UOB
Your bank falls short in climate responsibility.
UOB has measured greenhouse gas emissions enabled by its lending and set emission reduction targets. It is also taking steps to increase its funding of renewable energy companies. Despite that, the bank continues to hold over a $ trillion of investments in toxic bonds.
Its exclusion policy is weak, in particular as it allows the bank to continue funding fossil fuel expansion.
We would like to see the bank be more transparent about its ratio of renewable energy / fossil fuel lending. It could start by making its CDP Climate Change questionnaire accessible.
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Financial institutions in this category have shown a weak commitment to environmental sustainability and transparency.
If they engage in energy financing, they are likely to lend far more to fossil fuels than renewable sources. They may have limited or no effective policies to improve their climate impact and may lack meaningful targets for reducing the emissions they are responsible for.
While they might show some engagement in sustainable practices or offer certain green lending products, these efforts are insufficiently developed or prominently displayed to make a significant impact.
Your bank may be ignoring the Paris Agreement.
The Paris Agreement set the goal to stay under 1.5°C of warming for very good reasons. According to the Intergovernmental Panel on Climate Change, an increase of just a couple of degrees more could lead to "substantial species extinction, large risks to global and regional food security", and an inability to work outside — or even live — in some areas of the world. Our world will become unrecognizable as ocean dead zones, floods, and extreme weather fuel social and economic disruption.
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