UOB launches U-Energy, Asia’s first integrated financing platform to drive energy efficiency

Oct 18, 2021 Hubbis

UOB launches U-Energy, the first integrated financing platform in Asia, to drive the development and adoption of energy efficiency projects for buildings and homes across four markets, starting in Singapore, followed by Malaysia, Thailand and Indonesia.

Globally, buildings and construction projects account for 38 per cent of carbon emissions, according to the Global Alliance for Buildings and Construction1. In Singapore, this will be a key area to tackle in order to meet the country’s target of reducing carbon emissions by 36 per cent from the 2005 levels by 20302.

While building owners and homeowners are keen to take on energy efficiency projects to reduce energy consumption, they often lack financing support and the expertise to find the right energy service companies. UOB has developed U-Energy to address this gap in the market.

At launch, the U-Energy platform will have nine energy service companies that customers can tap for energy efficiency projects. These U-Energy partners can support common energy efficiency projects such as improving chiller and air conditioning efficiency, installing solar panels on rooftops, switching to LED lights, optimising 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.

Energy service companies play a key role in the ecosystem by providing technology and services such as project consultation, sustainable and cost-efficient design energy audit, as well as end-to-end implementation and management of the retrofits to buildings. On average, the energy service companies on the U-Energy platform will help customers cut at least 20 per cent in energy consumption3.

Mr Frederick Chin, Head of Group Wholesale Banking and Markets, UOB, said, “UOB aims to simplify sustainability for our clients through our frameworks, solutions and ecosystem partnerships. U-Energy is another innovative sustainable financing solution that demonstrates our deep understanding of the sector and the pain points of building and homeowners. We are committed to supporting our clients through their sustainability journeys as we forge a sustainable future together.

“By creating an end-to-end solution, we act as a catalyst and an enabler to help our clients save energy costs and to reduce their carbon footprint. This one-stop solution is part of our Smart City Sustainable Finance Framework, which guides our financing efforts to encourage the development of smart and sustainable cities across the region through a streamlined and transparent process.”

UOB launches U-Energy, Asia’s first integrated financing platform to drive energy efficiency

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