UOB and Enterprise Singapore Launched Sustainability Advice, Grants and Assistance (SAGE) ProgramIt targets small and medium-sized businesses.
The initiative aims to simplify sustainability-related financing for SMEs, with preferential loan interest rates from UOB being offered to SMEs that meet pre-agreed Sustainability Performance Targets (SPTs).
The SAGE programme includes collaborations with sustainability service partners such as CDP, Convene ESG, M1, Paia Consulting, PwC Singapore and TÜV SÜD.
This partnership will provide SMEs with a streamlined approach to setting and achieving their SPTs.
The programme addresses concerns highlighted in a recent UOB survey, with only 40% of companies having implemented sustainability initiatives due to reasons including high costs, lack of knowledge and a shortage of talent.
SAGE aims to reduce the time, cost and resources required for SMEs to set up an SPT and secure funding.
SMEs can choose from three pre-defined sector-specific SPTs that have been validated by Environmental Resources Management (S) Pte Ltd to ensure alignment with the global Sustainability Linked Loan Principles.
These goals focus on reducing greenhouse gas emissions, certifying management systems and improving ESG ratings.
UOB We offer preferential pricing through our network of sustainability partners, and with Enterprise Singapore’s support, up to 85% of the costs of ESG digital platforms, advisory services and certifications required to meet the SPT will be covered.
Lim Lay Wah
Mr Lim Lay Wah, group head of Sector Solutions Group and Financial Institutions Group at UOB, said:
“The SAGE program is a first-of-its-kind collaboration with a leading industry partner to offer our small and medium-sized business clients a seamless experience in implementing sustainability initiatives with pre-approved sustainability performance targets.
One-stop access connects you to a network of sustainability service partners to accelerate your green transition.”
Jeffrey Yeo
Mr Jeffrey Yeow, assistant managing director of Enterprise Singapore, said:
“With increasing focus on net zero among governments, investors and consumers, sustainability is no longer just a corporate asset.
“This programme with UOB will provide Singapore businesses with clear goals and the resources to develop their sustainability capabilities. Enterprise Singapore encourages businesses to take advantage of this programme to improve their sustainability performance and stay competitive.”
Featured image: UOB (seated third from left) with sustainability services partners (from left) Paia Consulting, TUV SUD ASEAN, PwC Singapore, M1 and CDP signing the cooperation agreement. Witnesses from Enterprise SG and UOB (standing).
