DBS names new chief sustainability officer
Muenkel to steer DBS’ sustainability and sustainable finance efforts to catalyse and enable greater ESG impact across the region
Muenkel joins DBS from ING, where he worked for 10 years and was most recently Head of Asia Pacific, Sustainable Finance and Global Capital Markets. In this role, he successfully grew the bank's regional business of sustainability-related advisory services and sustainable finance transactions across products. He was also part of ING’s global Sustainable Finance and Capital Markets management teams as well as the bank’s global Sustainable Finance Quality Board. Prior to ING, he spent more than 12 years in various roles at Deutsche Bank AG and UniCredit Group being based in different cities across Europe, the US and Asia Pacific.
Piyush Gupta, CEO of DBS Bank, said, “The climate issue is an increasingly pressing one, and through sustainable finance, banks play a key role in enabling and catalysing impact. DBS, for one, has committed to being net zero by 2050. At the same time, the problem of social inequality has also surfaced during the pandemic as deserving serious attention, and the bank continues to intensify efforts to support small businesses and communities. With more than 20 years of experience in sustainability and banking, Muenkel is well-placed to build on commitments we have made and steer DBS’ efforts to unlock greater ESG impact across the region.”
As an active sustainability advocate, Muenkel led the Working Group on Sustainability-related Disclosures in an Industry Advisory Panel (IAP) which is sponsored by and supports the 10 ASEAN Ministries of Finance and Capital Markets Regulators. The IAP aims to create a sustainable finance ecosystem across the member states in ASEAN. He also regularly engages with sustainability-focused groups such as the International Capital Market Association (ICMA) and the Asia Securities Industry & Financial Markets Association (ASIFMA).
Muenkel holds a Master’s Degree in Economics from Munich University with a major in Development Economics. He also has a postgraduate degree in Sustainability from Cambridge University and is a Chartered Financial Analyst (CFA).
DBS’ sustainability efforts
To support businesses in their sustainability transitions, DBS has committed to finance SGD 50 billion in renewable, clean-energy and green projects by 2024. It is also the first Singapore bank to offer transition financing and launch the world’s first Sustainable and Transition Finance Framework and taxonomy in 2020.
In addition, DBS is the first Singapore bank to become a signatory on the United Nations-convened, industry-led Net-Zero Banking Alliance (NZBA), whereby the bank commits to transition operational and attributable greenhouse gas (GHG) emissions from its lending and investment portfolios to align with pathways to net zero by 2050 or sooner. The bank is also a key member of Banking for Impact, a leading global consortium which aims to propose new social, environmental impact-reporting rules for banks.
To create positive social impact, in 2021, the DBS Foundation Social Enterprise Grant Programme awarded SGD 3 million to 19 social enterprises (SEs) to grow their business and expand their reach. Since 2015, more than SGD 10 million has been awarded to 93 SEs through the grant programme.
DBS is a leading financial services group in Asia with a presence in 18 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 Euromoney, “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. 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 13 consecutive years from 2009 to 2021.
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. For more information, please visit www.dbs.com.