DBS pledges to power all its Singapore operations with renewable energy by 2030

DBS will install solar panels at its office building in Changi Business Park and procure Renewable energy certificates (RECs) from solar energy companies in Singapore.
DBS will install solar panels at its office building in Changi Business Park and procure Renewable energy certificates (RECs) from solar energy companies in Singapore.PHOTO: ST FILE

SINGAPORE - DBS Bank has pledged to power all of its operations in Singapore using renewable energy by 2030, and eventually aims to extend this to all of its global operations, it announced on Wednesday (Sept 13).

To achieve its pledge for its local operations, DBS will install solar panels at its office building in Changi Business Park and procure Renewable energy certificates (RECs) from solar energy companies in Singapore.

Its commitment comes as the bank joins RE100, a global renewable energy campaign led by The Climate Group in partnership with CDP, that brings together influential global businesses committed to using only renewable energy to power their operations.

DBS said it will be the first Asian bank as well as first company in Singapore to be one of more than 100 international firms to make the "go 100% renewable" commitment.

The bank also plans to work closely with The Climate Group and CDP to draw up similar renewable energy roadmaps for its regional operations. The CDP, formerly the "Carbon Disclosure Project", is a UK-based organisation which works with shareholders and corporations to disclose major firms' greenhouse gas emissions.

Said Mike Power, co-chair of DBS' Sustainability Council: "Transitioning towards a low-carbon economy powered by 100 per cent renewable energy is both technically feasible and economically viable.

"As Southeast Asia's largest bank, DBS recognises the leadership role it can play in this transition and we believe that ensuring our own operations across the region are powered from 100 per cent renewable sources makes sense, and besides, it's the right thing to do."