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Second-Party Opinion Download

Project Details


UOB Sustainable Bond Framework Second-Party Opinion


United Overseas Bank Limited

Project Type

Sustainability Bond/Loan

Industry Group


Use of Proceeds

Renewable energy; Green buildings; Clean transport; Energy efficiency; Water/waste water management; Climate change adaptation; Natural resources/land use management; Pollution prevention and control; Sustainable forestry; Access to essential services; Affordable housing; Employment generation; Food security;



Evaluation Date

Mar 2021

Evaluation Summary

Sustainalytics is of the opinion that the United Overseas Bank, Limited (“UOB” or “the Bank”) Sustainable Bond Framework is credible and impactful and aligns with the four core components of the Green Bond Principles (GBP) 2018, Social Bond Principles (SBP) 2020, Sustainability Bond Guidelines (SBG) 2018, ASEAN Social Bond Standards (ASEAN SBS) 2018, ASEAN Green Bond Standard (ASEAN GBS) 2018, and ASEAN Sustainability Bond Standards 2018 (ASEAN SUS). This assessment is based on the following:


The eligible categories for the use of proceeds are aligned with those recognized by the GBP, SBP, SBG, ASEAN SBS, ASEAN GBS, and ASEAN SUS. Sustainalytics considers that the eligible categories will lead to positive environmental and social impacts and advance the UN Sustainable Development Goals, specifically SDG 1, 3, 4, 6, 7, 8, 9, 11, 12, 13, 14 and 15.


UOB’s project evaluation and selection will be conducted by its business units and a working group (the “Working Group”) within UOB’s Environmental Sustainable Governance Committee. The eligible assets will be initially selected by the business units, and approved by the Working Group. This is in line with market practice.


The processes for management of proceeds is handled by the Working Group using a portfolio approach. Use of proceeds will be tracked by a register using internal accounting and information systems. If the assets are repaid or divested, they will be removed from the portfolio and replaced as soon as practically feasible. Pending full allocation, unallocated proceeds will be invested in line with UOB’s liquidity management policy. This is in line with market practice.


Until maturity of the Green, Social or Sustainability bond, UOB intends to report on allocation and impact of financing on its website on an annual basis. Allocation reporting will include (amongst others) total amount of eligible assets, share of new financing and refinancing, and balance of unallocated proceeds. Additionally, UOB is committed to reporting on relevant quantitative and qualitative impact where feasible. This is in line with market practice.