DBS Bank sets decarbonization targets for seven key sectors

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  • DBS Bank set a goal of becoming net zero by 2050 last October.
  • It has now set sectoral targets along the same lines for nine key sectors.
  • Piyush Gupta of DBS Bank said the bank’s net zero commitment must be supported by a clear and detailed roadmap and plan.

Singapore Development Bank (DBS) has set sector targets for decarbonization and data coverage in nine sectors. This will help provide a detailed roadmap for its plan to reach net zero by 2050.

“Our firm belief is that our net zero commitment, made last October, must be supported by a clear and detailed roadmap and plan. However, charting a viable, constructive and impactful course of action is not easy, given the challenges of charting appropriate industry pathways and realistic mid-term milestones in markets with different starting points. said Piyush Gupta, CEO of DBS Bank.

It has set decarbonization targets for seven sectors: electricity, oil and gas, automotive, aviation, shipping, steel and real estate. Data coverage targets have been set for two sectors – food and agribusiness and chemicals, paving the way for future sectoral decarbonization targets.

These nine sectors are the most carbon-intensive segments of institutional banking, representing 31% of its outstanding loans but constitute the vast majority of Institutional Banking Groupprograms financed by .

“The decarbonization goals will act as the ‘north star’ for our fundraising activities, guiding us to net zero by 2050 through measurable change,” Gupta added.

The bank has set a target to reduce absolute emissions from the O&G sector by 28% by 2030.

“Decarbonization cannot be achieved in silos – the global banking and business community and world leaders have a role to play in balancing the climate agenda, social equity and economic development. Collectively, we must exercise leadership by working towards a balanced, sustainable and just transition,” Gupta further explained.

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