UOB adopts the Equator Principles to refine sustainability strategy
The bank will apply the principles to assess and manage environmental and social risk projects.
UOB has been approved to join the Equator Principles Association and has adopted the Equator Principles (EPs), a set of international standards to assess environmental and social risk projects, according to a press release.
UOB said that it is committed to the implementation of the EPs in its environmental and social policies, procedures, and standards for financing projects.
“As an [Equator Principles Financial Institution], 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,” said Eric Lim, chief sustainability officer, UOB.
The adoption of the EPs, according to UOB, will further strengthen the bank’s processes and practices as it continually enhances its approach to ESG risk management, responsible financing policy and disclosure.
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