A trio of sustainability and industry experts will advise the board and management of United Overseas Bank U11 (UOB) on its sustainability strategy, targets and initiatives.
The bank announced on Oct 4 its new sustainability advisory panel, which will also assist UOB’s board and management in fulfilling their oversight responsibilities as the bank executes its sustainability and net-zero agenda.
The bank has appointed Neo Gim Huay, managing director, Centre for Nature and Climate at the World Economic Forum; Yoon Young Kim, cluster president for Singapore, Malaysia and Brunei at Schneider Electric; and Mark Gainsborough, chairman of Seatrium; for a one-year term that began on Oct 1.
All three members are experts in their own fields of climate science, sustainability in Southeast Asia and in the wider industrial economy, particularly in energy transition, says UOB.
According to the bank, the panel will work closely with UOB’s corporate sustainability office, and advise the bank’s leaders on a range of matters including sustainability and industry trends relevant to the bank and the region; UOB’s sustainability strategy, targets and initiatives; and management of environmental, social and governance-related risks and opportunities.
Wee Ee Cheong, deputy chairman and chief executive officer, UOB, says sustainability is a critical global issue that requires urgent attention and action. “UOB wants to create impact that is positive and meaningful, and to do right by our stakeholders.”
Neo says: “It is a privilege for me to join UOB in charting its sustainability journey to bridge the worlds of finance and environmental stewardship. I look forward to actively contributing to UOB’s efforts to shape banking as a force for positive change in building a more sustainable and resilient future together.”
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Kim says UOB has been a long-time partner of Schneider Electric. “We value this relationship greatly. Being at the forefront in the world of energy management, I hope Schneider Electric and UOB will continue to fuse innovation and sustainability, as we collaborate to drive a new energy transition for Southeast Asia.”
Gainsborough says: “I am pleased to take on this role on UOB’s first Sustainability Advisory Panel. As UOB continues to further its sustainability agenda, I hope the knowledge exchange will enable the Bank to gain deeper insights into the intricacies of Singapore’s and the region’s energy landscape, and support more companies in the real economy in their transition efforts.”
UOB announced in October 2022 its sectoral plans to reach net zero by 2050, covering six sectors that make up about 60% of its corporate lending portfolio: power, automotive, oil and gas, real estate, construction and steel.
UOB has committed to no new project financing for upstream oil and gas projects approved for development after 2022. By 2050, UOB will reduce emissions intensity for the remaining five sectors by between 85% and 100%, against a 2021 baseline.
UOB’s commitments include interim 2030 targets. By the end of this decade, UOB says it will reduce emissions intensity by between 20% and 61% for the five sectors.
As at 11.43am, shares in UOB are trading 21 cents lower, or 0.74% down, at $28.06.
