AETOS, a member of the Surbana Jurong Group, as well as DBS Bank have pledged to convert all 42 vehicles used by DBS to electric vehicles (EVs) by 2026.
Both groups have also launched the first EV for cash and valuables escort (CVE) services on June 4, with a commitment to convert the rest of the seven CVE vehicles to EVs by end-2023.
The move comes in line with the Singapore government’s plans to phase out internal combustion engine vehicles and boost the adoption of EVs by 2040.
CVE vehicles are used to transport corporate cash from the bank’s branches to a cash processing centre, with a single vehicle travelling some 170km a day.
According to DBS, making the shift to an EV instead of an internal combustion engine vehicle will reduce carbon dioxide emissions by up to 47kg per day, which adds up to 17,100 kg of carbon dioxide emissions in one year.
In addition, AETOS will also be building its own charging stations at their various operational bases. Each station will be able to fully charge an EV in under eight hours.
On the move to EVs, Alfred Fox, executive director and CEO of AETOS Holdings says, “AETOS is committed to achieving carbon-neutral operations as part of our drive towards sustainability with parent company Surbana Jurong. We strongly believe in working towards safeguarding the environment for future generations. We are glad to collaborate with DBS who supports our long-term goal for sustainability.”
Shee Tse Koon, DBS Singapore country head adds, “As part of our commitment to sustainable development, we have been encouraging partners within our ecosystem to adopt carbon reduction practices, in addition to lowering our own footprint. We are heartened to be working with a partner like AETOS, who has taken concrete and comprehensive steps towards reducing carbon emissions and who shares our vision for a better, more sustainable future.”
As at 12.14pm, shares in DBS are trading 9 cents higher or 0.3% up at $29.91.
Cover photo: AETOS and DBS
