Singapore Bank DBS Sets Decarbonisation Targets for Key Sectors

A logo of DBS bank is seen in Taipei, Taiwan, January 28, 2022. REUTERS/Ann Wang/File Photo

Singapore's DBS Group has set decarbonisation targets for nine industry sectors, including power, oil and gas, aviation and shipping, and reinforced its commitment to net-zero financed emissions by 2050.

DBS said the nine sectors represent the most carbon-intensive institutional banking segments it has financed.

"We do believe that this is one of the most expansive set of commitments that exist in the financial sector," Piyush Gupta, the CEO of Southeast Asia's largest bank, told a news conference on Tuesday.

Last October, DBS agreed to align its lending and investment portfolios with net zero emissions by 2050 but had not provided a breakdown of the sectors.

Asian banks, including DBS, Nomura Holdings and Macquarie Group, are part of the Glasgow Financial Alliance for Net Zero (GFANZ), the body charged with marshalling the financial world's contribution to the fight against climate change.

Other key industry sectors for DBS with decarbonisation goals were automotive, real estate and steel, plus targets on date coverage for food and agribusinesses and chemicals