Climate Change Data

Environmental Metrics

ESG Focus Areas

• environmental
• social
• governance

Environmental Achievements

• Renewed Green Mark GoldPlus certification for UOB Plaza 1 and UOB Tower Block; Expanded monitoring of paper consumption and recycling efforts to regional markets; Installed energy-efficient LED lighting in Bangkok office and retrofitted lights at UOB Tampines Centre, Singapore; Lowered the intensity of CO2 emissions across six key markets; Started measuring and reporting CO2 emissions from business air travel; Reduced water consumption by 14.2% year-on-year; Reduced waste generated by 17.4% year-on-year; Recycled 9,693 kg of decommissioned office equipment in Singapore.

Social Achievements

• More than 61,000 volunteer hours by colleagues across key markets; More than 14,500 participants in UOB Heartbeat Run/Walk; Championed Southeast Asian art and artists; Launched art outreach initiatives for over 2,400 students; Trained 330 colleagues and partners in Thailand on art for visually impaired; Developed young minds through education and financial literacy programs; Received Champion of Good 2017 award; Facilitated funding for and invested in companies in the region, encouraging ESG considerations; Offered re-employment opportunities to 147 eligible colleagues in Singapore, 74 of whom were women; Increased UOB Scan Hub colleagues with special needs by 30% to 23; Introduced dual-use nursing rooms in Singapore; Doubled paternity leave days in Singapore; Launched UOB+you, employee value proposition; Invested $21.3 million in training; Launched Leadership Right By You program; Launched UOB Honours Awards; Recognized 85 colleagues and 28 teams at UOB Customer Commitments Awards; Enhanced flexible work arrangements; Enhanced paternity and parental leave; Received 10 industry awards for HR and workplace practices; Raised more than $120,000 for SPD through PayNow for a Cause campaign.

Governance Achievements

• Refined sustainability strategy; Updated sustainability governance structure; Received Best Inaugural Sustainability Report award; Maintained strong credit ratings; Organized Corporate Day 2017; Implemented a comprehensive Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) framework; Implemented a Group Anti-Money Laundering, Countering the Financing of Terrorism and Sanctions Policy; Implemented a Group Policy on Personal Trading in Securities; Adopted a zero-tolerance approach to bribery and corruption; Ensured compliance with FATCA and CRS; Enhanced risk frameworks and systems; Enhanced Group Technology Risk Management Framework; Enhanced Governance, Risk and Compliance (GRC) system; Established Integrated Fraud Management (IFM) unit.

Climate Goals & Targets

Environmental Challenges

• Uneven and tepid economic growth globally and regionally; Geopolitical uncertainty; Rapid and momentous disruption in business and social sectors; Depressed commodity prices, particularly oil and gas, dampening regional economic growth; Increasingly complex operating environment for banks due to regulatory changes; Rising sophistication of financial crime and cyber threats.

Mitigation Strategies

• Continued investment in UOB’s regional franchise; Innovation with new technologies and business models; Prudent management of capital, credit and risk; Maintaining robust capital and risk management processes; Broadening funding sources and diversifying investor base; Promoting and implementing sustainable and responsible practices; Upholding risk-focused culture and high ethical standards; Accelerating investments to deepen integrated solution capabilities; Expanding client coverage teams and establishing industry-focused Sector Solutions teams; Increased efforts in facilitating China-ASEAN business flows; Enhanced financial supply chain management capabilities; Enhanced market connectivity and capabilities; Deepened client engagement efforts; Enhanced risk frameworks and systems; Enhanced Group Technology Risk Management Framework; Enhanced Governance, Risk and Compliance (GRC) system; Established Integrated Fraud Management (IFM) unit; Implemented a comprehensive Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) framework; Implemented a Group Anti-Money Laundering, Countering the Financing of Terrorism and Sanctions Policy; Implemented a Group Policy on Personal Trading in Securities; Adopted a zero-tolerance approach to bribery and corruption; Ensured compliance with FATCA and CRS.

