Even as large US banks retreat, DBS steps up sustainability commitments

DBS Bank has been stepping up its commitments to sustainability and climate undertakings despite large US banks backing away from such initiatives.

- Colin Tan

The bank's sustainable financing commitments rose 27 per cent to $89 billion as at end-2024 from $70 billion in 2023.

The increase underlines the rising demand for sustainable financing from across the region, as companies try to adopt greener ways of doing business, DBS said in its 2024 sustainability report released on March 6.

At the same time, the bank also issued close to $38 billion in sustainable bonds—well up on the $18 billion issued in 2023.

Ms Shilpa Gulrajani, DBS' head of sustainable finance, said: "Amid a growing urgency for climate action, the need for climate adaptation and mitigation continues to accelerate."

She told a briefing ahead of the report's publication that Asian businesses face heightened pressure to migrate to low-carbon business models, yet many "lack the necessary resources to implement meaningful change".