United Overseas Bank (UOB) has set net-zero targets for its greenhouse gas (GHG) emissions, according to its 2022 sustainability report. United Overseas Bank's latest filings mentioned the keywords 'Emissions' and 'Climate Change' most number of times in relation to 'Net Zero'.

The company has laid out a comprehensive roadmap for its net zero commitment and targets for six focus sectors in the energy and built environment ecosystems. In 2022, the company reported Scope 1 emissions at 5.8 thousand tCO2e, Scope 2 emissions (electricity purchase) at 69.3 thousand tCO2e, and Scope 3 (business air travel) emissions at 4.0 thousand tCO2e. Of the 2,585 tonnes of waste generated in 2022, 32.5% was recycled and 33.6% was processed at waste-to-energy incineration plants. Overall waste disposal intensity (measured in kg of waste per m2 of floor space) improved by 37.8% over the same period.

UOB has taken steps to reduce its emissions, including retiring 133,297 Renewable Energy Certificates (RECs) for 2022. The bank has also invested in carbon credits certified under the Gold Standard and Verified Carbon Standard. UOB's emission reduction plans include reducing its energy consumption and increasing its use of renewable energy. The bank has also implemented a green finance framework to support sustainable projects. It aims to build a sustainable finance portfolio of $30 billion by 2025, $25.0 billion of which was achieved by the end of 2022.

UOB's conducted a limited assurance engagement in accordance with International Standard for Assurance Engagements on Greenhouse Gas Statements. UOB’s approach is in line with the guidance from the Glasgow Financial Alliance for Net Zero (GFANZ) on how financial institutions should set targets and use sectoral pathways in alignment with the Paris Agreement and the 1.5°C global warming trajectory outlined by the Intergovernmental Panel on Climate Change.

In conclusion, UOB has set net-zero targets for its GHG emissions and in 2022, it achieved operational carbon neutrality for its own footprint, including its Scope 1, Scope 2, and Scope 3 (business air travel) emissions. In order to reduce emissions, UOB plans to use more renewable energy sources and consume less energy overall.

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