DBS forges on with net-zero goals in 2022

It is transforming its data centres and server rooms into carbon-neutral assets.

Development Bank of Singapore (DBS) is forging on with its sustainability goals, amongst its target being to achieve net-zero carbon emissions within its own operations by the end of 2022.

In its latest sustainability report, the bank outlined its biggest environmental-related moves in 2021, which include ceasing the acceptance of new customers who derive more than 25% of their revenue from thermal coal in 2021. 

The bank also pledged to progressively phase out thermal coal financing by 2039.

“There are many environmental challenges in front of us, but we have chosen to prioritise action on climate change as the most immediate issue given the urgency and how it is interrelated with other environmental and social concerns,” CEO Piyush Gupta said in the report.

The bank recently became the first Singapore bank to establish a Board Sustainability Committee.

Read More: DBS establishes Board Sustainability Committee

As part of their goal for their Singapore offices to rely solely on renewable energy by 2030, DBS is transforming their data centres and server rooms into carbon-neutral assets.

Self-service branches and kiosks are also being redesigned to leverage solar power for their energy needs. DBS has also retrofitted its office for net-zero energy consumption.

Beyond the greenification of their physical operations, DBS committed S$20.5b to sustainable financing deals in 2021, more than double the amount from the previous year, the bank said.

DBS was also involved as a bookrunner in a combined S$23.5b of ESG bonds raised.