UOB and SP Group partner to offset 100% or more of household electricity carbon emissions for UOB EVOL cardholders – Yahoo Finance | CarTailz

Cardholders can now seamlessly and conveniently achieve their sustainability goals when charging their utility bills through their card

SINGAPORE, November 23, 2022 /PRNewswire/ — UOB EVOL cardholders can now offset 100 percent or more of their household electricity carbon footprint for free when they charge their credit card for SP Group (SP) utility bills, through a new exclusive feature shared was introduced by UOB and SP this month.

With this new feature, when customers charge SP utility bills to their UOB EVOL card, UOB will fund and contribute 2 percent of the bill amount toward the purchase of My Green Credits in the SP app on the customer’s behalf. My Green Credits is an affordable and convenient way for customers to join the sustainability movement by greening their energy consumption by purchasing the quantity of “green credits” in the form of Renewable Energy Certificates (RECs).[1].

For example, if customers a $90 Utility bills to their UOB EVOL card that they receive $1.80 worth of free UOB My Green Credits equal to 2% of the bill amount. My Green Credits are purchased at a cost of €0.12 per 25 kWh which equals an offset of 375 kWh (kilowatt hour) or the electricity consumption of an average national 4 bedroom HDB dwelling. This equates to offsetting 100 percent of the home’s carbon footprint (see appendix for illustration).

New UOB EVOL cardholders who pay their SP bills through the SP app automatically enjoy free My Green Credits, while existing cardholders who previously used the SP app pay their bills November 10, 2022 only need to re-add their EVOL card as a payment method once to be eligible. My Green Credits are automatically reflected in the customer’s SP app without requiring any additional effort from them when bill payments are made. This benefit is available for both one-time and recurring SP bill payments.

The UOB EVOL card is the first on the market to work with SP Group. Singapore’s national grid operator and leading provider of sustainable energy solutions in the region to offer customers free My Green Credits when they use their EVOL card to pay for utility services. This feature applies to all existing and new EVOL cardholders. The My Green Credits purchased go towards supporting sustainable energy project developments in the region for green energy generation. Customers can log into the SP app to view and select their favorite projects to support with the free My Green Credits.

[1] Renewable Energy Certificates (RECs) are tradable green energy attributes that represent units of electricity produced by renewable energy generation assets. These facilities comply with and are registered under internationally recognized standards such as the I-REC standard and are entitled to issue RECs for each unit of electricity generated.

A credit card that supports the green initiative

The UOB EVOL card was developed to address and meet the needs of younger consumers, particularly their increasing focus on sustainability.

The UOB EVOL map is Southeast Asia first credit card to use organically grown materials to minimize the environmental footprint. The EVOL card consists of 84 percent polylactic acid (PLA) and is made from renewable sources that are safe for the combustion process. An expired and discarded EVOL card is biodegradable in an industrial facility. Each EVOL card reduces plastic use by 84 percent and reduces carbon footprint by 10 grams per card.

The EVOL card also has a strong partnership with over 30 green partners to raise customers’ awareness of sustainability in their daily spending. This new card feature is another innovative initiative to help them contribute to sustainable efforts seamlessly and conveniently.

MS Jacquelyn TanHead of Group Personal Financial Services, UOB, said: “We understand that every customer has unique needs, preferences and goals and this drives us to meet them and serve them in a way that suits the credit cards they offer a comprehensive range of benefits and rewards to cater to different customer groups and their different needs. Through our partnership with SP, we are excited to further support the sustainability goals of the younger generation with our UOB EVOL card. It also demonstrates UOB’s commitment to sustainability as we empower customers to work with us to fight climate change and build a more sustainable future together.”

Mister Luke TangHead of Strategy and Sustainability, SP Group, said: “We are excited to partner with UOB to catalyze behavior that promotes sustainability and the use of renewable energy credits in the SP app for green household electricity consumption. As younger customers, we chart their sustainability journeys and look forward to empowering them with green platforms and resources, and accelerating together Singapore’s Progress towards net zero.”

The SP app was launched by SP as the first sustainability lifestyle app Singapore. It aims to integrate green solutions and initiatives to provide users with insights and solutions to manage their utilities and reduce their carbon footprint. In addition to My Green Credits, users can also use the app to manage their ancillary costs, reduce electricity consumption and contribute to this Singapore’s Sustainability goals for a low-carbon future.

