The 25 Initiatives of 2022

CapitaLand unveiled its 2030 Sustainability Master Plan (SMP), an environmental, social and governance (ESG) blueprint for its business, in 2020. It aims to build resilience in CapitaLand’s real estate portfolio to mitigate climate change risks and future-proof against premature obsolescence. It also directs CapitaLand to use its resources efficiently as a good corporate steward, improve its operational efficiencies, and provide a healthy and safe environment for its employees, tenants and communities to thrive. CapitaLand Investment (CLI), the real estate investment management arm of CapitaLand, has elevated its commitment to sustainability by aiming to achieve net-zero emissions by 2050. To realise this commitment, CLI aims to reduce its absolute Scope 1 and 2 greenhouse gas emissions by 46 per cent, up from 28 per cent, by 2030 from a 2019 base year. These new targets to reduce greenhouse gas emissions are validated by the Science Based Targets initiative (SBTi) to limit global warming to 1.5 degrees Celsius as per the goals of the Paris Agreement. CapitaLand is one of the few Singapore-based companies with SBTi-approved carbon targets (Scope 1 and 2) aligned to the 1.5 degrees Celsius scenario for its extensive global operations.

To accelerate the achievement of CapitaLand’s 2030 Sustainability Master Plan targets and innovation in the built environment, CapitaLand launched initiatives such as the CapitaLand Sustainability X Challenge (CSXC), opened the Smart Urban Co-Innovation Lab in 2020 and set up a S$50 million CapitaLand Innovation Fund in 2021.

Tapping global insights for innovative sustainability solutions

CSXC is the first global sustainability-focused innovation challenge in the built environment by a Singapore real estate company. Held annually since 2021, start-ups globally are invited to submit their sustainable innovations. CapitaLand has committed up to S$650,000 (US$461,000) in 2022 to pilot 10 chosen innovations at CapitaLand's diversified range of properties worldwide, allowing participants to apply their solutions in varying climatic conditions and asset types as well as demonstrate conclusively how their systems will function under real-world conditions.

Two winners were crowned amongst six finalists at the inaugural CSXC 2021 Grand Finale, where CapitaLand Investment's Group Chief Executive Officer, Mr Lee Chee Koon, announced a S$50 million CapitaLand Innovation Fund.

The inaugural Challenge attracted over 270 entries from more than 25 countries, with seven innovations being tested, while the second edition attracted over 340 entries from 50 countries, with 10 innovations under discussion.

One of the successful innovations from the inaugural Challenge was conducted at LogisTech, the first logistics building in Singapore to receive the Building Construction Authority Green Mark Platinum Super Low Energy Award. The innovation, the CONTINEWM®-patented ceramic net emitting infrared, achieved up to 51 per cent reduction in fan energy usage, a 16 per cent reduction in cooling load energy usage, and 153 kWh per day of energy savings across two air handling units. 

Collaborating with industry partners and the community

The Smart Urban Co-Innovation Lab, supported by the Infocomm Media Development Authority and Enterprise Singapore, is Southeast Asia’s first industry-for-industry, platform-agnostic, multi-disciplinary lab for smart city solutions development. The first lab was launched at the Singapore Science Park. Its purpose is to enable collaboration between users and providers of technology in a real-world setting to identify, develop and demonstrate innovative close-to-market solutions. Since its inception in October 2020, the lab has welcomed over 700 companies and onboarded more than 70 members to identify opportunities and co-create solutions for smart, sustainable cities.

Mr S Iswaran, Minister for Transport, who was then Minister for Communications and Information (centre right), and Mr Lee Chee Koon, CapitaLand Investment’s Group Chief Executive Officer (centre left), unveiling the plaque to mark the official opening of the Smart Urban Co-Innovation Lab in 2020, together with Mr Lew Chuen Hong, Infocomm Media Development Authority’s Chief Executive (far right) and Ms Eunice Koh, Enterprise Singapore’s Assistant Chief Executive Officer (far left).

On 30 October 2021, the Smart Urban Co-Innovation Lab @ East Coast launched a community initiative with eight partner companies, including Amazon Web Services, Huawei International and Rohde & Schwarz, to provide corporations and residents with the opportunity to collaborate and co-innovate solutions on community and business issues, as well as to equip students with future-ready skills.

Building a culture of innovation

Innovation can only thrive if businesses have a culture that is supportive of it. CapitaLand not only places sustainability at the core of what it does but also empowers its employees to be creative in deploying solutions that have a positive impact on the environment. In 2021, CapitaLand set up a S$50 million CapitaLand Innovation Fund to further support the test-bedding of sustainable and other high-tech innovations in the built environment over the next five years. At least half of it has been earmarked to fund staff pilots of promising sustainability solutions.

Innovation is key to CapitaLand’s business and culture as it seeks to deliver sustainable value to its stakeholders. CapitaLand continues to push the frontiers of innovation through CSXC, the Smart Urban Co-Innovation Lab and the CapitaLand Innovation Fund, creating a conducive environment for budding start-ups, sector players and CapitaLand staff on the journey towards a more sustainable future.

The Singapore Sustainability Academy is the first ground-up initiative and zero-energy facility in Singapore dedicated to capacity building and thought leadership for climate action.

The SSA engages, educates and empowers the community through multiple streams.

Events and programmes held at the SSA

Sustainability Connect, a new platform that leverages a global network of experts and partners to connect and scale up skills for sustainability professionals, is featured with its network of partners.

DBS believes its licence to operate comes from civil society. Thus, it ensures that it addresses the needs of multiple stakeholders, not just the current generation but future generations. Its approach to sustainability is guided by its purpose: to create value for the long term by managing its business in a balanced and responsible way.

DBS’ broader sustainability agenda is built around three pillars – responsible banking, responsible business practices, and impact beyond banking. DBS seeks to create impact beyond banking through the work of DBS Foundation as well as its People of Purpose employee volunteerism movement.

Increased funding for DBS Foundation

In 2014, DBS Foundation (DBSF) was formed with a S$50 million (US$35.3 million) fund to mark the bank’s commitment to champion social entrepreneurship for impact in Asia. It supports innovative social enterprises (SEs) across six markets in Asia, engaged in various social and environmental causes, such as children and youth, women and girls, elderly, disabilities and special needs, rural communities, healthcare, urban poor, environment, capacity building, and heritage and culture.

DBS employees volunteer at an urban farm with Edible Garden City, a social enterprise supported by the DBS Foundation. Urban farming cultivates a greener and more inclusive environment that nourishes citizens' minds and health.

With the pandemic upending livelihoods and casting a spotlight on a wide range of social issues, the bank has recently set aside an additional S$100 million to further its efforts to improve lives in Asia. Beyond deepening DBS Foundation’s efforts in supporting social enterprises under its existing “Business for Impact” chapter, this will also go into expanding DBS Foundation’s scope through the formation of a “Community Impact” chapter. This looks to support communities by equipping them with essential skills for a better future, specifically financial and digital literacy skills. It also aims to tackle climate change with a focus on food waste reduction.

