On The Ground

DBS' net-zero plan wins praise but faces challenges

Banks’ financed emissions are a major driver of climate change. Setting tough net-zero emissions, reduction targets and working with clients are vital to drive the green transition.

Glencore's Mount Owen coal mine in Ravensworth, Australia. DBS Bank participated in a loan to Glencore in March. PHOTO: REUTERS
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DBS last week took a major step towards tackling climate change, becoming the first regional bank to set clear targets to cut carbon emissions across a number of major polluting industrial sectors that it lends to.

The bank announced a clear road map to reach net-zero financed emissions by 2050, and will use its financial heft to work with its clients to drive them towards low-carbon investments and away from reliance on fossil fuels.

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