In the lead up to the United Nations climate-focused COP26 conference, which kicks off in Glasgow on October 31, DBS has reinforced its commitment to advancing the global transition towards net-zero carbon emissions by becoming the first Singapore bank to become a signatory to the UN-convened, industry-led Net-Zero Banking Alliance (NZBA).

“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,” says Mark Carney, UN special envoy for climate action and finance, and UK Prime Minister Johnson’s finance adviser for COP26. “DBS’ commitment, expertise and leadership will make powerful contributions to driving the transition to a net-zero economy, particularly in the Asean [Association of Southeast Asian Nations] region, which is crucial for global decarbonisation.”

DBS has also been making steady progress across several areas as part of its broader sustainability efforts, which include achieving net-zero operational carbon emissions by 2022; tracking steadily towards zero thermal coal commitment by 2039; scaling positive environmental, social and governance impact through sustainable finance; and committing to transparent disclosures.

In 2019, DBS became the first bank in Singapore and Southeast Asia to adopt the Equator Principles, and it was among the early adopters of the recommendations of the Task Force on Climate-related Financial Disclosures.

“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,” notes Piyush Gupta, DBS' chief executive officer. “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.”