DBS Foundation champions social entrepreneurship

Towards Zero Food Waste (TZFW)

The “Towards Zero Food Waste” movement unifies all three sustainability pillars to address the growing food waste problem and build a more climate-resilient future. Since DBS started on this journey in 2020, it has been rallying employees, customers and members of the public to play a part in creating a more sustainable future. Through galvanising various internal and external stakeholders into action towards zero food waste, DBS has redistributed, reduced or recycled over 800,000 kg of food waste across Asia.

DBS Adopt-A-Hawker Centre

As Singapore was battling the second and third waves of the Covid-19 pandemic, DBS launched a new and unique initiative. The DBS Adopt-A-Hawker Centre programme was started from an observed need on the ground to support hawkers who had been badly affected by the Covid-19 pandemic, having had to adapt to various changes that arose from safe measurement measures in 2020 and 2021.

The initiative onboarded the hawkers onto DBS’ digital payment platform to enable them to be future-ready and improve customer access to these businesses. Hawkers could then be supported through sponsored group buys, supplemented by workshops on online marketing and digital payments. Meals from the sponsored group buys went to frontline workers at hospitals, polyclinics and vaccination centres. In other locations, the food was delivered to lower-income individuals or families.

DBS Singapore Country Head Shee Tse Koon (left), Senior Minister of State for Sustainability and the Environment Amy Khor (middle), and Singapore Deputy Prime Minister Heng Swee Keat (right) participate in food distribution under DBS’ Adopt-A-Hawker Centre initiative.

In partnership with the Infocomm Media Development Authority (IMDA), grassroots organisations and several hawker’s associations, DBS “adopted” seven hawker centres and engaged over 400 DBS People of Purpose employees. More than 28,000 hawker meals were delivered to frontline workers and the community, with a projected contribution of over S$260,000 invested into the livelihoods of the Singapore hawkers.

People of Purpose (PoP)

DBS’ PoP employee volunteer movement brings its values to life as the bank aims to inculcate a spirit of volunteerism in all employees. The commitment is instituted in providing two official volunteer leave days to each employee. DBS continues to undertake multiple service-based and skills-based volunteering activities that allow employees to leverage their time and skills to better connect with and make meaningful contributions to the communities they live and work in. Amid the pandemic, employees contributed more than 100,000 volunteering hours in 2021, a 75 per cent increase from 2020, demonstrating their commitment to serving the community through challenging times.

Farm Fresh farms in Malaysia are the first in Asia to receive the Certified Humane Raised and Handled® certification, certifying that the dairy products from the farm meet the precise and objective standards for the humane treatment of farm animals. All of Farm Fresh’s processing facilities operate in accordance with the Hazard Analysis Critical Control Points control system and the Good Manufacturing Practices. The company continuously strives to create a safe environment for all cows as it believes happy cows produce the best milk.

Compost barn at Farm Fresh farms

Home dealer programme

To cultivate long-term benefits for the local economy, Farm Fresh strives to build positive community impact in the upstream and downstream segments of the dairy industry. In 2016, Farm Fresh established its home dealer programme, a multi-channel distribution network that provides sustainable income for rural and sub-urban micro-entrepreneurs to become distributors. Home dealers are estimated to be able to earn RM700 to RM5,000 (US$142 to US$1,050) per household each month while also expanding Farm Fresh’s network across Malaysia.

As of March 2022, the home dealer programme, which accounts for 30 per cent of the company’s revenue in financial year (FY) 2022, encompasses 45 stockists spanning all the states in Malaysia. Additionally, as the network grows to more than 900 home dealers, who in turn manage 1,772 agents, the empowerment programmes have seen women make up 80 per cent of the micro-entrepreneurs’ network base.

Educating youth

Farm Fresh takes an active role in the Malaysian government’s supplementary food and nutrition campaigns, allowing the company to create interest, engagement and dialogue with children and youth regarding the importance of health and balanced nutrition. The company has been supplying 200 ml chocolate milk packets (ultra-high temperature processed) to primary school students from rural areas and low-income households as part of the Ministry of Education’s Supplementary Food Programme.

Students enjoying milk packets as part of the Ministry of Education's Supplementary Food Programme

Regenerative agriculture and water management

Farm Fresh’s most significant environmental impact arises in its dairy farming operations and associated land use. The company has worked on improvements in various areas, particularly regenerative agriculture and water management, to combat an increase in carbon emissions and degradation of the environment. By implementing regenerative agriculture practices at its Muadzam Shah and UPM farms, the company has focused on the treatment of solid animal waste and liquid animal waste for reuse in operations. The company additionally uses vermiculture (earthworm farming) to recycle organic waste into bio-fertiliser to minimise the non-recyclable organic waste generated and maximise the use of natural resources. Treated solid waste is also utilised to form part of the mix for animal bedding, increasing herd comfort and health, and as organic fertiliser for the grass growing at both farms, which forms a major component of the feed provided to cows.

Through these practices, the company has diverted animal waste discharge from landfills and sewerage systems, indirectly reducing the amount of methane released into the environment through landfill decomposition and the use of chemicals to treat waste in sewerage systems. Consequently, Farm Fresh benefits from reduced reliance on external sources of water for operations and usage of chemical fertilisers, which are known to degrade soil health.

Vermiculture systems to recycle organic waste into bio-fertiliser

Farm Fresh has taken climate action even before its listing on the Main Board of Bursa Malaysia. The company has measured its greenhouse gas emissions using the Greenhouse Gas Protocol Agriculture Guidance. The total greenhouse gas emissions for 2020 were the equivalent of 47,400 metric tonnes of carbon dioxide, of which 67 per cent was from farms and 33 per cent was from manufacturing plants. The company targets to achieve 25 per cent of greenhouse gas emissions over the next five years, with measures such as rooftop solar photovoltaic (PV) projects and biogas plants. Presently, the company has completed the installation of rooftop solar PV at the Larkin and Muadzam Shah facilities plants with a total capacity of 1.7 MWp and has just inked an agreement to have a biogas plant in the Muadzam Shah farm.

Rooftop solar panel developments at Farm Fresh processing facilities

Regarding ongoing sustainability efforts, Farm Fresh has committed to supporting the responsible management of the world’s forests through its packaging. In FY2022, 28 per cent of Farm Fresh’s revenue came from products that use fully recyclable and Forest Stewardship Council (FSC®) certified packaging. All paper boards used in suppliers’ packaging must therefore come from FSC®-certified and other controlled sources. Through these combined practices, the company is continuously investing in sustainable farming practices that will integrate business and sustainability in ways that nourish the environment, empower local micro-entrepreneurs and employees, and promote positive nutritional habits for future generations.  

