DBS is first Asian bank and first Singapore company to join global renewable energy initiative RE100
Commits to using 100% renewable energy for its Singapore operations by 2030
In line with the commitment, DBS has set a target to power 100% of its operations in Singapore using renewable energy by 2030, and eventually aims to extend this to 100% of its global operations. This will be achieved through the installation of solar panels at its office building in Changi Business Park, and the procurement of Renewable Energy Certificates (RECs) from solar energy companies in Singapore.
The bank also plans to work closely with The Climate Group and CDP to draw up similar renewable energy roadmaps for its regional operations. This initiative is spearheaded by the bank’s Sustainability Council and is aligned with two of the four UN Sustainable Development Goals that the bank has adopted, namely “Affordable and Clean Energy” (SDG7) and “Climate Action” (SDG13). The RE100 commitment reinforces the bank’s continued efforts to combat global warming and climate change by reducing its own environmental footprint.
Mike Power, Co-Chair of DBS’ Sustainability Council said: “Joining RE100 underscores DBS’ intent to contribute, as a responsible corporate citizen, towards the long-term sustainability of our planet. Climate change is one of the most significant challenges facing everyone today and tackling it means it’s essential that we dramatically reduce carbon emissions. Transitioning towards a low-carbon economy powered by 100% renewable energy is both technically feasible and economically viable. As Southeast Asia’s largest bank, DBS recognises the leadership role it can play in this transition and we believe that ensuring our own operations across the region are powered from 100% renewable sources makes sense, and besides, it’s the right thing to do.”
Helen Clarkson, CEO, The Climate Group, said: “It’s fantastic to have one of Asia’s largest banks join RE100 just ahead of Climate Week NYC – it sends a timely message to the market that business backs renewable energy. DBS Bank is just starting out on their journey to 100% renewable power, so we look forward to following their progress globally over the coming years. Corporate leadership on energy and climate change is key to delivering on the Paris Agreement at speed, and I look forward to many other companies following suit.”
The RE100 commitment marks another milestone in DBS’ sustainability journey, which has gained momentum in recent years. DBS’ Sustainability Council was established in February this year with an ambit to develop DBS’ overarching sustainability framework and drive sustainability initiatives across the bank.
Last month, DBS became the first Singapore bank to be included as an index constituent of the FTSE4Good Global Index, comprising more than 800 global companies who have demonstrated good ESG (Environmental, Social and Governance) practices. DBS was also the first bank in Singapore to issue a green bond to support the financing of green assets.
DBS’ main office buildings and 20 branches in Singapore have been awarded BCA Green Mark Awards by the Building and Construction Authority of Singapore, in recognition of the energy efficiency measures implemented at these premises. The bank was also among the first in the banking sector in Singapore to achieve the BCA Green Mark for retail certification, with two branches achieving higher certification of Gold Plus Green Mark Awards. DBS was also the first Asian bank to make its global international express shipments carbon neutral with the DHL GoGreen initiative.
For more information on DBS’ sustainability efforts, please visit https://www.dbs.com/sustainability/default.page.
For more information on the other corporate commitments in RE100, please visit https://www.theclimategroup.org/.
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, is 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 eight consecutive years from 2009 to 2016.
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 22,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.
RE100 is a collaborative initiative uniting the world’s most influential businesses committed to 100% renewable power. Renewables are a smart business decision, providing greater control over energy costs and driving innovation, while helping companies to deliver on emission reduction goals. RE100 members, including 30 Global Fortune 500 companies, have a total revenue of more than USD 2.5 trillion and operate in a diverse range of sectors – from Information Technology to automobile manufacturing. They send a powerful signal to policymakers and investors to accelerate the transition to a low carbon economy. RE100 is brought to you by The Climate Group in partnership with CDP, as part of the We Mean Business coalition.