United Overseas Bank (UOB) Indonesia, in collaboration with South Pole, organized the conference "Climate Journey: Steering Change in the Palm Oil Sector in Asia" on Wednesday (July 12, 2023). The event showcased the company's commitment to encouraging stakeholders in Indonesia to seize opportunities in the energy transition era, including through innovative decarbonization in the palm oil sector. Hendra Gunawan, President Director of UOB Indonesia, highlighted that Indonesia currently produces over 30 million tons of palm oil per year. This production contributes 4.5% to the country's GDP and creates 3 million jobs. Despite these significant contributions, a report from South Pole emphasized the urgency of decarbonization in the palm oil sector, as the agricultural sector, including palm oil, accounts for 17% of global greenhouse gas emissions.
UOB is actively building comprehensive partnerships, leveraging new technologies, and implementing sustainable frameworks to promote a sustainable palm oil sector. Hendra believes that with the right approach to sector management, it can support the economic growth of the country. UOB has also provided financing to palm oil companies for maintenance and replanting activities and offers funding opportunities to companies with sustainable business certifications issued by relevant certification bodies. The bank aims to embrace more opportunities and challenges as it contributes to environmental conservation, paving the way for a prosperous and sustainable future.