GUAVA Amenities helps global hospitality chains, airlines and cruise liners improve profits by embracing sustainability at scale. The hospitality and tourism industry generated US$9.2 trillion in 2019, accounting for more than 10 per cent of the global gross domestic product, making it a critical component of the global economy. However, a 200-room hotel can generate some 300,000 pieces of single-use plastic monthly. This global crisis certainly requires a global solution. Since 2015, GUAVA has been developing a suite of sustainable solutions to address this, guided by the four stewardship values of interdependence, long-term view, ownership mentality and creative resilience.

Embracing sustainability at scale

GUAVA’s clients have expressed that the key challenge in implementing scalable sustainability efforts is about ensuring local affordability. Systemic and extensive collaboration across the ecosystem is necessary. Therefore, GUAVA pioneered an ecosystem business model that decentralises production, and GUAVA directly distributes products to its clients without intermediaries. GUAVA views itself as an orchestrator of global resources, working alongside strategic partners in its ecosystem to rapidly reconfigure and develop solutions to meet the ever-changing market dynamics. 

GUAVA employees at the Foundations in Corporate Sustainability course organised by the United Nations Global Compact Singapore

By decentralising the manufacturing process, GUAVA creates a more resilient supply chain for its clients. The company helps its clients source products from cost-competitive locations in-country or in-territory. This helps organisations reduce carbon emissions while creating local jobs. GUAVA’s partnerships with non-profit organisations also benefit local communities and the environment.

Distributing directly to its clients has helped GUAVA put in place a programme that reduces waste. GUAVA’s solutions were developed to minimise waste and carbon emissions. These solutions also helped clients reduce their costs by more than 20 per cent. GUAVA’s packaging solutions reduce waste volume by 99 per cent and carbon emissions by 50 per cent compared to conventional packaging options.

Supporting stakeholders through Covid-19 and the post-pandemic world

During the pandemic, the bulk of its business collapsed overnight as borders were closed and travel was halted. GUAVA adapted to its clients’ changing needs. It expanded its production to include healthcare supplies such as masks, hand sanitisers and other personal protective equipment, as well as food and beverage consumables, including cutlery and disposable containers. These two new business verticals are now integrated into GUAVA’s business, enabling it to gain new customer segments and reducing its reliance on hospitality and travel.

GUAVA also supported its suppliers during falling demand by streamlining product varieties. GUAVA’s suppliers were thus able to optimise their production and better manage their costs.

Together with its partners, GUAVA is working towards its 2030 goals: 50 per cent carbon emission reduction at manufacturing sites, 90 per cent plastics reduction through design innovation and material substitution, and 50 per cent waste reduction per property served through product innovation and packaging optimisation.

Mr Gabriel Tan, CEO of GUAVA Amenities, with Ms Sanda Ojiambo, Assistant Secretary-General of the United Nations Global Compact, and other SDG Pioneer awardees at the UN General Assembly

As travel resumes, GUAVA is scaling up its offerings globally and developing innovations that would accelerate the rate at which its sustainable solutions are adopted. 

Mandai Wildlife Group strongly believes in the concept of "One Health" – that the health of humans, animals and the environment are linked and dependent on one another. The Group’s support for the Coffee and Primate Conservation Project (CPCP), through its conservation arm Mandai Nature, showcases its longstanding commitment to its vision of sustainable populations of wildlife and human communities thriving in functioning ecosystems. Based in Java, Indonesia, the CPCP programme is set up by SwaraOwa, a non‐governmental organisation that focuses on conservation work for Indonesian primates. Mandai Wildlife Group and Mandai Nature are amongst other conservation organisations that provide funding to the project.

Fewer than 4,500 Javan gibbons are estimated to remain in Java, ranging from West Java to the Dieng Mountains in Central Java. Initially, the Group surveyed the eastern‐most population of this species to understand its conservation needs there. However, when its project partner identified habitat loss caused by coffee plantations as a threat to the species, the Group expanded its scope of support. The project team worked with villagers to promote wildlife‐friendly coffee as the norm in the landscape.

A silvery baby gibbon with an adult. Photo credit: SwaraOra

Coffee cultivation typically requires land clearing, intensifying the threats faced by the forest inhabitants. Growing shade coffee instead of clearing the forest for other coffee cultivation helps protect gibbons and other animals that inhabit the area. Shade‐grown coffee is a crop produced from coffee plants grown under trees.

Protecting the rainforest also creates a wildlife corridor for animals to roam across the coffee‐growing areas and eventually encourages more animals to return to the area and repopulate. Therefore, a key part of the project looks at protecting the endangered Javan gibbon around the Dieng Mountain in Central Java with a novel method – by engaging villagers to grow shade coffee under the forest canopy.

Owa Coffee

The Group’s support for CPCP facilitated the creation of Owa coffee, growing two types of beans, Robusta and Arabica, under the canopies of the natural rainforest and, in some cases, as part of other agroforestry plantations. More importantly, due to the engagement and increased understanding of the landscape, the farmers in the area now advocate for the conservation of forest habitats and the protection of the Javan gibbon. By involving villagers in their field‐based conservation efforts and ensuring that coffee is sustainably harvested, CPCP has shown them that doing good can provide a reliable source of income while fostering conservation support for the gibbons.

Local villager roasting the Owa coffee. Photo credit: SwaraOwa

The success of Owa coffee has helped initiate discussions amongst other villages on sustainable coffee and other agro‐forest friendly farming projects, such as honey and palm sugar. CPCP then spearheaded these projects and continued to grow with the local communities. This included the development of the stingless honey beekeeping project in Sokokembang and Mendolo, which produced about 30 to 35 kg of honey ready for sale at local markets and online marketplaces.

The Group has helped CPCP share the techniques on how shade coffee can be harvested and processed in an efficient and economically viable manner with villagers in the Pekalongan regency. The Group’s support has also enabled the first‐ever collaborative forum to be held in Petungkriyono forest where stakeholders were invited to the field to plant 1,300 trees in Tlogohendro village.

Between March 2019 and March 2022, the Group's support of CPCP enabled a variety of initiatives. Their impact included the enhancement of forest protection Petungkriyono forest by providing legal recognition as an Essential Ecosystem Area (EEA) status and enabling periodic biodiversity surveys in the Petungkriyono forest. The latter resulted in new records of rare wildlife species for this location, such as Yellow‐throated marten (Martes flavigula), Javan ferret badger (Melogale orientalis), Muntjak deer (Muntiacus muntjak), Chestnut-bellied partridge (Arborophila javanica), Javan slow loris (Nycticebus javanicus). These community actions helped instil local pride amongst villagers and motivated further protection.

The Sokokembang forest become a research site for local students in Central Java and contributed to building their academic capacity and training.

