DBS accelerates transition to renewable energy


40% of the bank’s energy consumption in Singapore will come from renewable energy sources by end-2018

renewable energy

SINGAPORE,26 April 2018 -

DBS, the first Asian bank and Singapore company to join global renewable energy initiative RE100, has affirmed its support for Singapore’s “Year of Climate Action” by announcing that 40% of the bank’s energy in Singapore will come from renewable energy sources by end-2018. Last year, the bank had committed to using 100% renewable energy for its Singapore operations by 2030. To meet this target, DBS is engaged in three major initiatives: operating its own solar energy installation, procuring renewable energy, and driving energy efficiencies across its organisation. 

Minister for the Environment and Water Resources Masagos Zulkifli was guest of honour at today’s launch of the solar energy installation at DBS Asia Hub, the bank’s premises in Changi Business Park. Consisting of some 1,200 solar panels across 30,000 square feet – or around half the size of a football field, the installation is owned and maintained by DBS. The energy that is generated each year – over 460 MWh – will help offset DBS Asia Hub’s power consumption. DBS is also reviewing its real estate assets across the region to assess their suitability for future solar energy installations.

To drive energy efficiencies, the bank has replaced lamps with energy-efficient LED lights across all its Singapore retail branches. DBS’ Singapore office buildings have also been certified by the Building Construction Authority (BCA) as environmentally friendly.[1] In addition, DBS has reduced the power consumed by its Singapore data centres by 50%, while increasing storage and computing capacity by seven times since 2014, by transforming its traditional data centres through technological advances. These initiatives have helped the bank reduce electricity consumption by some 9.6 GWh and achieve cost savings of SGD 3.8 million in 2017, compared to 2016.

Supplementing these initiatives are DBS’ plans to become a major procurer of renewable energy[2], which will help the bank transition to 40% renewable energy consumption. The latter is equivalent to some 14 GWh per year – enough to power more than 3,000 four-room HDB households for a year.[3]

Said DBS CEO Piyush Gupta, “Sustainability has been at the core of DBS’ purpose-driven DNA. From the time of our founding 50 years ago as the Development Bank of Singapore, we have always believed in the importance of good citizenship. Today, that extends to creating social impact by giving back to the community through the bank and DBS Foundation, and doing our part for the environment. We are supportive of the United Nation’s Sustainable Development Goals (SDGs) and have adopted as focus areas four of the SDGs, including climate action. As Singapore’s leading bank, we recognise our role in promoting sustainable development, including the transition to a low-carbon economy. We hope that our adoption of renewable energy to power our operations will play a part in catalysing the growth of the renewables sector and encourage more corporates to go green for a sustainable future.”

Renewable energy has great growth potential in Singapore. A study by the Sustainable Energy Association of Singapore has indicated that solar power can contribute up to a quarter of Singapore’s electricity by 2025.[4] Today, solar power makes up some 2% of Singapore’s energy generation[5], in line with solar’s 1.3% global energy generation share.[6] Solar power is also taking off globally. According to the International Energy Agency, solar power was the fastest-growing source of new energy worldwide in 2016. New solar capacity grew by 50% in 2016, with China accounting for almost half of the global expansion. The agency predicts total solar capacity will exceed the combined total power capacities of India and Japan today by 2022.[7]

DBS’ renewable energy initiatives are undertaken as part of the bank’s commitment to sustainable development. In addition to its RE100 membership, DBS was one of the first Singapore companies to launch a green bond in 2017. DBS was also the first Singapore bank to be included as an index constituent of the FTSE4Good Global Index, a global sustainability index.

[1] DBS has been awarded the Green Mark certification by BCA for all four of its office buildings, with two of them achieving the highest Platinum award.
[2] In 2017, DBS acquired 5GWh of Renewable Energy Certificates, with plans to purchase more this year
[3] Energy Market Authority (EMA), Singapore Energy Statistics 2016 (link)
[4] Prime Minister’s Office Singapore, Singapore Energy Lecture by DPM Teo Chee Hean at the 10th Singapore International Energy Week 2017 (link)
[5] EMA, Singapore Electricity Market Outlook, 2017 (link); EMA, Installed Capacity of Grid-Connected Solar Photovoltaic Systems by Contestability, 2008 – 2017 (link)
[6] BP, Renewable energy – 2016 in review (link)
[7] International Energy Agency, Renewables 2017 (link)


About DBS
DBS is a leading financial services group in Asia, with over 280 branches across 18 markets. Headquartered and listed in Singapore, DBS has a growing presence 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.

DBS is at the forefront of leveraging digital technology to shape the future of banking, and has been named “World’s Best Digital Bank” by Euromoney. The bank has also been recognised for its leadership in the region, having been named “Asia’s Best Bank” by several publications including The Banker, Global Finance, IFR Asia and Euromoney since 2012. In addition, the bank has been named “Safest Bank in Asia” by Global Finance for nine consecutive years from 2009 to 2017.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 24,000 staff, representing over 40 nationalities. For more information, please visit

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