Looking towards a greener future

Looking towards a greener future

Consumers and employees alike are demanding corporations engage in practices that respect the environment

SOCIAL & LIFESTYLE
Looking towards a greener future

Forbes reported earlier this year that consumers across the world have exhibited a strong shift in preferences for more sustainable products, especially over the past five years. While buyers want companies and brands to use more recycled materials, consumers also are moving away from fossil fuels while at the same time reconsidering their roles as stewards of the resources they use.

While consumers today are willing to pay more for a product created sustainably, for employees, they do not work for money alone anymore. According to Forbes, today’s employees want to work for corporations with missions that promote inclusivity and sustainability, not divisiveness and wreaking havoc on the environment. 

Realising the importance of sustainable practices in all dimensions of the society, UOB is launching a 13-part series, “Building Sustainable Cities”. With an objective to raise awareness and understanding towards sustainability for consumers and businesses alike, the series will explore 13 significant yet interrelated ingredients that are required to create a perfectly sustainable city ideal for people of all generations.

As one of the leading banks in the region, UOB is well-positioned to forge a sustainable future as Asean responds to the growing call for climate action. As a steward of capital, UOB is committed to the fiduciary duty to drive growth sustainably, while assuming active risk management of the potential environmental and social impact. The responsibility is great, but the future demands it.

As sustainability becomes more mainstream, investors are increasingly seeking products with an environmental, social and governance (ESG) focus. Not only does the sustainable bank play the role of a major economic driver, but it also enables its investors and stakeholders to invest in the sustainability of the wider economy by virtue of its sizeable market capitalisation.

In this first part, “Building Sustainable Cities” will explore the subject of urban planning and how crucial it is for a city to develop sustainably especially in terms of flood prevention. Urbanites are all aware that Bangkok and certain big cities in Thailand are so fragile when it comes to floods. Therefore, besides resilience and well-planned flood management, urban planning is also paramount.

Then in coming weeks, the series will delve into more topics that are all related to sustainability — recycling guidelines for consumers, waste management, telemedicine, clean energy, agriculture and food security, sustainable investing, online schooling, green architecture, circular economy, hybrid workplace, green space, and creative art space and cultural heritage.

For many, the term “sustainability” might sound like a cliché. But it is evident that not only businesses but also Thai consumers now gear more towards such a trend. For businesses, many turn to keep the ESG commitment as one of their corporate practices. 

This trend is increasingly apparent among consumers too. Based on survey data from UOB, nearly six in 10 Thais — an equivalent to almost 60% — are happy to support brands with more sustainable practices. A third are also willing to spend more for such products.

Surprisingly, over half of surveyed Thais demonstrate shopping preferences more attuned to sustainability. Following the first wave of the Covid-19 pandemic that hit Thailand in 2020, there has been an uplift in those who intend to stop supporting brands who did not behave responsibly during the outbreak.

But what motivates consumers to tune more towards sustainability? The 2021 ASEAN Consumer Sentiment Survey report states that the primary motivation for people to spend more on sustainability is due to increasing awareness of the health benefits. More than 60% of surveyed Thais also spend more on sustainable products because they want to ensure their children’s future is brighter. 

With all that said, we hope “Building Sustainable Cities” will serve as a motivator towards the sustainability mindset, an ambitious goal for Thailand and the rest of the world to achieve in years to come.  


Building Sustainable Cities is a 13-part series that explores essential elements & insights on how individuals and businesses can take action to forge a cleaner, greener tomorrow in collaboration with UOB Thailand. You can view the whole series here

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