UOB Launches Platform for Energy Efficiency Projects
The platform will be launched first in Singapore, with subsequent roll-outs in Malaysia, Thailand, and Indonesia.
UOB is launching an integrated financing platform U-Energy to drive the development and adoption of energy efficiency projects for buildings and homes, as part of its Smart City Sustainable Finance Framework.
The bank highlighted that buildings and construction projects globally account for 38 percent of carbon emissions and that this is a key area to address to meet Singapore’s target of reducing carbon emissions by 36 percent from the 2005 levels by 2030.
Building owners, energy service companies, and homeowners can reduce an average of 20 percent in energy consumption by tapping on its green financing for energy efficiency projects under U-Energy, UOB said.
UOB noted that building owners and homeowners often lack financing support and the expertise to find the right energy service companies.
At launch, the platform will have nine energy service companies that customers can tap for energy efficiency projects, such as chiller and air conditioning efficiency, installing solar panels on rooftops, switching to LED lights, optimizing energy and power management systems, and changing the building façade to reflect direct sunlight to reduce heat absorption, as well as replacing elevators with energy-regeneration technology.
UOB previously launched integrated financing platforms for solar energy and electric vehicles under the bank’s Smart City Sustainable Finance Framework