 700 million in population, is UOB’s home ground and where our strategic focus is. Also one of the most vulnerable regions to climate change, the region is facing stark consequences –– rising sea levels, heat waves, droughts and increasingly severe rainstorms and floods. Southeast Asia risks losing more than 35% of its gross domestic product (GDP) by 2050.
At UOB, we believe that we must deliver environmental commitments that incorporate energy security, as well as economic and social equity and equality, considering the just transition of the region. Southeast Asia has been reliant on fossil fuels such as thermal coal to drive massive economic expansion, urbanisation and industrialisation in the past two decades, and the shift towards decarbonisation can result in trade-offs with real-life consequences.
UOB’s commitment to net zero demonstrates our strong belief in a just transition that continues to support economic growth and improve energy access across the diverse economies in the region.
We have based our targets on regional pathways. While we are guided by the science in setting our net zero targets and aligning with global net zero models, we have stayed pragmatic and where possible, extracted regional pathways that represent the fair contributions of our key markets.
Our focus sectors
Oil and gas
We cover two key emitting ecosystems, namely energy and the built environment, which span six focus sectors that are material contributors to GHG emissions regionally and to UOB’s corporate lending portfolio.
The selected sectors and the construction of our respective targets reflect the need for a concurrent shift in both the demand for and supply of fossil fuels across the value chain of economic activities, as well as our ambition to facilitate this change end to end.
Click the images below to learn more about our net zero commitment and targets.