In Java, community development activities continued through improvements to palm sugar processing and training for nine women from Sokokembang and Mendolo villages and distribution of 1,500 tree seedlings in the Petungkriyono district to replant degraded areas in the community tourist sites. The Group's support also ensured a steady supply of honey from Sokokembang and Mendolo. A book and documentary on beekeeping were produced for villages keen to upskill their knowledge of honey production.

A new network for sustainable honey trading was established with an NGO to manage a primate rehabilitation centre in west Java. The supply of raw honey supplemented the diet and nutrition of the slow loris at this centre.

Local community undergoing beekeeping training. Photo credit: SwaraOwa

To further support these efforts, the Group has purchased Owa coffee to serve in its wildlife parks since 2017 and uses around 500 kg of Owa coffee beans per year. To date, the Group is the only long-term, regular international consumer of Owa coffee, with the remaining consumption within Indonesia and small exports to other international conservation organisations. Proceeds from the sales translate into higher income for the farmers, which goes into buying new equipment such as hulling and pulping machines. At the same time, as operators of four wildlife parks in Singapore, the Group could educate the millions of guests that walk through its doors and raise awareness of human impact on planet Earth and the value of making positive changes by making better choices in our daily living. 

With a 50-year history as a developer of residential communities, office precincts, industrial facilities and shopping centres, Mirvac has a defined purpose of reimagining urban life.

It delivers its mission through its sustainability strategy, This Changes Everything. The company aspires not just to "do no harm" but aims to deliver regenerative outcomes for cities by being net positive in carbon and water, sending zero waste to landfill, creating a strong sense of belonging for people who are vulnerable, and being the most trusted owner and developer in Australia.

Two areas in which Mirvac has made an impact are carbon emissions and gender equity. 

Net positive in carbon 

Mirvac sees the company as playing an important leadership role in bringing about positive change in the built environment sector.

Mirvac’s South Eveleigh development in Sydney with solar panels installed on its rooftop

As the world’s population grows, so does the human impact on Earth, particularly when it comes to climate change. Even if all the recent net-zero pledges made at the United Nations COP26 conference in Glasgow were achieved, the world will still warm by 2.2 degrees Celsius by the end of this century, which is well outside the 1.5 degrees Celsius aim climate scientists have agreed is needed to avoid catastrophic impact.

The built environment in Australia represents approximately 25 per cent of total emissions, and as a major player in the property industry, Mirvac stresses that its leadership can influence change. Notably, by designing, creating and managing high-quality, energy-efficient buildings operating on renewable energy, it not only reduces its emissions and impact, but also demonstrates the benefits of working as a force for good, inspiring and influencing others to do the same.  

In 2014, Mirvac set an industry-leading target to be net positive in carbon by 2030. In 2019, it brought that goal to life by releasing a detailed plan for achieving it.  

How Mirvac achieved its net-positive carbon goal by 2021

The plan, Planet Positive: Carbon, hinged on its commitment to eliminate more carbon than it emits and focussed on four elements: 

• Maximising energy efficiency at its assets 
• Building all-electric  
• Powering its assets with 100 per cent renewable electricity  
• Buying a small amount of high-quality offsets for the remainder of its Scope 1 emissions

On 1 July 2021, Mirvac reached net-positive carbon status nine years ahead of schedule.  

Mirvac’s executive leadership team’s response to Mirvac’s net-zero carbon achievement

A gender-equitable company 

Over the years, Mirvac has built a culture of inclusivity, innovation and collaboration, where people feel they belong and genuinely want to work. 

As a result of its efforts, it has been ranked number one globally for gender equality in Equileap's 2022 Global Report. Equileap is recognised as the global leader in gender reporting, researching 4,000 companies globally across 23 countries and assessing them against 19 gender equality criteria.

Its strong ranking is due to a commitment to flexibility, generous Shared Care Parental Leave Policy, zero pay gap for like-for-like roles and gender balance across its workforce.

Women representation

Mirvac believes that work is what one does and does not define the person. Hence, the more flexibility it offers for both men and women, the more equitable workplaces and homes will be. 

When more diverse voices are part of big decisions, better outcomes more reflective of the communities are reached. Recognising that this helps to keep the company in business, Mirvac aims to ensure women feature in senior management roles.   

Four out of nine of its board directors are women. Three out of eight people in its executive leadership are women. In line with HESTA's 40:40 Vision for senior executive teams, Mirvac has 43 per cent senior management roles filled by women from 2020.

The zero-dollar gender pay gap

In Australia, millennials (those born between 1981 and 1995) make up one of the two biggest social demographics, as noted in the 2021 Census, and account for 21.5 per cent of our 25.5 million residents.

Unfortunately, the Australian Government's Workplace Gender Equality Agency analysis says that the women in this cohort are unlikely to earn as much as the men.  

Mirvac found this unacceptable, and for the last six years, it has achieved and maintained a $0 gender pay gap on like-for-like roles.

As a result of cultivating a diverse and inclusive workplace, 93 per cent of Mirvac's employees state that they are proud to work for Mirvac, and the overall employee engagement score exceeds 80 per cent.

Furthermore, Mirvac's employee surveys showed that 87 per cent of employees validate that "Mirvac really allows [them] to make a positive difference" at work, and 90 per cent of employees believe that "Mirvac's commitment to social responsibility is genuine.”

As well as making Mirvac a better workplace, instilling a strong sense of belonging and purpose within employees also reduces unwanted turnover. Mirvac has retained 93 per cent of identified key talent, which is all the more important in the tight Australian labour market.

Noburo, a Bangkok-based fintech firm, was established to reduce income inequality and create trust in society. The name Noburo amalgamates two Japanese words: 信 – trust and 路 – way. Together, this means “a path of trust.” Noburo represents the trust shared within an organisation between employers and employees. Trust is thus essential in motivating employees often struggling to manage their financial problems and improve their economic situation.

Noburo believes that poverty is not created by the poor but by a distorted system. Household debt is a critical and urgent issue in Thailand. Noburo’s mission is to empower at least 100,000 borrowers to solve their debt problems and have at least 10,000 THB (US$263) in savings through an integrative financial literacy and fair credit concept by 2025.

Financial literacy for the local community

A three-way approach based on stewardship values

With the above mission, the company strives to inculcate stewardship values daily in its own operations. It adopts a three-way approach to ensure the values are put into practice to help the company achieve its goal of a mutual synergy for all stakeholders, including shareholders, employees and society at large.

Firstly, Noburo was established based on the key tenet of interdependence. It is a top-level value governing everything it does. Noburo operates with a deep understanding that no society can thrive by leaving the underprivileged behind. Within the company, Noburo places the well-being of its team members at the same level as its customers because it believes that no single organisation can prosper or be sustainable if its employees are struggling.