Supply Chain Management

Responsible Procurement

• Encouraging sustainable procurement practices; Purchasing from local suppliers where feasible.

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: GRI Standards: Core option and selected indicators from GRI’s Financial Services Sector Disclosures paper; SGX Sustainability Reporting Guide

Certifications: Green Mark GoldPlus (UOB Plaza 1 and UOB Tower Block); BizSAFE Level 2 (Singapore)

UN Sustainable Development Goals

• Goal 7 (Affordable and Clean Energy)
• Goal 8 (Decent Work and Economic Growth)
• Goal 9 (Industry, Innovation and Infrastructure)
• Goal 10 (Reduced Inequalities)
• Goal 11 (Sustainable Cities and Communities)
• Goal 12 (Responsible Consumption and Production)
• Goal 13 (Climate Action)
• Goal 17 (Partnerships for the Goals)

UOB's sustainability objectives are aligned with 11 of the UN's SDGs, as detailed in the report.

Sustainable Products & Innovation

• UOB Mighty mobile app; UOB MyKey; UOB Virtual Payment Solutions; UOB BizSmart with SAP Business One; KrisFlyer UOB Debit Card and Account; UOB Stash Account; UOB One Account; UOB Young Professionals Solution; UOB BizTrade+; Express Banker’s Guarantee; UOB BizMoney; BizExchange; United Thai Equity Corporate Governance Fund; United Global Technology Fund; United SGD Plus Fund; United Global Income Fund; UOBAM Invest.

Awards & Recognition

• Best Inaugural Sustainability Report (Mainboard) Award; Champion of Good 2017 award; Numerous other awards listed in Awards and Accolades section.

Environmental Metrics

ESG Focus Areas

• Drive Growth Sustainably
• Keep Customers at the Centre
• Develop Professionals of Principle
• Uphold Corporate Responsibility

Environmental Achievements

• Achieved operational carbon neutrality for our own footprint for Scope 1, Scope 2 and Scope 3 emissions
• Achieved highest Provisional Green Mark Platinum certification from Singapore Building and Construction Authority for UOB Plaza 1 Kuala Lumpur in Malaysia
• Purchased and redeemed a total of 127,685 solar and wind RECs from mainland China, Indonesia, Thailand and Vietnam to address 100 per cent of our electricity consumption in all our key markets

Social Achievements

• Launched UOB Mental Wellness Days to help colleagues lead healthier and more fulfilling lives
• Invested $23.3 million in employee training
• Donated more than $6.1 million in monetary and in-kind contributions to promote social development in art, children and education

Governance Achievements

• Adopted the Equator Principles to strengthen the Bank’s processes and practices on environmental and social risk management when financing projects
• Established our Group Environmental Risk Management Framework with a key focus on climate risk management in line with the MAS Guidelines on Environmental Risk Management for Banks
• Implemented a Policy on Individual Accountability and Conduct consistent with the MAS’ guidelines

Climate Goals & Targets

Environmental Challenges

• Data availability challenges, particularly for SMEs with limited carbon emissions data
• The methodology for transition risks primarily attempts to quantify the impact of carbon price increase on our customers’ financials without explicitly factoring in other plausible impacts such as changes in market demand on sales and additional capital expenditure required to transition
• As detailed asset locations were not readily available for some of our borrowers in our pilot physical risk assessment, we used regional or national averages in our analysis. This may affect the accuracy of the assessment

Mitigation Strategies

• Utilised geographical and sectoral emissions as proxies for SMEs in transition risk analysis
• Partnered with a leading global consultancy to develop an improved climate risk assessment methodology and uplift the internal capability and capacity of the Bank
• Will continue to strengthen our approach on climate scenario analysis and enhance data collection

Supply Chain Management

Supplier Audits: 100% of material suppliers in Singapore acknowledged the GSSP

Responsible Procurement

• Group Supplier Sustainability Principles (GSSP)

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather events
• Rising sea levels
• Water stress
• Heatwaves
• Typhoons
• Flooding
• Wildfires

