InfoSAWIT, SINGAPURA - United Overseas Bank (UOB) Limited encouraged Willmar International Limited (Wilmar), palm oil plantation and agribusiness company in Asia to make the sustainable agenda better through the green (sustainable) loan/fund scheme for the next two years for about US$ 200 million.
In arranging the green fund, UOB cooperates with Wilmar to identify the work indicators in many fields, including the governance of the company, the carbon emission, the land use, the conservation, the relation with the people, and the practices of supply chain.
The work indicators would help to make sure that the operational of Wilmar is responsible on the social and environment because the company has better commitment to fulfill the food demands globally without breaking or damaging the natural resources. This is important knowing that the world population could be about 10 billion in 2050.
The interest rate of fund would refer to what Wilmar achieved from the previous targets which were determined based on the work indicators. Sustainalytics is the platform to environment, social, and governance (ESG) rank which is independent globally, and would assess if Wilmar has reached the targets in every single year.
Chief Financial Officer Wilmar, Charles Loo mentioned that in developing the responsible business, Wilmar believed that the realization of the sustainable goals should cover every operational aspect, including, search for the solution of sustainable fund in the company. “We are happy that UOB supports us by the sustainable loan which is the same with the fund strategy of the company sustainably. It is important for Wilmar to increase the ESG as same as the developing business,” Charles Loo said, as in the official statement to InfoSAWIT recently.
Head of Group Structured Trade and Commodity Finance, UOB, Lim Chen Chen said that his side is committed to support its partner to realize the ESG through the deeper knowledge and series of sustainable fund solution.
“Through the loan in its relation to sustainability to Wilmar, we could help them to increase the sustainable operation and fulfill the people’s needs without scarifying the future generation when advantaging the natural resources that we have now,” he said. (T2)