DBS Outlines Decarbonisation Targets for Major Industries

Published on:
KnowESG_decarbonization
Picture of DBS outlining ambitious decarbonization targets for major industries as part of its sustainable finance efforts.

DBS Group has set decarbonisation targets for nine industries, including electricity, oil and gas, aviation, and shipping, and has reiterated its commitment to net-zero financed emissions by 2050.

According to DBS, the nine sectors account for 31% of the bank's outstanding loans but are the most carbon-intensive institutional banking segments it has financed.

Piyush Gupta, the CEO of DBS, said: 

"We do believe that this is one of the most expansive sets of commitments that exist in the financial sector."

DBS promised in October to align its loan and investment portfolios with net zero emissions by 2050 but did not specify a breakdown of the sectors.

DBS has also set an absolute reduction target for the oil and gas sector. It plans to cut absolute emissions in the sector attributable to the bank by 28% by 2030.

"With the announcement, the bank aims to encourage and enable its institutional banking customers to pivot their business strategies and accelerate their transition journeys.

"This could be achieved in various ways, including by providing them with sustainable and transition finance solutions," said DBS. 

Asian banks such as DBS, Nomura Holdings, and Macquarie Group are members of the Glasgow Financial Alliance for Net Zero (GFANZ), a body tasked with coordinating the financial sector's contribution to the battle against climate change.

DBS also set decarbonisation targets for the automotive, real estate, and steel industries, as well as food and agribusinesses and chemicals.

Source: Reuters/CNA/lk

For more sustainable finance news

Share:
esg
esg
esg
esg

Sustainable Finance Headlines

Spend Sustainably: QIB Launches Carbon Tracker

Spend Sustainably: QIB Launches Carbon Tracker

COIMA Tackles Real Estate Emissions with €500m Fund

COIMA Tackles Real Estate Emissions with €500m Fund

FAB Leads the Way in Net-Zero Transition

Ericsson Goes Green with Debut Bond

Financing Blue Economy Growth in Emerging Markets

Chalhoub Group's ESG Journey Empowered by Mashreq

AIB Steps Up Climate Action with €30 Billion Fund

CBB Unveils New ESG Reporting Framework

Mashreq and Galadari Brothers Partner on Green Loan

West Northants Council: Millions Invested in Business

More from DBS Group Holdings Ltd
DBS and SSG Empower SMEs for Green Economy
DBS and SSG Empower SMEs for Green Economy
DBS and Univers Unite to Accelerate Net Zero in Asia
DBS and Univers Unite to Accelerate Net Zero in Asia
DBS, Keppel Ink MOU for Urban Sustainability in Asia
DBS, Keppel Ink MOU for Urban Sustainability in Asia
DBS Wins Euromoney's Best Bank for CSR Award
DBS Wins Euromoney's Best Bank for CSR Award