In a bid to build on its sustainability agenda and net-zero commitment, DBS today announced that it had recently established a Board Sustainability Committee (BSC) – the first by a Singapore bank.
Recently, DBS has been an active champion of the sustainability agenda, with claims that it was the first Singapore bank to commit to zero thermal coal exposure by 2039.
DBS has committed a total of $20.5 billion in sustainable financing transactions in 2021 as well, taking the bank’s cumulative efforts to $39.4 billion to date – achieving almost 80% of the bank’s $50 billion sustainability financing target by 2024.
Prior to the formation of the BSC, DBS’ Board Exco had oversight of sustainability matters. As DBS became the first Singapore bank to join the United Nations-convened Net-Zero Banking Alliance in 2021, and committing to be net-zero by 2050 or sooner, having a BSC would allow for greater focus on the sustainability agenda which is one of the bank’s key strategic imperatives.
The BSC is chaired by DBS CEO Piyush Gupta and its members comprise current DBS board members Chng Kai Fong, Judy Lee and Tham Sai Choy.
Additionally, the BSC will provide added governance and oversight of material environmental, social and governance (ESG) matters, including climate-related matters; sustainability disclosures; stakeholder engagement; and governance on sustainability matters amongst others.
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“DBS takes our role in building a sustainable future very seriously. That is why our commitments to driving the transition to a net-zero world were made only after we had some line of sight towards a viable course of action that is constructive and impactful,” says Piyush Gupta, CEO of DBS.
“This included first establishing a clear handle on our financed emissions, mapping out viable transition pathways for different industry sectors, and developing a taxonomy that guides conversations with customers in their transition,” he adds.