On another sustainable front, as part of the launch of the UOB EVOL Card My Green Credits, SP supported the National Parks Board’s (NParks) OneMillionTrees movement to plant one million more trees Singapore by 2030 through NParks registered charity and IPC’s Plant-A-Tree program, Garden City Fund. UOB and SP will plant 50 trees April 2023bringing us closer to realizing our vision of becoming a city in nature, a key pillar of the Singapore Green Plan 2030.

Strategic partnership to create better solutions for customers

This year marks the fourth year of the partnership between UOB and SP, with a joint effort to support customers in their green goals. Previous collaborations include the purchase of RECs through SP as part of a 2021 National Day promotion for the EVOL card. UOB also launched an API with SP in 2020 to allow UOB customers to use their UNI$ instantly to settle their utility bills.

Going forward, UOB will work with SP to introduce another new feature in Q1 2023, allowing UOB cardholders to use their UNI$ to redeem for My Green Credits via the SP mobile app. You can choose which local or international renewable energy projects you want to support with the redeemed My Green Credits. As part of the My Green Credits initiative, SP supports various green projects, from a solar park to Vietnamto a wind farm in Thailandto a solar roof system in Singaporeto reduce emissions and environmental impact.

In harmony with Singapore’s strong push to electrify the vehicle population, ecosystem, UOB and SP also have plans to offer promotional offers to customers who use their UOB cards to pay for electric vehicle (EV) charging at SP EV charging points.

Over the past 2 years, UOB has built a range of sustainable future solutions to make it easier for customers to make an impact with their everyday choices. The bank has an established approach to sustainable investing that sets standards Singapore and regional presence by curating a range of sustainable investments in funds, bonds and structured products. This includes the first green product framework for secured loans from UOB Personal Financial Services (PFS), which serves as the basis for this Go green home and car loans. The framework leverages insights from Morningstar Sustainalytics, a global leader in ESG research, ratings and data. in the November 2022, UOB will also deploy a digital gateway to sustainable banking with the UOB TMRW app, allowing customers to easily access green offerings, investments and banking products on mobile devices. The app will also provide customers with eco-friendly tips for the Christmas celebrations and personalized insights into more sustainable banking and living in 2023.

About UOB

UOB is a leading bank in Asia with a global network of around 500 offices in 19 countries and territories in Asia Pacific, Europe and North America. Since its inception in 1935, UOB has grown organically and through a series of strategic acquisitions. UOB is ranked among the best banks in the world: Aa1 by Moody’s Investors Service and AA- by both S&P Global Ratings and Fitch Ratings. in the AsiaUOB operates through its headquarters in Singapore and subsidiary banks in China, Indonesia, Malaysia, Thailand and Vietnamas well as branches and representative offices in the region.

For more than eight decades, generations of UOB employees have carried the entrepreneurial spirit, focus on long-term value creation and an unwavering commitment to doing what is right for our customers and our colleagues.

We believe in being a responsible financial services provider and we are committed to transforming the lives of our stakeholders and the communities in which we operate. Just as we are committed to helping our clients manage their finances wisely and grow their businesses, UOB is steadfast in supporting the social development of arts, children and education by doing the right thing in our communities.

About the SP group

SP Group is a leading utility group in the Asia Pacific, which is empowering the future of energy with low-carbon, smart energy solutions for its customers. It owns and operates electricity and gas transmission and distribution businesses in Singapore and Australiaand sustainable energy solutions in Singapore, China, Vietnam and Thailand.

As Singapore’s As a national network operator, around 1.6 million industrial, commercial and residential customers benefit from its first-class transmission, distribution and market support services. These networks are among the most reliable and cost-effective in the world.

In addition to traditional utility services, SP Group offers a range of sustainable and renewable energy solutions such as microgrids, cooling and heating systems for business districts and residential communities, solar energy solutions, electric vehicle fast charging and digital energy solutions for customers in Singapore and the region.

For more information, please visit spgroup.com.sg or follow us on Facebook at fb.com/SPGroupSG and LinkedIn at spgrp.sg/linkedin.

APPENDIX: Illustration of customers’ carbon footprint offsetting with the UOB EVOL Card

Illustration of how customers can offset 100% or more of their household electricity carbon footprint when charging SP bills through their UOB EVOL card

Illustration of how customers can offset 100% or more of their household electricity carbon footprint when charging SP bills through their UOB EVOL card

(PRNews photo/UOB)

(PRNews photo/UOB)

SP Group logo

SP Group logo

SOURCE UOB

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