Bank DBS Indonesia partners with PT Kaer Investments Indonesia (Kaer) to advance its sustainability agenda by expanding its presence in Indonesia. Kaer specializes in providing cooling to commercial and industrial buildings throughout Asia and pioneered the Cooling as a Service (CaaS) business model to help asset owners accelerate their transition to low-carbon cooling. CaaS has been globally recognized as the most sustainable way to cool buildings and businesses and is fully aligned with the United Nations Sustainable Development Goals.

Climate change, population and income growth, as well as urbanization, are increasing cooling demand. As temperatures rise, we must work together to improve energy efficiency and reduce emissions from the cooling sector while increasing access to sustainable cooling. On current growth trends, cooling equipment represents 20 percent of total electricity consumption today–and is expected to more than double by 2050.

Head of Institutional Banking Group at PT Bank DBS Indonesia Kunardy Lie stated, “As a purpose-driven bank, Bank DBS Indonesia is dedicated to supporting the growth of Kaer’s business in Indonesia. This is our inaugural sustainability-related deal in the small to medium enterprises (SME) segment, marking a significant milestone achieved with our clients in advancing their sustainability agenda. It is gratifying to witness the increasing awareness of sustainability issues across all industries and segments in the Indonesian market. We firmly believe that all business players should integrate this agenda into their entire business process.”

Bank DBS Indonesia has consistently promoted the sustainability agenda, aiming to partner with customers on their journey toward lower-carbon business models and improved access to Environmental, Social, and Governance (ESG) investments. As a pioneer in transition finance, DBS Group introduced the world’s first Sustainable and Transition Finance Framework and Taxonomy in 2020. Based on this framework, the bank offers various sustainable financing solutions, including sustainability-linked loans, sustainability bonds, green loans, and green trade financing. In 2023, Bank DBS Indonesia expanded its portfolio, disbursing IDR 6.1 trillion in ESG-related credits.

Chief Executive Officer of Kaer Justin Taylor said, “I am grateful for the partnership and support of Bank DBS Indonesia as we expand our portfolio throughout Indonesia. The momentum for CaaS continues to grow across the region and Indonesia represents a fantastic opportunity for Kaer to deliver significant gains against our aggressive decarbonisation targets. This is driven by the size and growth forecasts of the cooling market, the demand for low carbon cooling, and the availability of renewable energy.”

Every cooling system in Kaer’s portfolio meets the highest sustainability ratings in their region and adheres to all local and international ESG standards. Kaer also provides cooling solutions powered by renewable energy, with several assets in the portfolio utilizing 100 persen solar-powered cooling. Through the Cooling as a Service model, Kaer’s portfolio saves over 35,000 metric tons of CO₂ annually. Providing sustainable cooling extends beyond managing electricity consumption and the mix of renewable versus non-renewable energy. Additionally, Kaer has led the way in transitioning to low-global warming potential equipment, mitigating the harmful effects refrigerants have on our planet.

About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank’s “AA-” and “Aa1” credit ratings are among the highest in the world.

Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 15 consecutive years from 2009 to 2023. DBS Indonesia is ranked second in the top as World’s Best Bank in Indonesia for three consecutive years from 2020 to 2022.

Established in 1989 as part of the Singapore-based DBS Group, PT Bank DBS Indonesia (Bank DBS Indonesia) is one of the banks with the longest history in Asia. Currently operating 1 Head Office, 13 Branch Offices, 16 Assistant Offices and 4 Functional Offices and 3,011 active employees in 15 Major Cities in Indonesia, Bank DBS Indonesia provides comprehensive banking services in the corporate, SME and consumer banking segments that focuses on the customer experience to 'Live more, Bank less'. We also see a purpose beyond banking and are committed to supporting our customers, employees and the community towards a sustainable future.

PT Bank DBS Indonesia is licensed and supervised by The Indonesian Financial Services Authority (OJK), and an insured member of Indonesia Deposit Insurance Corporation (LPS).

DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting businesses for impact: enterprises with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping underserved communities with future-ready skills and helping them to build food resilience.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.

Kaer secures green term loan facility - facilitated by Bank DBS Indonesia