UOB wins at ESGBusiness Awards 2024 for effective cross-sector collaboration
This achievement underscores UOB's dedication to fostering sustainable growth through its Sustainability-Linked Advisory, Grants, and Enablers (SAGE) Programme.
UOB has emerged victorious at the ESGBusiness Awards 2024, clinching the Cross-Sector Collaboration Award - Singapore accolade.
In today’s world, where environmental issues are increasingly pressing, the role of cross-sector collaboration has become vital. The 2024 UOB Business Outlook Study highlighted that only 40% of businesses have embraced sustainability practices, often due to challenges such as rising costs, limited knowledge, and insufficient manpower.
Recognising these barriers, UOB has launched the Sustainability-Linked Advisory, Grants, and Enablers (SAGE) Programme with Enterprise Singapore (EnterpriseSG) to help small and medium-sized enterprises (SMEs) set sustainability performance targets and secure sustainability-linked financing, saving valuable time and resources, and driving meaningful environmental and social impact.
Innovative approach to addressing the unique needs of SMEs
The UOB SAGE Programme's innovative approach specifically targets the unique needs of SMEs by combining the guidelines set out in the bank’s Sustainability-Linked Financing Framework with the capabilities of selected sustainability service providers, who provide SMEs with advisory, implementation and assurance services support.
By offering three distinct KPI-Sustainability Performance Targets (SPT) options – Reduction of greenhouse gas emissions, Certification of Management System and Improvement of ESG Rating, and partnering service providers, UOB SAGE programme simplifies the setting of Sustainability Performance Targets (SPTs), a core component of sustainability-linked financing.
To encourage the implementation of sustainability practices, SMEs under the SAGE programme can benefit from:
- Exclusive rates for services from sustainability service providers and support from EnterpriseSG (Subject to application post incurrence of relevant costs by eligible SMEs and approval from EnterpriseSG for support up to 70% of the cost of eligible activities per company)
- Save time and costs on setting pre-agreed SPTs
- Enjoy financial incentives for meeting annual SPTs
UOB’s partnership with EnterpriseSG for the SAGE Programme further incentivises the adoption of sustainability-linked financing by providing grant support for the costs associated with these services, making sustainable practices more accessible for SMEs.
The SAGE Programme exemplifies a forward-thinking approach to sustainability through effective cross-sector collaboration. By uniting diverse stakeholders and leveraging their collective strengths, UOB has created a robust framework that simplifies the path for SMEs to achieve their sustainability goals.
Find out more at: https://www.uob.com.sg/assets/web-resources/business/pdf/sage-ebrochure.pdf
Educate, equip, empower: Building SMEs for a sustainable future
UOB simplifies sustainable financing for SMEs through a three-pronged approach: Educate, Equip, and Empower.
To educate businesses and help them kickstart their sustainability journey, the bank and PwC co-developed the UOB Sustainability Compass. This industry-first online tool provides SMEs in Singapore, Malaysia, and Thailand with a tailored sustainability roadmap and actionable insights.
Complementing it is the annual flagship sustainability event for businesses, the UOB Sustainability Compass Forum, which provides SMEs with a platform that fosters thought leadership, thematic learning, and networking opportunities with sustainability experts, establishing crucial knowledge and connections to implement sustainability initiatives.
To support the implementation of sustainability initiatives, UOB equips SMEs with access to sustainable financing through proprietary Sustainable Finance Frameworks that align with globally recognised standards and are independently verified. The various frameworks support a range of comprehensive solutions for key sustainability initiatives such as electric vehicles, energy efficiency, green buildings, green trade finance, and solar energy.
Leveraging ASEAN’s most extensive trade network, businesses are empowered by UOB’s connectivity to the right sustainability partners. As the One Bank for ASEAN, this is how UOB facilitates collaboration and capability-building to drive sustainable development and meet the net-zero targets of countries across the region. Find out more at: www.uobgroup.com/sustainable-solutions.
The ESGBusiness Awards recognise companies that excel in sustainable practices, honouring businesses that show exceptional commitment to environmental, social, and governance standards.
The ESGBusiness Awards is presented by ESGBusiness. To view the full list of winners, click here. If you want to join the 2025 awards programme and be acclaimed for your company's outstanding commitment and achievement in environmental, social, and governance (ESG) practices, please contact Julie Anne Nuñez at [email protected].
