SINGAPORE - Security firm Aetos and DBS will switch to electric vehicles (EVs) for the bank's operations by 2026.
For a start, the two firms will use an electric van for cash and valuables escort services. The van will transport cash from DBS and POSB branches to a cash processing centre.
Aetos and DBS said that on average, a single vehicle used for such services travels more than 170km daily. Hence, using an EV instead of an internal combustion engine vehicle will reduce carbon dioxide equivalent emissions by up to 47kg a day.
The remaining seven vehicles used for such services will be converted into EVs by the end of 2023.
By 2026, the other 34 operational vehicles used by DBS will also be converted into electric vehicles. These vehicles are used for operations such as replenishing the cash in automated teller machines (ATMs).
Aetos and DBS said the move towards EV was in line with the Government's plan to phase out internal combustion engine vehicles and boost adoption of EVs by 2040.
DBS Singapore country head Shee Tse Koon said: "As part of our commitment to sustainable development, we have been encouraging partners within our ecosystem to adopt carbon reduction practices, in addition to lowering our own footprint."
Aetos Holdings executive director and chief executive Alfred Fox said the firm is committed to achieving carbon-neutral operations.
To support EV adoption, Aetos will install charging infrastructure at its operational bases, starting with an alternating current (AC) charging station in West Coast.
Each station can fully charge an electric van used for cash and valuables escort services in about eight hours.