Private Banks

DBS commits to net zero by 2050 and becomes first Singapore bank to join the UN-linked Net-Zero Banking Alliance

DBS to align lending and investment portfolios with net zero emissions by 2050 - reinforces the bank’s ongoing efforts to tackle climate change

In the lead up to the United Nations (UN) climate-focused COP26 conference which kicks off in Glasgow on 31 October, DBS today announced that it is the first Singapore bank to become a signatory on the UN-convened, industry-led Net-Zero Banking Alliance (NZBA). The NZBA is a component of the Glasgow Financial Alliance for Net Zero (GFANZ) and is hosted by the UN Environment Programme Finance Initiative. This announcement reinforces the bank’s continued commitment to work alongside industry peers, customers and policymakers in collective efforts in the global transition towards net zero.

Mark Carney, UN Special Envoy for Climate Action and Finance and UK Prime Minister Johnson’s Finance Adviser for COP26, said, “Fantastic that DBS will be the first Singaporean bank to join the Net-Zero Banking Alliance and GFANZ, the gold standard for net zero commitments and action. By joining, DBS will work with its corporate clients, investors, fellow GFANZ members and the public sector to translate climate ambition into action that will reduce emissions while growing our economies. DBS’ commitment, expertise and leadership will make powerful contributions, particularly in the ASEAN region which is crucial for global decarbonisation, to driving the transition to a net zero economy.”
 

Piyush Gupta, CEO of DBS Bank, said, “Joining the GFANZ alliance and making a commitment to net-zero carbon emissions by 2050 is not something that we take lightly. Determining suitable transition pathways for our customers in different industries, and creating realistic medium-term milestones in the journey is challenging, given the starting position in many countries in our part of the world. Nevertheless, we firmly believe that collective action is essential to achieving a net-zero future, and now have some line of sight towards a viable course of action that is constructive and impactful.”

 

DBS is also among early adopters of the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), on voluntary disclosures around climate-related risks and opportunities. The Task Force’s recommendations will help secure more complete, meaningful, reliable and consistent data across all companies and sectors for climate-related financial disclosures. This provides stakeholders with more meaningful and transparent climate-related financial information, enabling market forces to drive efficient allocation of capital and support a smooth transition to a low-carbon economy.