UOB said its solar financing programme U-Solar has facilitated the generation of close to 160 gigawatt hours of solar power across Asean since its launch in October 2019.
This has helped to reduce more than 77,200 tonnes tCO2e (Tonne CO2-equivalent), a standard unit for measuring greenhouse gas (GHG) emissions, said the bank.
In a press statement on Monday, the bank estimated that the programme's GHG emission reduction is equivalent to having close to 1.3 million new tree seedlings grow over 10 years or taking close to 17,000 cars off the road for a year.
"Through initiatives such as U-Solar, Asia's first solar industry ecosystem, we provide a platform that helps drive the development of the solar power industry and promotes the use of renewable energy," said UOB head of group wholesale banking and markets Frederick Chin.
"Together with our partners and customers, we will accelerate the region's progress to a lower-carbon economy and forge a sustainable future for a better Asean," he added.
The regional U-Solar programme connects Asian businesses and individuals with the lender's solar company partners to help clients go green by switching to solar power. It is available in Singapore, Malaysia, Indonesia and Thailand, and is part of the UOB Smart City Sustainable Finance Framework.
Through the programme, UOB offers businesses and consumers financial solutions to encourage the development and adoption of solar power. This includes providing cash management and green financing to solar project developers, as well as end-to-end contract-based financing solutions to engineering, procurement, construction and commissioning contractors.
The bank has a total of 14 U-Solar partners across the region, including PT Selaras Daya Utama in Indonesia, Pekat Solar Sdn Bhd in Malaysia, and BECIS-Symbior in Thailand.
View the source article here: https://www.businesstimes.com.sg/banking-finance/uob-says-u-solar-programme-saved-over-77200-tonnes-of-greenhouse-gas-emissions