According to DBS’s 2023 sustainability report, released on March 6, the steel and shipping sectors remain “hard-to-abate”, and addressing these sectors will need “broader ecosystem partnerships” from the public and private sectors.
DBS Group Holdings has reduced its thermal coal exposure by 33% since 2021, the year it pledged to achieve zero thermal coal exposure by 2039. As at the end of 2023, the bank’s exposure to thermal coal was $1.8 billion, down from $2.7 billion in 2021.
In addition, DBS is “on track” to achieving five of the seven sectoral decarbonisation targets it set out in September 2022.
