Tackling climate change is a key priority, and DBS is joining global efforts to achieve net-zero carbon emissions by 2050. At the same time, the pandemic has exacerbated social issues in our midst. Recognising this, we have increased our support for the community and will continue to do more going forward.
Shaping a more climate-aligned future
Net-Zero Banking Alliance
DBS is the first Singapore bank to become a signatory to the United Nations-convened Net-Zero Banking Alliance. This reinforces our commitment to the global transition towards net zero.
Driving positive impact through sustainable finance
To reinforce DBS’ efforts in responsible banking, we raised our sustainable finance target to SGD 50 billion by 2024. We aim to help more customers incorporate sustainable business practices into their overall business strategy. For instance, we partnered with one of the world’s largest fashion retailers, Inditex, which owns brands such as Zara, Pull&Bear and Bershka, to launch an organic cotton procurement financing pilot programme. This enabled us to provide financing to more than 2,000 farmers in India through local Farmer Producer Organisations. With greater visibility of their cashflow, farmers can better plan for their business needs and grow their sustainable farming operations. In 2021, we committed a total of SGD 20.5 billion in sustainable financing transactions.
Broadening our suite of sustainable investments
To galvanise more wealth management clients to adopt ESG standards in their investments, DBS Private Bank has committed to growing its suite of sustainable investments, products and solutions to more than 50% of its assets under management by 2023.
Tracking steadily towards zero thermal coal commitment by 2039
DBS is the first Singapore bank to commit to zero thermal coal exposure by 2039. In April 2021, we ceased the onboarding of new customers who derive more than 25% of their revenue from thermal coal and will lower the threshold as time progresses.
Greening our environmental footprint
We are on track to achieve net-zero operational carbon emissions across the bank by 2022. DBS’ four-storey office building in Newton will be transformed into a net-zero property with climate-friendly features. As at end 2021, 100% of DBS’ new suppliers have committed to the bank’s Sustainability Sourcing Principles.
To encourage eco-conscious living, we launched LiveBetter in Singapore – a one-stop digital platform where users can easily access eco-friendly tips, donate to local green causes, and invest in sustainability-themed funds. The industry-first platform is now available to all DBS/ POSB customers in Singapore via the bank’s digibank app.
Towards Zero Food Waste
Since 2020, we have sought to raise awareness of the problem of food waste and rallied the community to address it. Our efforts have resulted in more than 800,000 kg of food impact across Asia to date, of which more than 600,000 kg was achieved in 2021. This comprises excess food that was redistributed, and food waste that was reduced and recycled.