Singapore’s UOB signs SAF inset deal with DHL

United Overseas Bank (UOB) announced that they have signed an inset agreement with DHL to use sustainable aviation fuel (SAF) to reduce carbon emissions from the bank’s international parcel deliveries.

“UOB is the first local bank in Singapore to proactively address the emissions arising from our consignments and international shipping activities through carbon insetting, as part of reducing the footprint of our supply chain,” said Marcus Lai, head of corporate real estate services, UOB.

“The collaboration with our logistics partner, DHL, supports the scaling of SAF usage as a better alternative to decarbonise supply chains.”

UOB has set a goal to achieve net-zero in its financed emissions by 2050. The inset agreement with DHL will help the bank reduce its Scope 3 non-financed emissions.

“We are proud that UOB has selected us to be their partner to help reduce their environmental impact on their international shipping activities,” said Ken Lee, CEO DHL Express Asia Pacific.

“We are seeing a strong uptake of GoGreen Plus service in the region, citing shippers’ readiness and appetite for sustainable logistics solutions. SAF is currently the best option for reducing carbon emissions in aviation, and we are glad to be taking the lead.”

Launched in February 2023, DHL’s GoGreen Plus service has over 40,000 customers in Asia Pacific. The service is one of DHL’s global initiatives to achieve net-zero carbon emissions by 2050 in collaboration with bp and Neste to acquire up to 800m litres of SAF and with World Energy to provide up to 668m litres of SAF.