Transition Risks

• Changes in public policies
• Technological developments
• Shifts in consumer preferences
• Investor sentiment
• Carbon price increase

Opportunities

• Development of energy-efficient products and services
• Growth in renewable energy sector
• Opportunities in sustainable infrastructure, technology, systems and designs in sustainable energy and resource, food and agriculture, efficient industries and green and connected cities

Reporting Standards

Frameworks Used: SGX Listing Rules 711A and 711B, SGX Core ESG Metrics, GRI Standards: Core Option, GRI G4 Financial Services Sector Disclosures, SASB Financials Sector Standards, MAS Green Finance Industry Taskforce’s Financial Institutions Climate-related Disclosure Document, MAS Guidelines on Environmental Risk Management for Banks, ABS Guidelines on Responsible Financing, TCFD Recommendations

Certifications: Data Protection Trustmark, APEC Cross Border Privacy Rules System

Third-party Assurance: Ernst & Young LLP

UN Sustainable Development Goals

• All 17 UN SDGs

UOB’s strategy and reporting are aligned with the 17 UN SDGs. Sustainable financing, responsible investing and impact investment activities align with all Global Goals.

Sustainable Products & Innovation

• UOB Go Green Home and Car Loans
• UOB EVOL Card
• UOB TMRW with Carbon Insights feature (pilot)
• U-Solar
• U-Energy
• U-Drive
• Green and Sustainable Trade Finance and Working Capital Framework
• UOB Sustainable Financing Solutions

Awards & Recognition

• Apex Winner Sustainable Solutions, Non-SME Category at the Singapore Apex Corporate Sustainability Awards 2021
• Best Retail Bank in Singapore, Malaysia and Thailand at the Asian Banking & Finance Retail Banking Awards 2021
• World’s 1st APAC Green REIT ETF listed on the Singapore Exchange
• World’s Best SME Bank awarded by Euromoney and Global Finance
• Corporate Excellence and Resilience Award at Singapore Corporate Awards 2021
• Best Wealth Manager for Impact Investing, Asia award at The Asset Triple A Private Capital Awards 2021
• Best Digital Bank in Southeast Asia and Best Bank for Millennials at The Digital Banker Global Retail Banking Innovation Awards 2021
• Best Digital Bank in Indonesia and Thailand at the International Finance Awards 2021
• Best Consumer Digital Bank in Indonesia by Global Finance
• World’s Best Bank for SMEs at the Euromoney Global Awards for Excellence 2021
• Best SME Bank in the World, Asia-Pacific and Singapore at the Global Finance SME Bank Awards 2022
• Best SME Bank in Singapore and Asia Pacific at The Asian Banker Excellence in Retail Financial Services International Awards 2021
• Greenwich Share Leader Award for Asian Large Corporate Trade Finance (Singapore)
• Standout Banks in Asia: Most Supportive in Mitigating the Impact on Business During the COVID-19 Crisis
• National Arts Council’s Distinguished Patron of the Arts Award (17th time)
• Bloomberg Gender-Equality Index
• Enabling Mark (Platinum) accreditation from SG Enable

Environmental Metrics

ESG Focus Areas

• Operational Efficiency
• Climate Change
• Emissions Reduction

Environmental Achievements

• Reduced energy consumption by 1.1 million GJ per annum at a regional national oil company refinery.
• Reduced GHG emissions by 80,280 tons CO2 equivalent per annum at a regional national oil company refinery.
• Energy savings of US$22 million per year at a Middle Eastern national oil company refinery through IIoT implementation.
• 55 gigawatt-hours saved and CO2 emissions lowered by 15% at a multinational automotive manufacturer through digitalization.

Social Achievements

• Not disclosed

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• High GHG emissions from carbon-intensive sectors in Southeast Asia (over 80% of total emissions).

Mitigation Strategies

• Developed a Transition Finance Framework to assist carbon-intensive companies in their energy transition.
• Rolled out a financing solution to support investments in operational efficiency improvements.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: Null

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed