JAKARTA - Bank DBS announced a sectoral target that is in line to decarbonization based on science in its report, Our Path to Net Zero Supporting Asia's Transition to a Low-carbon Economy.
This is part of the commitment to achieve a net zero target for emissions generated by the company or industry funded by DBS Bank Ltd (DBS) by 2050.
Nine industrial sectors are covered in decarbonization targets and data coverage.
The decarbonization target is set for seven sectors including power, oil & gas (O&G), automotive, aviation, expedition, steel and 7) real estate.
Data coverage is set for food and agribusiness as well as chemicals that pave the way for sectoral decarbonization targets in the future.
DBS Chief Executive Officer Piyash Gupta said DBS's belief was a net zero commitment, which was made last October, should be supported by a clear and detailed roadmap and plans. However, mapping a series of constructive actions and impacting not easy.
"Given the challenges of mapping the appropriate industrial path and the milestone of realistic mid-term achievement in the market with different starting points," Gupta said in an official statement, Wednesday, September 14.
DBS Group Head Institutional Banking Group, Tan Su Shan said, the ability to achieve net zero emissions is highly dependent on the client's success in carrying out their transitional plan.
In recent years, DBS has seen significant improvements in demand for green and sustainable financial solutions.
"To speed up the transition and meet major investment needs in the coming decades, we will proactively partner with our clients, provide them financial advice and financial solutions to reduce greenhouse gas emissions (transitional financial solutions), as we work together towards a low-carbon future."
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