Secondly, the ultimate goal of Noburo is to ensure the long-term financial well-being of the low-income group. Quick and easy loans could bring considerable revenue for the organisation. However, customers need the skills and knowledge to manage their finances and pay their debts. Thus, Noburo provides financial literacy to its customers to help them manage their finances and well-being and prevent them from falling into a vicious cycle of constant debt payments.

Happy Noburo family

Finally, Noburo’s employees work together as a team, sharing the same purpose, values and mission. However, to bring out the best in each employee, the company inculcates an ownership mentality to make each member feel valued and willing to engage. Employees are encouraged to take on new responsibilities, regardless of the outcomes, and recognition is given to those who take initiative. The ownership mentality helps to build trust and confidence among the team.

Bringing inclusivity and literacy

As Noburo’s name suggests, debtors with no credit bureau access or bad credit history can still be granted fair-priced credit through its inclusive financial programmes. While blacklisted borrowers may hesitate to admit or disclose their financial status, Noburo engages all clients by building trust and confidence in its services. Noburo’s financial programmes are designed to create a safe space for individuals, and the organisation strives to be a mentor rather than an instructor.

Alongside fair access to credit, Noburo provides financial literacy and behavioural training to help its customers understand how to break their debt cycle or avoid falling into constant debt. Through gamification of its financial literacy programme, Noburo’s training is fun and highly effective in creating healthy habits that ensure long-term financial well-being. Indeed, as a fintech startup that bridges financial literacy and tech, Noburo helps to provide equal access to information. Noburo leverages technology and collects data to increase service accessibility, affordability and customisation to its end customers. Through these efforts, the digital platform enables Noburo to scale up and create a tangible, long-term impact on society.

As a result, despite the Covid-19 crisis, Noburo’s loan disbursement posted a 16-fold growth to approximately 420 million THB (US$14 million), with a very low non-performing loan rate. It has partnered with over 100 large and small employers, representing a total employee pool of over 100,000. Noburo’s partnerships with listed companies have even set a new welfare standard for many industries, such as the healthcare and food service sectors. Its resolute commitment to resolving Thailand's household debt problem has made Noburo the country’s most inclusive fintech company.

Noburo introduction

Noburo by 2030

The next step for Noburo is to create sustainable financial “wealth-being” for long-term impact. The company plans to expand its product portfolio beyond debt management to include savings and investment features and financial protection from economic volatility. To efficiently spread the wealth-being impact, a group of talent users called “Noburo Stars” will be deployed to harness their networks on Noburo’s behalf. Through these efforts, wealth-being information and resources will be disseminated to varying communities. In expanding its impact and network, Noburo believes that financial well-being in the low-income population will start to take shape, and society’s perception of financial matters will transform.

Tan Sri Dato’ Seri Dr Jeffrey Cheah AO is the founder and chairman of Sunway Group as well as the founder and trustee of the Jeffrey Cheah Foundation (JCF). His commitment to the sustainability agenda is summarised in the company’s vision statement, “to be Asia’s model corporation in sustainable development, innovating to enrich lives for a better tomorrow.”

Aerial view of Sunway City Kuala Lumpur

Sunway Group was founded on the concept of sustainable development, and the journey began with the construction of Sunway City Kuala Lumpur. This tin-mining wasteland was transformed into an integrated, smart and sustainable township.

Sunway City Kuala Lumpur

The company rehabilitated the abandoned mining pools and built an integrated township that houses educational institutions, commercial entities, a medical centre, retail and leisure outlets, and a residential neighbourhood for more than 200,000 people. Its flagship smart, sustainable city township – Sunway City Kuala Lumpur – is now Malaysia’s most dynamic living laboratory and a test bed for researchers, experts and academia to generate sustainable real-world solutions for the prosperity and progress of the people and the planet.

Sunway City Kuala Lumpur Eco Walk

Sunway recently established the Health Innovation Hub, the first of its kind in Malaysia. This joint initiative by Sunway iLabs and Astra Zeneca aims to construct a network of partnerships that will work to solve, scale and showcase innovative and holistic health solutions across the region.

Sunway believes that corporate responsibility and profitability can go hand in hand, that it wins by rising to the call of supporting and protecting its stakeholders – customers, staff, suppliers, shareholders and the communities in which the company operates.

Its embrace of the sustainability agenda is not dependent on nor driven by external regulatory factors. It has seamlessly integrated the environmental, social and governance (ESG) framework into the company’s culture, and its corporate goals and visions are aligned with the UN SDGs from the company’s inception. Sunway views the ESG measurement and compliance framework as one of the more effective tools and a “means to an end” to achieve the UN SDGs.

Education and research

By channelling funds into JCF, Tan Sri advances his causes to champion and advocate quality education and world-class research. Adopting a social enterprise model, the Foundation is the largest of its kind in promoting education in Malaysia. The Foundation has disbursed more than 618 million Malaysian ringgit (US$184.6 million) in scholarships as of 2022, and it is Tan Sri’s goal to give out more than RM1 billion in his lifetime.

Tan Sri, through the Foundation, gifted a total of US$20 million to the United Nations Sustainable Development Solutions Network (UN SDSN), headed by the renowned Professor Jeffrey Sachs. The first tranche of the gift, totalling US$10 million, was disbursed between 2016 and 2021. A significant portion of the funds was used to establish the Jeffrey Sachs Center on Sustainable Development at Sunway University. The centre, chaired by Professor Jeffrey Sachs himself, is the only such entity in the region.

Tan Sri Dr Jeffrey Cheah AO with Professor Jeffrey Sachs

In 2020, the Foundation committed another US$10 million to the UN SDSN. The gift is being used to establish and fund the operations of the Asian headquarters of the UN SDSN at Sunway University, making it one of only three such global centres tasked with continent-wide sustainability initiatives. The other centres are in Paris, which oversees Europe and Africa, and New York City, which oversees the Americas.

In the latest sustainability initiative, the Foundation established the Sunway Centre for Planetary Health at Sunway University. The centre is working with the other institutions at Sunway University to advance the sustainability agenda in the region.

Net-zero commitment

Taking its commitment to the sustainability agenda one step further, Sunway has pledged to achieve net-zero carbon emissions by 2050. This is in line with the Malaysian government’s commitment to carbon neutrality by 2050, as outlined in the Twelfth Malaysia Plan.

Sunway Group is the first corporation in Malaysia and among the first in Southeast Asia to introduce a carbon pricing framework into its businesses. Sunway's business divisions will work towards their decarbonisation targets. Business divisions that fail to meet these targets will be penalised by deducting an amount from their bonus pool. Between 2022 and 2024, prices will be set at RM15 per ton of carbon dioxide above a pre-defined threshold. This carbon price will be recalibrated progressively in subsequent years, sending a message to its internal stakeholders that they need to find solutions to cut carbon emissions – or pay the price.

