The University of Bahrain issued its first progress report on net greenhouse gas emissions (net zero), following its commitment to achieve net greenhouse gas emissions (net zero target) by 2050, strengthening its commitment towards the targets set in key industrial sectors.
UOB’s Net Zero Pledge includes targets for net reductions in greenhouse gas emissions across five industry sectors: energy, automotive and real estate. Construction and steel industries, according to the bank, in 2022, UOB can reduce the intensity of greenhouse gas emissions. While indicators varied across all five industrial sectors, they were 7 to 14 percent below the net zero reference path.
In addition, the net zero pledge announced by UOB last year also covers the non-approval of new loans for oil and natural gas industry projects to be commissioned after 2022, when all six industry sectors are considered together. This represents 60% of the bank’s corporate loan portfolio.
UOB uses globally accepted climate models to set regional, industry-specific targets. In line with the global net zero target, this approach to net zero reflects UOB’s firm belief in the need for a just transition in Southeast Asia. Supporting economic and social growth and increasing access to energy for various countries across the region.
This report details the opportunities and challenges. On the challenges facing the industry to achieve net zero, and explains UOB’s steps to scale its efforts to increase customer engagement. As well as enhancing cooperation with parties concerned with removing carbon from fossil fuels to zero. (decarbonisation) at the international and regional levels
Mr. Vee Ee Chiang, Vice Chairman and CEO of UOB, said: “UOB supports a fair and orderly transition to Net Zero. So that different countries continue to grow and improve people’s access to energy. We will help accelerate the financing process, support customers in their transformation, and also transform the bank’s operational processes. and foster collaboration with a broader stakeholder ecosystem. Including government agencies at all levels, states and society in order to lead to structural change.
“We want to make a positive impact on people, businesses and communities, and deliver on our promise to treat our customers and stakeholders fairly. When all sectors work together we can create a sustainable future for people and businesses in the ASEAN region. As well as people and businesses connected to our region.
The University of Bahrain has developed a program to fulfill its commitment to net zero holistically, focusing on four key areas:
a. Developing plans for each industrial sector. This includes setting goals. Measuring progress and competing for opportunities available to the industrial sector
B. Customer support and provides advisory services and financial solutions. To enable customers to move towards zero fossil fuel decarbonisation.
C. Integrating the net zero concept into the bank’s operational model in terms of governance, policies, operations and capabilities.
Dr.. Promote the effective participation of concerned people. and collaborate with the broader ecosystem of government agencies, industry and trade association regulators and other banks to push for common practices
UOB Bank Group supported approvals for sustainable finance loans totaling more than S$38 billion as of end-September 2023, and we will continue to develop and expand.Sustainable finance access and solutions frameworkWe also work with customers to look for opportunities to support the move toward decarbonizing fossil fuels. To learn more about the University of Bahrain’s commitment and progress towards net zero, visit: https://www.uobgroup.com/sustainability/sustainable-banking/net-zero-commitment.page.
The University of Bahrain also launched the film “Progress in Harmony”, which conveys the idea that humans and the world can grow together in balance. The story contains a time capsule, and tells a story of hope and optimism through letters written by people today to future generations.
The ad aims to stimulate viewers’ minds to realize the complexity of the environmental, social and governance issues we face. In the ASEAN region in particular, it also underscores the importance of the joint effort of all sectors. Whether it is an individual, an organization or at the national level. They are all helping us achieve the global net zero goal together, and the small efforts of everyone can add up to a great force to drive change for a better future. Sure it can. Like the beautiful future world of 2050 shown in this ad. Watch the movie on https://youtu.be/BwBrWpaenBI
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