As a purpose-driven bank, DBS recognises its role in addressing sustainability issues and creating long-term value in a responsible manner. In October 2021, DBS became the first Singapore bank to join the Net-Zero Banking Alliance (NZBA) and the first in Southeast Asia to publish comprehensive targets for Scope 3 financed emissions. The bank is committed to achieving net-zero financed emissions by 2050, with 2030 as an important interim checkpoint.
DBS published the report titled “Our Path to Net Zero – Supporting Asia’s Transition to a Low-carbon Economy.” The report establishes decarbonisation targets for seven sectors: Power, Oil & Gas, Automotive, Aviation, Shipping, Steel, and Real Estate. Two other sectors, Food & Agribusiness and Chemicals, have data coverage targets. These sectors represent carbon-intensive segments in institutional banking that DBS finances. By setting these targets, DBS demonstrates its commitment to partnering closely with clients and supporting their investment needs for transitioning to a net-zero world.
DBS prioritises transparency and will review these targets periodically through enhanced monitoring and reporting. The bank will provide annual updates on its progress in sustainability reports to ensure stakeholders stay informed.
To learn more about DBS’ approach to accelerating their net zero commitment, read the detailed report below.