UOB (United Overseas Bank) launches Smart City Sustainable Finance Framework
UOB (United Overseas Bank) has launched a new Smart City Sustainable Finance Framework. UOB is a Singapore based bank which started operations in 1935 and still has its head office in Raffles Place. The bank is the first in Asia to offer a financing framework specifically focused on the creation of smart cities.
UOB’s new framework is in line with the United Nations (UN) Sustainable Development Goals and is supported through the Monetary Authority of Singapore’s Green and Sustainability-Linked Loan Grant Scheme.
Under the framework, UOB clients will need to demonstrate how their projects promote a better quality of life for residents through the use of renewable energy, green building construction, improved energy efficiency, green transportation, sustainable water and waste management and/or climate change adaptation.
UOB will monitor the loans’ effectiveness by auditing the environmental and social impact of its business activities on an annual basis.
You can visit the UOB Sustainable City Solutions website here.
Smart cities are needed to help deal with overcrowding, traffic congestion, pollution, and crime. Cities investing in improvements are expected to reduce commuting times by 15-20 percent, bring down their cost of living by 1-3 percent, decrease greenhouse gas emissions of 10-15 percent, and reduce water consumption of 10-15 percent. Global smart cities investments are expected to hit $1 trillion per year after 2025.
The United Nations Sustainable Development Goals:
(1) No Poverty, (2) Zero Hunger, (3) Good Health and Well-being, (4) Quality Education, (5) Gender Equality, (6) Clean Water and Sanitation, (7) Affordable and Clean Energy, (8) Decent Work and Economic Growth, (9) Industry, Innovation and Infrastructure, (10) Reducing Inequality, (11) Sustainable Cities and Communities, (12) Responsible Consumption and Production, (13) Climate Action, (14) Life Below Water, (15) Life On Land, (16) Peace, Justice, and Strong Institutions, (17) Partnerships for the Goals.
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