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DBS sets decarbonisation targets for 7 sectors it finances
The Straits Times
|September 14, 2022
Bank's move in power, oil and gas, automotive and other industries comes as it seeks to realise its net-zero pledge
South-east Asia's largest lender DBS Bank has mapped out its decarbonisation targets in some of the most carbon-intensive sectors it finances, as the bank ploughs ahead with its net-zero pledge.
Decarbonisation targets have been set for seven sectors - power, oil and gas, automotive, aviation, shipping, steel and real estate.
Data coverage targets were also set for two sectors food and agribusiness, and chemicals.
An absolute emissions reduction target has been set for the oil and gas sector. By 2030, the bank is looking to reduce by 28 per cent the absolute emissions in this sector that are attributable to DBS.
This is in line with the International Energy Agency's net-zero emissions by 2050 scenario.
The bank on Tuesday said its target will cover emissions in categories known as Scope 1, 2 and 3.
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