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UOB and Keppel join hands to work on decarbonisation

 UOB and Keppel join hands to work on decarbonisation

United Overseas Bank and Keppel sign a pact to work on decarbonisation.

Cutting across regions and continents, majority corporates are actively participating in achieving net zero emissions in their respective countries. These companies have been implementing sound ESG practices to attract investments and promote sustainability and decarbonisation.

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According to the United Nations, the top seven emitters (China, the US, India, the European Union, Indonesia, the Russian Federation, Brazil) accounted for about half of global greenhouse gas emissions in 2020.

Furthermore, the Group of 20 (Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US, and the European Union) are responsible for about 75 per cent of global greenhouse gas emissions.

The corporates in these countries now have the onerous task to reduce the emissions and strive for decarbonisation.

Joining their peers, two Singapore headquartered institutions – Asia’s largest bank UOB and global asset manager Keppel Corporation – have signed a Memorandums of Understanding (MoU) to jointly develop and provide businesses across the region with a comprehensive suite of sustainability and digitalisation solutions that will support their journey towards decarbonisation.

This collaboration brings together UOB’s sustainability and digital transformation financing solutions and tools including the UOB Sustainability Compass and Keppel’s expertise in providing solutions in energy optimisation, sustainable asset enhancement solutions, connectivity, and digitalisation. Together, the collaboration aims to simplify sustainability for businesses. This is the first time UOB is partnering with an organisation of Keppel’s capabilities and reach to extend a holistic suite of sustainability solutions beyond Singapore and into Southeast Asia.

The collaboration will focus on solutions across three sectors: energy, built environment and digital connectivity, which will enable the implementation of smart sustainable solutions.

Energy as a Service (EaaS)

Enterprises will achieve energy efficiency and cost savings as well as reduce their carbon footprint through Keppel’s one-stop Energy as a Service solution, including electricity with Renewables Energy Credits (RECs), energy storage solutions, distributed solar photovoltaic systems, EV charging infrastructure; all digitally powered by smart operations performance management at Keppel’s Operations Nerve Centre. UOB will provide competitive sustainable financing for these solutions.

Keppel and UOB will assist real estate owners to rejuvenate their assets through Keppel’s expertise in sustainable asset enhancement by incorporating a suite of smart sustainability solutions, spatial programming and workplace solutions that improve building performance and uplift asset value. By using an integrated approach to reach ESG goals, these solutions will extend the lifespan of these assets while achieving industry certification standards.

With business processes increasingly going digital, UOB will collaborate with M1, a subsidiary of Keppel, to help enterprises advance in their digital and sustainability transformation journey. This will be done through the joint development of connectivity and digitalisation solutions with embedded banking and sustainability reporting solutions.

Strategic partnership

Wee Ee Cheong, Deputy Chairman and Chief Executive Officer, UOB, said that this collaboration brings two like-minded organisations together to jointly drive sustainability and digitalisation. 

With collective expertise across multiple sectors, we can help innovate and accelerate the adoption of sustainable practices starting from Singapore, and across the ASEAN region, he said.

“This strategic partnership with Keppel will provide new pathways for companies across the region to become more sustainable and resilient. We believe this will support both businesses and end-users to contribute towards a low-carbon and digital economy,” he said.

Loh Chin Hua, CEO of Keppel said that tapping on Keppel’s decades of operating and engineering capabilities, Keppel was pleased to partner UOB to offer sustainability solutions which help companies address some of their most pressing needs in their sustainability and digitalisation journey. 

“Together with UOB, we can offer end-to-end turnkey solutions that will accelerate the adoption of sustainable practices. We look forward to working closely with like-minded partners, such as UOB, as we lead the charge for a more sustainable future,” he added.

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