Climate Change Data

DBS Group Holdings Ltd

Climate Impact & Sustainability Data (2023)

Reporting Period: 2023

Environmental Metrics

Total Carbon Emissions:53,446 tCO2e/year
Scope 1 Emissions:582 tCO2e/year
Scope 2 Emissions:19,712 tCO2e/year (market-based)
Scope 3 Emissions:33,152 tCO2e/year
Renewable Energy Share:1.25% (1,519 MWh from renewables, 47,800 MWh purchased RECs)
Total Energy Consumption:121,357 MWh/year
Water Consumption:180,724 m3/year
Waste Generated:1,311.5 tons/year
Carbon Intensity:2.68 tCO2e/SGD million (market-based)

ESG Focus Areas

  • Climate Change
  • Responsible Financing
  • Employee Engagement and Culture
  • Diversity, Equity and Inclusion
  • Financial Inclusion
  • Data Governance
  • Sustainable Procurement
  • Technology Resilience (including cyber security)
  • Operational Environmental Footprint
  • Human Rights

Environmental Achievements

  • Achieved Green Mark Platinum for > 80% of manned retail branches in Singapore
  • Converted four branches in India to operate at a net-zero-energy level
  • Reduced operational energy consumption (although increased from previous year, neutralized carbon footprint through carbon offsetting)
  • Purchased 55,000 tCO2e of high-quality carbon avoidance credits from nature-based projects
  • Achieved more than 22,000 tonnes of food impact in 2023 (reducing food waste, recycling and redistribution)

Social Achievements

  • Established Employee Experience Council to drive better employee journeys
  • Launched flagship Women Leadership Programme
  • Committed up to SGD 1 billion over 10 years to improve lives and livelihoods of the low-income and underprivileged
  • Delivered > 200,000 employee volunteering hours reaching >150,000 beneficiaries
  • Approved > 4,400 unsecured loans in Singapore, totalling SGD 665 million, for micro and small businesses
  • Facilitated > SGD 21 million investments in green funds and ETFs through LiveBetter platform

Governance Achievements

  • Established Board Sustainability Committee
  • Established a new ESG Credit Risk team under Risk Management Group
  • Enhanced ESG risk assessment processes
  • Established the BRMC Technology Risk Committee
  • Implemented a new Governance Guide for Sustainability Products and Services for Consumer Banking

Climate Goals & Targets

Long-term Goals:
  • Net zero emissions by 2050 (or 2040 for Power sector)
  • Continued commitment to financial inclusion and sustainable living
Medium-term Goals:
  • Achieve interim 2030 targets and net zero 2050 targets for nine priority sectors
  • Achieve 30% female Board representation by 2030
  • Achieve 35% female representation in India by 2026
  • 100% renewable energy in Singapore operations by 2030
Short-term Goals:
  • Achieve 100% Green Mark Platinum certification for branches in Singapore by end of 2024
  • Complete technology resilience roadmap (T-Up) by Q1 2024
  • Grow sustainable investment AUM to >50% by 2024

Environmental Challenges

  • Challenges faced by clients in their transition to net zero (nascent technologies, supply chain constraints, lack of government incentives)
  • Hard-to-abate sectors (Steel and Shipping) present dependencies and structural challenges
  • Data availability limitations in assessing climate risks
  • Challenges in decarbonising the Food & Agribusiness and Chemicals sectors due to diversity and lack of widely adopted pathways
  • Rising cyber threats and complexity of technology infrastructure
  • Evolving global tax landscape and BEPS 2.0 implementation
Mitigation Strategies
  • Refined client engagement approach on climate mitigation
  • Developed innovative financing solutions and strategic ecosystem partnerships
  • Enhanced ESG risk management capabilities and data architecture
  • Developed tools to support RMs in understanding clients’ climate positions
  • Developed an Environmental and Social Incident Management Guide
  • Strengthened climate scenario analysis models
  • Expanded in-scope customers and refined methodology for emissions calculations
  • Increased investment in cyber security capabilities and incident response
  • Established a comprehensive roadmap for technology resilience (T-Up)
  • Aligned internal control measures with the Cyber security Code of Practice
  • Actively participating in BEPS 2.0 discussions and implementing relevant measures

Supply Chain Management

Supplier Audits: Over 200 suppliers assessed through EcoVadis

Responsible Procurement
  • Sustainable Sourcing Principles (SSP)
  • Restorative Procurement Framework
  • EcoVadis supplier ratings
  • Supplier training workshops

Climate-Related Risks & Opportunities

Physical Risks
  • Extreme weather events (cyclones, droughts, floods)
  • Sea level rise
Transition Risks
  • Regulatory changes
  • Market shifts
  • Technological advancements
Opportunities
  • Development of energy-efficient products and services
  • Growth in renewable energy financing

Reporting Standards

Frameworks Used: GRI Standards 2021, SASB Standards (FN-CB, FN-CF, FN-MF), TCFD recommendations, UN Global Compact

Certifications: ISO 27001, Singapore Cyber Trust Mark (Advocate level), Data Protection Trustmark (IMDA)

Third-party Assurance: Independent limited assurance report on sustainability information (pages 109-110)

UN Sustainable Development Goals

  • Goal 7 (Affordable and Clean Energy)
  • Goal 8 (Decent Work and Economic Growth)
  • Goal 9 (Industry, Innovation and Infrastructure)
  • Goal 10 (Reduced Inequalities)
  • Goal 13 (Climate Action)
  • Goal 17 (Partnerships for the Goals)

Initiatives contribute to these goals through responsible financing, employee engagement, community investment, and sustainable business practices.

Sustainable Products & Innovation

  • LiveBetter platform
  • Business for Impact Banking Package
  • Eco-renovate loan
  • Asia Impact First Fund

Awards & Recognition

  • World's Best Bank for Corporate Responsibility (Euromoney)
  • Regional Best Employer in Asia Pacific (Kincentric)
  • Bloomberg Gender-Equality Index
  • LinkedIn Talent Awards Diversity Champion