To drive progress towards net zero by 2050, Sunway has set an interim target to halve emissions by 2030 (from 2010 as the base year, as per the United Nations Intergovernmental Panel on Climate Change’s recommendations). From now until 2030, Sunway’s focus is to reduce residual emissions by improving efficiency and using energy substitution. However, to reach net zero by 2050, it plans to focus on using carbon offsets, such as carbon storage and capture, and investing in large-scale renewable energy. Sunway partnered with the Massachusetts Institute of Technology in 2017 to research carbon capture, utilisation and storage technology (CCUS) to make it commercially viable. 

Tata Consultancy Services (TCS)’s purpose and values are aligned with that of its parent, the Tata Group, and both entities collaborate closely with their customers on social and community initiatives. As a technology company, TCS is constantly revisiting how technology can better enable communities and how the company can help through technology. A holistic approach is taken towards sustainability and focuses on four issues:

1. Acceleration towards net zero
2. Influencing and enabling future generations
3. Partnering with customers for more sustainable outcomes
4. Empowering employees to lead the change

These values align with the four values of the Steward Leadership Compass© (interdependence, long-term view, ownership mentality, creative resilience), outlining TCS’ stewardship purpose.

A four-horizon journey with an ecosystem-based approach is used to address the company’s sustainability challenges:

• Enterprise ecosystem: Enable businesses to be sustainable, agile and resilient while innovating sustainable products and services
• Value chain ecosystem: Enable sustainable supply chains through collaborative industry ecosystems
• Cross-industry ecosystem: Enable sustainable life experiences through multi-industry, cross-sector ecosystems
• Cross-sector ecosystem: Nurture bio-regional economies that enable self-reliant, local communities

Improving digital access and literacy

TCS’s community initiatives focus on improving digital access and literacy in communities, including seniors and underprivileged students. The progress and impact of these programmes are constantly tracked to ensure that targets are met. For instance, TCS’ CareSeniors Programme has invested more than 6 million Singapore dollars (US$4.4 million) in senior care solutions. TCS also contributed more than S$40,000 worth of laptops and wi-fi connections to underprivileged students to relieve Covid-19 challenges, benefitting more than 150 students in Singapore.

In September 2022, TCS announced the launch of the Alliance for Community Empowerment, or ACE, along with its partner, the People’s Association (PA). ACE aims to foster greater digital fluency and preparedness for underprivileged youths, families and the elderly in Singapore through curated digital programmes and initiatives, allowing them to be equipped with the right skills and knowledge to thrive in an increasingly digitalised world.

Launch of TCS-PA ACE

Leveraging TCS’ deep expertise in technology and digital innovation and PA’s extensive grassroots network, ACE will empower communities through two core pillars – education, which focuses on upskilling and reskilling, and innovation, which involves collaborative partnerships and collective ideation between TCS and government agencies to co-create solutions for local community challenges.

One of the anchor initiatives powered by ACE is the TCS-PA Nanyang Sayang goIT programme. goIT is one of TCS’ corporate social responsibility flagship programmes, implemented in more than 150 cities and impacting more than 100,000 students worldwide since 2009. It is a student engagement digital innovation programme which teaches design thinking skills to students from underrepresented groups and applies a human-centric tech approach to solve real-world problems.

Under this initiative, which was held at Nanyang Community Club, TCS professionals conducted pro-bono workshops with mentors from the Nanyang Youth Network. These mentors, comprising junior college and university students, were taught skills such as design thinking and User Interface/User Experience, which they then imparted to seven- to fourteen-year-olds from low-income households. Moving forward, TCS-PA ACE will continue to expand the goIT programme to other divisions in the West Coast district, with plans to reach at least 70 student mentees by March 2023.

A mentee speaking at the launch of TCS-PA ACE

All initiatives under ACE are fully enabled by the TCS-PA Empowerment Fund, established in 2020 to alleviate Covid-19’s impact on vulnerable communities. A total of close to S$70,000 was raised through an employee donation drive, matched dollar-for-dollar by TCS. Plans are also underway to introduce the goIT programme and anti-scam workshops to other constituencies around Singapore from 2023.

Over the past six years, TCS has made consistent and significant efforts to support local communities through different technology-focused initiatives. To date, the company has completed numerous milestone projects with PA that have benefitted more than 500,000 residents in Singapore. The total commercial value of these projects is estimated at more than 13,000 hours or S$550,000. The co-creation of ACE marks a further commitment by both organisations to make further strides in their partnership and provide targeted assistance to more communities.

Building on the core purpose

Organisations and businesses can be catalysts for change. To this end, TCS’s core purpose is to connect people to opportunities in the digital economy, a mission central to how it operates as a business. Through innovation, partnership and collective knowledge, TCS believes it can lead positive change for all stakeholders. The company’s deep understanding of digital transformation, technology, and its application helps to create a strong foundation for developing solutions to some of the world’s most pressing problems at scale.

As the world continues to evolve rapidly, TCS will double down on its engagement model of leveraging the organisation’s intellectual, technology, financial and human capital to impact the communities where it operates exponentially.  

Since Thai Wah’s inception in 1947, the company has incorporated innovative and climate‐focused strategies into all aspects of its business operations to achieve short‐ and long‐term goals while growing sustainably. These strategies include expanding its agronomist team, changing its energy sources, continually innovating its sustainability-oriented cultivation methods, and developing its ROSECO™ bioplastic.

Growing the agronomist team

Over the past few years, Thai Wah’s agronomist team has grown to over 20 farm experts and technical personnel who work daily with more than 30,000 farmers across the region. Farmer involvement is essential for any innovative practice in the agricultural industry. The team helps farmers incorporate technological advancements and expand their knowledge of the types of agricultural inputs available. Only by working collectively can the company and the farmers build strength and overcome global challenges.

Thai Wah expands farmers’ knowledge about various agricultural inputs and access to disease-free seedlings

Transitioning to sustainable energy sources

Transitioning to renewable energy sources was paramount to lowering greenhouse gas emissions at its factories. Since 2017, the company has been a pioneer in the waste‐to‐energy field, starting with identifying greenhouse gas emission sources to determine the best solutions to cut emissions across its entire value chain. In 2019, Thai Wah began harnessing solar power from solar panels installed on its factory rooftops and in 2021, the company developed biogas from the by‐product tapioca pulp. This culminated in a transition to solar power and biogas instead of coal and fossil fuels to run the company’s factories. These initiatives, which are aligned with the company’s 3T strategies of traceability, transition and transformation, had one important goal: to achieve the 2030 carbon neutrality targets set forth by the company and the United Nations Sustainable Development Goals.

Thai Wah’s factories transitioned to running renewable energies with solar rooftops in 2019

Culture of innovation

Consistent innovation is a critical driving force behind Thai Wah’s business strategies. Beyond its products and services, the company’s innovation is embedded in its operational structure. The company has a network of well‐versed personnel with core competencies compatible with its business direction. A culture of innovation has enabled the company to develop an extensive spectrum of in‐house solutions. Equipped with these innovations, Thai Wah handpicks solutions that best fit its customers, given the latter's available resources. This strategy allows Thai Wah and its customers to succeed amid increasingly competitive markets. The company’s capabilities now span the areas of starch chemistry, food technology, materials science and bioengineering.

