UOB announced, on Aug 20, that it has been approved to join the Equator Principles Association. The bank has, by extension, adopted the Equator Principles (EPs) as it continues to advance its sustainability strategy.
The EPs are a risk management framework that is used by financial institutions around the world to determine, assess and manage environmental and social risk in projects.
In its statement, UOB says it is committing to the implementation of the EPs in its environmental and social policies, procedures and standards for financing projects.
See also: Analysts positive on UOB following 1H21 results; peg TP estimate of at least $29
The bank, as at end-June, provided a total of $13 billion in sustainable financing.
“As an EPFI, we will ensure that rigorous environmental and social standards are applied in the projects we support, from the project development stage through to follow-up monitoring,” says Eric Lim, chief sustainability officer at UOB.
“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.”
As at 12.53pm, shares in UOB are trading 20 cents higher or 0.78% up at $25.88.
Photo: UOB
