GlobalData offers a comprehensive analysis of United Overseas Bank, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of climate change and associated ESG keywords, GlobalData delivers valuable information on United Overseas Bank‘s ESG performance. GlobalData’s company profile on United Overseas Bank offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
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United Overseas Bank (UOB) has set target for net zero by 2050 as part of its sustainability efforts. In 2022, the company reported total emissions of 79.1 thousand tCO2e. The company reported emissions for scope 1 at 5.8 thousand tCO2e, scope 2, location-based and market-based at 69.3 and 1.1 thousand tCO2e respectively and scope 3 emissions at 4.0 thousand tCO2e. UOB strives to attain a 14% reduction in energy use intensity by 2030, using 2018 as the baseline, and aims for a corresponding 14% reduction in Scope 2 emissions intensity by 2030, with 2018 as the baseline.
The company has taken steps to reduce its emissions and has achieved certain milestones. UOB has retired carbon credits certified under the Gold Standard and Verified Carbon Standard, indicating its commitment to offsetting its emissions. The company has also invested in renewable energy certificates (RECs) and retired a significant number of RECs in 2022. These actions contribute to the reduction of UOB's carbon dioxide equivalent emissions. To achieve its net-zero targets and emissions reduction goals, UOB has implemented various measures. These include addressing scope 1 emissions through the management of stationary combustion emissions, fugitive emissions, and mobile combustion emissions. The company is also focusing on scope 2 emissions by reducing electricity consumption and purchasing renewable energy. Additionally, UOB is working on reducing scope 3 emissions by managing air travel emissions.
In conclusion, UOB is committed to achieving net-zero targets and reducing its greenhouse gas emissions and has taken steps such as retiring carbon credits and investing in renewable energy certificates. UOB's sustainability efforts demonstrate its commitment to environmental responsibility and contributing to a low-carbon future.
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