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.
This story is from the September 14, 2022 edition of The Straits Times.
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This story is from the September 14, 2022 edition of The Straits Times.
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