Singapore-based DBS bank, a subsidiary of DBS Group Holdings Ltd established decarbonisation targets for its exposure to key industries, including electricity, oil and gas, aviation, shipping, etc. The targets come as a part of the bank's pledge to be net-zero in its financed emissions by 2050. The banks' target is one of the most extensive decarbonization objectives in the global banking sector.
About The Decarbonisation Target
The bank has set decarbonisation goals in seven sectors: automotive, aviation, power, oil & gas, shipping, steel, and real estate, which account for 31% of the bank's total outstanding loans and represent the most carbon-intensive banking sectors financed by the bank. The decarbonisation goals go beyond the bank's institutional banking lending book and will involve capital markets activity. In addition, the bank has established data coverage goals for the chemicals and, food & agricultural sectors.
Of the seven decarbonization goals established, six of them—power, automotive, aviation, shipping, steel, and real estate- are intensity measures to lower emissions per unit of production or activity. In the power sector, DBS aims to reduce emissions from 260 kg CO2/MWh to 138 kg CO2/MWh by 2030 and eventually to zero by 2040. The targets will be evaluated against globally approved and industry-accepted glide paths, such as the International Energy Agency's Net Zero Emissions by 2050 Scenario.
Collaboration with Sandbox to Build the Sustainable Metaverse
DBS Bank partnered with Sandbox, a decentralized virtual game environment built on Ethereum, to build a metaverse virtual environment that will enable people to take part in the creation of a more enhanced and sustainable world. It will be called DBS BetterWorld and will be free and accessible to everyone, including DBS subscribers. Through BetterWorld, the bank can share information on critical environmental, social, and governance (ESG) issues and highlight partners and communities working to solve these challenges.
Additionally, the platform will highlight social entrepreneurs in Asia who are making a positive social effect through innovative business practices. DBS will also buy carbon offsets so that production on BetterWorld is carbon neutral. To further build significant concepts on the platform, the bank will collaborate with the Government, private, nonprofit, and technology sectors.
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