UOB Thailand has recently signed a Memorandum of Understanding (MOU) with Build3 Technologies, a pioneering Climate Tech startup in Thailand and the developer of Carbonwize, a Carbon management platform. This collaboration is aimed at aiding a small and medium sized enterprises (SMEs) in evaluating their carbon footprints using the Carbonwize platform. This assessment is a pre-requisite for SMEs seeking green loans with preferential interest rates from UOB. The initiative is designed to foster business sustainability and promote environmental responsibility.
The necessity for substantial funding to transition SMEs towards carbon neutrality is evident. According to UOB Business Outlook Study [ Source: UOB Business Outlook Study 2023, Respondents: SMEs and Large Enterprises across key industry verticals in Thailand, N=322.]2023, a striking 96 per cent of SMEs acknowledge the importance of sustainable practices, yet only 47 per cent have integrated sustainability into their operations. Notably, 29 per cent identify the absence of financial support as a primary barrier to implementing sustainable measures. To address this gap, UOB Thailand has teamed up with Build3 Technologies to facilitate access to financial support for SMEs endeavoring to adopt sustainable transformations.
Eligible companies can avail themselves of UOB's green loans, which start at attractive interest rate of 2 per cent per annum, with a maximum tenor of five years. A critical step in this process involves companies accessing their carbon footprint through the Carbonwise platform. This automated system calculates and offers insights into a company's emissions, aiding in planning for decarbonisation strategies, such as the adoption of solar panels, cooling management systems, or water heating solutions. UOB leverages this internationally recognised data to assess loan applications aimed at reducing greenhouse gas emissions.
Mrs Sayumrat Maranate, Executive Director, Head of Business Banking, UOB Thailand said "Build3 Technologies is one of UOB Thailand partners under the Finlab's Sustainability Innovation Programme (SIPS) aiming to help SMEs transform their companies to sustainable and green businesses. We've introduced Carbonwize platform to more than 200 SMEs under the programme as the latest technology to help businesses transition to sustainability. The new collaboration also reflects UOB's commitment to help reduce carbon emissions through green financing while enabling small and medium-sized businesses to advance responsibly."
Ms Natcha Lerthatasilp, Chief Executive Officer, Build3 Technologies Co., Ltd., said "More and more consumers are calling for environmentally friendly products and services. Businesses should adapt and respond to this emerging trend. We are committed to advancing climate technology. Our focus is on simplifying the carbon accounting process and enhancing data collection through seamless integration. This approach enables users to monitor carbon emissions in real-time, effectively strategize for decarbonization, and generate sustainability reports that are compliant with international standards. The agreement with UOB Thailand has translated vision into action by supporting Thai entrepreneurs in their transition to low-carbon businesses and the country's goal to reduce greenhouse gas emissions by 40 per cent in 2030"
For more information on Carbonwize platform please visit www.carbonwize.io
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