In anticipation of the growing need for businesses to contribute to the circular economy, UOB has developed a Green Financing Framework for Circular Economy in 2019, enabling companies to apply for green or sustainability-linked financing without having to develop their own framework.
“As part of our commitment to sustainable and responsible growth, we also seek to identify, assess and manage social and environmental risks, challenges, impact and opportunities,” she said. “One of the fastest ways for businesses to enter into the circular economy is by extending the life cycle of existing products. This means that end-of-life products are re-purposed for other uses. This can serve to not only reduce a company’s carbon footprint but also reduce business and raw material costs,” she said.
“We also want the public to know that financing support is available to businesses in the circular economy like the recyclers, converters and integrated collectors that aim to minimise or manage resource consumption and waste production,” said Ng.
Source: Financial Digest (financialdigest.net)
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