Sustainable Development Goals Matter a Great Deal. Find Out Why.

Gradient sdg infographic

The United Nations (UN) led a process on September 25, 2015, to adopt and support the 17 UN Sustainable Development Goals (SDGs), which underlie eliminating poverty, reducing inequality, and fighting climate change to build sustainable communities across the world. The United Nations environment program (UNEP) is committed to implementing the SDGs through global cooperation, getting all stakeholders together to dynamically address, act, and achieve SDGs.

Several leading organizations and companies have been collaborating with governments, industry, customers, non-profit organizations, peers, and society to work towards meeting the complex sustainability challenges. For instance, DBS is one of the members of the United Nations Global Compact committed to promoting sustainable development. Some of the SGDs to which DBS could make contributions are:

1. Affordable and clean energy

DBS is instrumental in shaping and encouraging its customers’ sustainable practices through responsible financing. It incorporates the environmental, social, and governance (ESG) factors in its principles for lending money and capital market activities through Group Responsible Financing Standard and Group Core Credit Risk Policy. By easing trade and investment flows and providing credit, it addresses the ESG challenges.

DBS works towards meeting the UN-established targets of 2030 by financing renewable energy projects like:

  • 70 MW ground-mount solar plant deal of Vena Energy, which is the largest independent power producer in Asia. This landmark power plant is the largest in Taiwan
  • 180 MW floating solar power plant – 1&2 of Changhua
  • 220 MW Wayang Windu geothermal energy project of Star Energy
  • 200 MW Silverton Wind Farm
  • 2,050 tones/day processing capacity waste-to-energy project and 36 MW power generation-capacity project in China

2. Decent work and economic growth

DBS promotes sustainable development through affordable and related financial services to business enterprises, organizations, and individuals, which are generally underserved and are committed to contributing to the Sustainable Development Goals (SDGs). Some key services include:

  • As a People’s Bank, DBS offers subsidized and appropriate banking services to a large segment of people through:
  • sustainable digital solutions
  • promoting financial literacy
  • NAV planner
  • POSB Smart Buddy to inculcate savings in young children
  • talking ATMs for visually challenged people, and
  • the latest ideas for eco-friendly living
  • Working capital and micro-loans for SMEs
  • 99% SME, which is an online platform to help SMEs market their products and services to get more customers
  • Customized Social Enterprise package, including multi-currency account and preferential transaction rates

3. Industry innovation and infrastructure

DBS is committed to supporting companies prepared to manage ESG risks in their businesses by building capacity. It follows and applies Equator Principles, which is a universally accepted risk management framework embraced by financial institutions for deciding, assessing, and managing social and environmental risks of projects. Further, it also incentivizes customers to gauge whether they follow international best practices.

4. Responsible consumption and production

DBS takes crucial steps toward the social and economic development of the country by working with all stakeholders to build a more sustainable society. With appropriate and affordable financial services and sustainable digital solutions tailor-made to customers’ needs, DBS helps everyone become sustainable. The prime services include:

  • Financial planning tools and education
  • Encouraging customers to invest in sustainable projects
  • Supporting entities through responsible financing
  • Supporting activities and campaigns for reducing food waste and paper usage

5. Climate action

DBS’ role in promoting and implementing sustainable development extends to its work towards the transition to a ‘low carbon economy. To tackle climate change, it manages its own environmental footprint, incentivizes responsible financing by integrating ESG factors in its lending decision-making, and promotes sustainable finance. Moreover, it also creates long-term value by designing DBS Green Bonds and Loans for green and social projects to create positive outcomes.

To conclude, DBS plays an active role to make meaningful contributions to various Sustainable Development Goals to save the planet for future generations.