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Smart City Finance Framework Launched in Singapore (Int'l)
United Overseas Bank
Date: 2020-11-25
In Singapore, United Overseas Bank (UOB) reports the launch of its UOB Smart City Sustainable Finance Framework (UOBSCSFF) to make sustainable financing more accessible to companies contributing to the creation of smart cities. Aligned with the UN Sustainable Development Goals, the UOB framework is supported through the Monetary Authority of Singapore's Green and Sustainability-Linked Loan Grant Scheme.

UOB's framework sets out the criteria the Bank's corporate and institutional clients must meet when accessing a range of products, from green or sustainability-linked loans and trade finance facilities to other sustainable banking products. These criteria include requiring the company to have a clear sustainability strategy and objectives, to achieve their sustainability performance targets and to use the proceeds to further their sustainability agenda.

Under the framework, business must also be able to demonstrate how their commitment to renewable energy, green building construction, improved energy efficiency, green transportation, sustainable water and waste management and/or climate change adaptation. The new grant scheme will cover up to $100,000 of a borrower's expenses in validating the green and sustainability credentials of a loan over a three-year period. Such costs are incurred for example in obtaining external reviews and reporting on the sustainability impact of the loan. Additionally, the scheme will support banks when they develop frameworks that will provide standardised criteria and processes for green and sustainable financing.

The grant scheme will defray up to 60 pct of the banks' expenses, capped at $120,000 for such green and sustainability-linked loan frameworks. This amount will cover expenses to engage service providers to develop frameworks, obtain external reviews and report on the loans originated under the framework. Furthermore, it will defray by 90 pct the expenses incurred by banks to develop frameworks specifically targeted at SMEs and individuals, capped at $180,000 per framework.(Source: United Overseas Bank, PR, 24 Nov., 2020) Contact: United Overseas Bank, www.uobgroup.com; Monetary Authority of Singapore, +65 6225 5577, +65 6229-9229 -- fax, (212) 809 1900 -- US Office, www.mas.gov.sg

More Low-Carbon Energy News Monetary Authority of Singapore,  Smart Cities,  Energy Efficiency,  


UK Carbon Credit Scheme to Incentivize Tree Planting (Int'l)
DEFRA
Date: 2019-11-06
In the UK, the Department for Environment, Food and Rural Affairs (DEFRA) is launching a new £50 million Woodland Carbon Guarantee scheme to boost tree-planting rates to combat climate change. The scheme promises landowners and farmers a long-term income stream to encourage them to create new woodlands.

The government is committed to planting 11 million trees by 2022, as part of its effort to hit net-zero carbon emissions by 2050 to tackle climate change.

Under the new scheme, farmers can sell the carbon dioxide they capture by growing trees in the form of Woodland Carbon Units (verified carbon credits) to the government for a guaranteed price every five or 10 years up to 2055/56. (Source: DEFRA, Farmers Weekly, 5 Nov., 2019) Contact: Woodland Carbon Guarantee, www.gov.uk/guidance/woodland-carbon-guarantee; DEFRA, www.gov.uk/government/organisations/department-for-environment-food-rural-affairs

More Low-Carbon Energy News DEFRA,  Climate Change,  Reforestation,  Carbon Emissions,  


NY Law Suit Claims ExxonMobil Misled Shareholders on Climate Change (Ind. Report)
Climate Change,ExxonMobil
Date: 2018-10-29
It is being widely reported by the New York Times and others that New York is suing the Houston-headquartered oil and gas giant Exxon Mobil, claiming that the company defrauded shareholders by downplaying the risks posed by climate change, according to the New York Times and other publications.

The legal action does not charge ExxonMobil with playing a role in causing climate change, but rather accuses the company of telling investors that it was using theoretical prices for carbon in evaluating projects, ranging from $20 to $80 a ton depending on the country, when in fact it often used a lower price or no price at all, according to the Washington Post. The action also alleges ExxonMobil's senior management was aware of these activities.

BBC News reports that an ExxonMobil spokesperson claimed the oil giant "looks forward to refuting these claims as soon as possible and getting this meritless civil lawsuit dismissed." (Source: NY TIMES, BBC, Standard, Various Other Media, 24 Oct., 2018)

More Low-Carbon Energy News ExxonMobil,  Climate Change,  

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