United Overseas Bank (UOB), a leading financial institution in Asia, has announced its acceptance into the Equator Principles Association and the adoption of the Equator Principles (EPs).
These principles serve as a risk management framework aimed at facilitating responsible decision-making in project financing within the banking sector. UOB will incorporate the EPs into its environmental and social policies, procedures, and standards for project financing.
Eric Lim, Chief Sustainability Officer at UOB, stated, “The adoption of the EPs highlights our commitment to integrating sustainability into our business strategies and lending practices. This positions us as a key catalyst in enabling our clients throughout the region to grow in a responsible manner.”
UOB is actively collaborating with clients across Southeast Asia to promote sustainable development, offering financing solutions in areas such as sustainable infrastructure, land use, renewable and transitional energy, energy efficiency, and the circular economy. By the end of June 2021, the bank had already provided S$13 billion in sustainable financing.
The implementation of the EPs will enhance UOB’s environmental, social, and governance (ESG) risk management practices across all countries in which it operates.
With 121 Equator Principles Financial Institutions (EPFIs) in 37 countries adopting these principles, a significant portion of international project finance debt in both developed and emerging markets is now encompassed under the EP framework.