Singapore Bank DBS Sets Decarbonisation Targets for Key Sectors

Reuters2022-09-13

SINGAPORE, Sept 13 (Reuters) - Singapore's DBS Group has set decarbonisation targets for nine industry sectors, including power, oil and gas, aviation and shipping, and reinforced its commitment to net-zero financed emissions by 2050.

DBS said the nine sectors represent the most carbon-intensive institutional banking segments it has financed.

"We do believe that this is one of the most expansive set of commitments that exist in the financial sector," Piyush Gupta, the CEO of Southeast Asia's largest bank, told a news conference on Tuesday.

Last October, DBS agreed to align its lending and investment portfolios with net zero emissions by 2050 but had not provided a breakdown of the sectors.

Asian banks, including DBS, Nomura Holdings and Macquarie Group, are part of the Glasgow Financial Alliance for Net Zero (GFANZ), the body charged with marshalling the financial world's contribution to the fight against climate change.

Other key industry sectors for DBS with decarbonisation goals were automotive, real estate and steel, plus targets on date coverage for food and agribusinesses and chemicals.

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  • Joe Lamborgh
    2022-09-13
    Joe Lamborgh
    👍🏻
  • robot1234
    2022-09-13
    robot1234
    Global energy crisis could lead to faster shift away from fossil fuels, says DBS chief Piyush Gupta. The global energy crisis is a wake-up call that reliance on fossil fuels is a growing global challenge and this is likely to push the world towards greener and more resilient sources of energy, DBS Bank chief executive Piyush Gupta said on Tuesday.But over the short term, there is set to be some backsliding as major economies rush to secure coal and gas supplies because of disruptions caused by the war in Ukraine.Exactly how long this short-term market distortion lasts remains unclear, but Mr Gupta said nations want to boost energy resilience and do not want to be held hostage to a single energy source.On Tuesday, DBS released its decarbonisation targets in some of the most carbon-intensive
  • ParrySKLow
    2022-09-13
    ParrySKLow
    Noted
  • Twhyger
    2022-09-13
    Twhyger
    [OK] 
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