Leading bank in Asia, United Overseas Bank (UOB), has today announced 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 to support responsible risk decision-making in projects, the EPs will be implemented across all UOB’s environmental and social policies, procedures, and standards for financing projects.
Mr Eric Lim, Chief Sustainability Officer, UOB, said, “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.”
UOB is also proactively working with its clients across Southeast Asia to drive sustainable development, by providing financing solutions in areas such as sustainable infrastructure and land use, renewable and transitional energy, energy efficiency and connectivity, as well as the circular economy. As of the end of June 2021, the had bank provided S$13 billion in sustainable financing.
The adoption of the EPs will further enhance UOB’s environmental, social and governance (ESG) risk management practice across all the countries in which operates.
With 121 Equator Principles Financial Institutions (EPFIs) in 37 countries having now officially adopted the EPs, the majority of international project finance debt within developed and emerging markets is covered.