ROSECO™ bioplastic

Challenges create opportunities to explore new markets. After two years of hard work, Thai Wah launched ROSECO™, Southeast Asia's first tapioca‐based bioplastic in 2022. It was developed to address challenges in finding compostable and biodegradable solutions. The next few decades will see the long‐term challenge of combating the plastic waste crisis. As part of the 3Rs (Reuse, Reduce, Recycle) initiative to address this challenge, Thai Wah’s bioplastic will help develop cost‐effective and innovative solutions for the future. Thai Wai’s ROSECO™ business is expected to account for between 10 and 20 per cent of the group’s total revenue, equivalent to US$100 million, in 3 to 5 years. Since 2021, Thai Wah has undertaken further research on the Life Cycle Analysis of different crops it uses and how recycled crops fit into new composting and biodegradable standards.

ROSECO™ exists to provide zero waste solutions for a better world

Towards an innovation-driven future

Core to Thai Wah’s ethos on successful stewardship is to constantly grow by creating and scaling business platforms that are sustainable and enduring over time. The company plans to incrementally drive its value chain – Farmer, Factory, Family, and Food & Finished Goods – towards sustainability-oriented innovations and transformations, with the customer at the centre. The aim is to enable farmer-led agricultural innovation, greenhouse‐neutral factories, more sustainability‐conscious and innovation‐driven families, and more consumer‐centric finished goods. Thai Wah strongly believes it will take everyone working together – not one individual or one company – to realise sustainability and address climate change.

The Social Kitchen Pte. Ltd.

The Social Kitchen (TSK) combines its social purpose of empowering vulnerable communities and its environmental aim of addressing climate change through its mission, “sustainable food powered by a sustainable workforce.”

Promoting sustainable diets

In line with its goal of addressing climate change and resource depletion, TSK promotes plant-based diets and encourages environmentally friendly practices as part of its sustainable business model.

TSK’s menu and retail activity revolve around the sale and production of plant-based food to raise awareness of the importance of sustainability. TSK recognises the common misconception that taste and nutrition are compromised in plant-based diets. To combat this fallacy, TSK collaborates with well-known food and beverage (F&B) brands, providing quality mid-tier to high-end dining options. For example, it partnered with Holland-based meat-substitute brand The Vegetarian Butcher for outlets at the Jurong Bird Park and Gardens by the Bay.

In setting up such “cloud kitchens,” TSK also uses former under-utilised kitchens by reinventing these spaces for social and community purposes. This ensures that resources are not wasted in the development of a new space and makes use of resources already present.

At the same time, these cloud kitchens are attractive to many F&B operators who want to expand their footprint in Singapore without the hefty capital investment. By investing or partnering with TSK, these operators also do good by enabling TSK to hire more PWDs to work in these cloud kitchens.

Inclusive hiring programme

As part of its social cause, TSK aims to empower members of vulnerable communities through employment and integration with the wider community. To this end, TSK partners with community organisations to hire PWDs. TSK bases its training on the restaurant or retail environment where employees interact with the community at large. With such on-the-job training, employees can better integrate into society through day-to-day interactions and gain experience beyond technical skills. Under this task-oriented training programme, PWDs are trained at their own pace.

Since joining TSK, Esther has gained self-confidence and now manages the whole cafe herself.

TSK recognises that helping PWDs goes beyond providing employment and upskilling opportunities. Employees are also encouraged to participate in activities outside working hours, such as badminton and art classes. TSK strives to maintain a healthy relationship with its employees even after they leave the organisation.

Partnerships for mutually beneficial outcomes

TSK’s current model allows it to provide a strong safety net that different community partners can tap on. This allows many businesses to employ and engage TSK’s employees in a structured manner, allowing both organisations to be a meaningful force for good. TSK partners with businesses that want to participate in corporate social responsibility activities but lack a platform to do so.

Packing bento meals to donate to needy families

Given its human resources and network with other social organisations, TSK offers corporates collaboration opportunities to do good together. For example, TSK launched the “BOX-ING GOOD” campaign, encouraging companies to work with it to pack and deliver bento boxes to vulnerable communities. Similarly, the “Sacrifice Nothing” campaign was launched in June 2021, where a multinational corporation donated plant-based burger patties and a bakery heavily subsidised the cost of burgers. Together, the three organisations produced and distributed 50,000 plant-based burgers to frontline workers in appreciation of their hard work. Such campaigns created jobs for the PWDs and provided a source of income to support themselves and their family.

During the Covid-19 pandemic, TSK hired people from the vulnerable community to wrap 50,000 plant-based burgers.

Becoming the largest employer of PWDs

TSK is working towards becoming the largest employer of PWDs by expanding its number of outlets and hiring more PWDs. With 11 outlets in 2022, TSK is on the road to success. In the next five years, TSK hopes to have 50 outlets and a PWD staff strength of 500. Ultimately, TSK hopes to provide PWDs with sustainable jobs that will cultivate their independence and gradually reduce their reliance on the organisation. 

UBS focuses on the three key areas of Planet, People and Partnerships to maximise impact and drive stewardship:

• Planet: make climate a clear priority as the world shifts towards a low-carbon future
• People: address societal challenges through client and corporate philanthropy as well as employee engagement
• Partnerships: work with other thought leaders to achieve impact on a global scale

As a global financial institution, UBS understands that it has a role in tackling the United Nations Sustainable Development Goals (UN SDGs) by directing capital to where it is most needed. UBS does this through thought leadership, collaborative industry initiatives, its investment process and a focus on stewardship.

Sustainable investments as the preferred solution

UBS believes it has the scale, connections and commitment necessary to make a decisive difference in creating a more sustainable future for all. In September 2020, UBS became the first major global financial institution to make sustainable investments the preferred solution for private clients investing globally.

UBS aims to promote well-functioning markets by taking a long-term view and driving performance excellence while influencing positive change

Working with clients, UBS delivered a wide range of sustainable finance offerings in 2021:

• Held US$251 billion in sustainability-focused and impact investments, an increase of 78 per cent yearly
• Supported 103 green, social, sustainability or sustainability-linked bond transactions and has been active in sustainable bond issuance with sovereigns such as the Philippines, Indonesia and Hong Kong
• Expanded the UBS Climate Aware suite of products and grew Climate Aware strategies to US$23.4 billion
• Supported more than 320 philanthropy programmes in over 60 countries and reached 4.6 million beneficiaries worldwide through UBS Optimus Foundation activities

Development Impact Bonds

UBS also implemented innovative financing mechanisms for social impact, such as the Development Impact Bonds (DIB). UBS developed the world’s first and largest DIB for education and the world’s first DIB in maternal and child health. In 2021, UBS launched an initiative to invest US$100 million in SDG-aligned outcomes-based programmes. Investors will receive returns based on verified social and environmental impact. The initiative is based on an innovative blended finance structure with philanthropic first-loss funding to unlock additional socially motivated private capital. Since 2020, UBS has supported over 30 innovative programmes on nature-based solutions and conservation financing.

As investors and stewards of client assets, UBS also strives to engage with companies it invests in to positively influence their sustainability practices. Discussions with company boards and corporate management enable UBS to share its expectations and encourage business practices which enhance long-term value. In 2021, UBS conducted 430 engagement meetings with companies, of which almost 40 per cent were with C-suite members. UBS speaks with companies on a wide range of topics, including corporate governance, climate change, board diversity, capital management and social issues.

Stewarding sustainable practices at the office

Internally, to engage its employees in its sustainability strategy, all UBS employees in Singapore and Hong Kong have completed sustainable investing and sustainability training programmes. UBS is further building tiered sustainability training for all staff globally. UBS creates ownership within the company through internal upskilling and enables employees to empower their clients.

To mitigate the environmental impact of its offices, UBS endeavours to achieve LEED (Leadership in Energy and Environmental Design) certification for all its new regional offices. For instance, LEED Platinum was awarded for its Guangzhou site, the highest-rated LEED office in the Guangdong province.

As the largest LEED Platinum project in Southeast Asia, 9 Penang Road (9PR) in Singapore is a symbol of UBS’ environmental commitment.

Planning the stewardship roadmap ahead

Moving forward, UBS is broadening its stewardship activities to cover human rights, biodiversity, health and well-being, and the circular economy, while expanding existing climate engagement activities by 2025:

• Sustainable finance: dedicate US$400 billion of invested assets to sustainable investments
• Planet: net-zero energy emissions resulting from UBS’ operations
• People: raise US$1 billion in donations and impact 25 million beneficiaries through client philanthropy
• Partnerships: contribute best-in-class sustainability thought leadership and an expert forum to engage clients and standard setters in discussion

Holding up to its brand promise “Right by You,” UOB, a leading Singapore financial institution, works with governments, businesses, investors and individuals to change business practices and lifestyles for the greater good. UOB’s values of Honour, Enterprise, Unity and Commitment form its sustainability strategy's guiding principles embedded in its everyday operations. The four pillars of its sustainability strategy are:

1. Drive growth sustainably
2. Keep customers at the centre
3. Develop professionals of principle
4. Uphold corporate responsibility
   
   

These four pillars reflect UOB’s expertise, the responsibilities it holds and the role it can play in supporting its stakeholders in their sustainability journeys, forging a sustainable future for ASEAN. UOB’s holistic sustainability approach extends across the region and aligns with all 17 United Nations Sustainable Development Goals (UN SDGs).

Employee involvement in driving sustainability

With its sustainability strategy embedded throughout the bank’s business, all employees drive the sustainability agenda. The Group Sustainability Framework supports UOB’s business decision‐making at all levels and provides employees with guidance on managing sustainability-related risks and business opportunities, including direct and indirect impacts on the environment, society and the economy.

Integrating sustainability into business strategies, models and practices can be complex, which is why UOB’s sustainability approach simplifies sustainability for businesses.

UOB runs various sustainability training programmes to equip its employees with the right skillsets. Across its network, UOB also shares sustainability-related updates on its intranet, MyUOB, to keep its employees abreast of market developments and that of the bank. In addition, the Corporate Sustainability Office site on MyUOB houses all sustainability‐related content and news across the group, which employees can access easily.

Carbon neutrality achievement

In 2021, UOB became the first Singapore bank to achieve operational carbon neutrality for its Scope 1, Scope 2 and Scope 3 emissions. UOB is committed to maintaining carbon neutrality through the following:

• switching to more renewable energy sources
• incorporating more energy-efficient features and systems
• using carbon offsets for hard-to-abate emissions

UOB also aims to reduce its electricity use and Scope 2 emissions intensities by 14 per cent and achieve green building certifications for all key wholly owned UOB buildings by 2030. It also targets to achieve the BCA-HPB Green Mark for Healthier Workplaces certification for all new and renovated commercial offices by 2025. The BCA‐HPB Green Mark for Healthier Workplaces is a collaboration between the Singapore Building and Construction Authority and the Health Promotion Board.

Inclusive finance to help the marginalised

UOB’s private equity arm, UOB Venture Management, established the Asia Impact Investment Funds (AIIF) to invest in growth companies across Southeast Asia and China to support people living on US$3,000 or less a year. With inclusive finance as a key focus, the AIIF has been investing in microfinance institutions in Southeast Asia that help improve the livelihoods and income resilience of marginalised groups, such as low-income individuals and women micro-entrepreneurs. With the efforts of AIIF’s portfolio companies, more than 1.23 million low‐income individuals have gained better access to finance to build or invest in agricultural activities or small businesses. As of the end of 2021, the AIIF’s investment portfolio companies’ efforts have benefitted close to 19 million low‐income individuals.

The AAIF invests selectively in portfolio companies that seek to improve the livelihoods and well-being of low-income communities and overcome the challenges they face.

Working with stakeholders

Sustainability is increasingly important for various stakeholders – governments, regulators, investors and consumers – and it is an ongoing journey to which UOB is committed, alongside its stakeholders. UOB acts as a catalyst and enabler, working closely with customers, colleagues and the wider community to create a multiplier effect in sensibly managing sustainability risks and opportunities. This ensures that the organisation’s collective impact is positive and meaningful in the long term.

For example, UOB’s key sustainable finance solutions bring together ecosystem players and the power of industry collaboration to promote the switch to renewable energy, more energy efficiency projects, and the adoption of electric vehicles:  U-Solar, U-Energy and U-Drive.

Supporting a net-zero future for ASEAN

UOB is committed to forging a net-zero future in collaboration with its stakeholders, especially in Southeast Asia, one of the most vulnerable regions to the effects of climate change. As the region comprises diverse economies with different social and economic needs, UOB believes that environmental commitments must incorporate energy security and socioeconomic equity and equality to ensure that lives and livelihoods can continue to improve.

In 2021, UOB provided green trade and working capital facilities to Barramundi Group – a pioneer in sustainable aquaculture – to support greater resilience and security in the seafood ecosystem.

In this regard, UOB based its sectoral targets on regional pathways aligned with global net-zero goals using internationally recognised climate science models. This approach reflects the bank’s strong belief in a just transition across Southeast Asia that continues to support economic growth and improve energy security.

Time is running out for climate action, and UOB is committed to connecting with ASEAN and playing its part in forging a sustainable future for the people and businesses within the region so that future generations can continue to thrive.