Ken Hickson asked DBS for some answers to important questions about RE100, winning sustainability awards and the role of the DBS Foundation.

Here’s what Mike Power, Chief Operating Officer, Technology & Operations, DBS Bank had to say:

1.       DBS is the only Singapore business which has made a commitment to RE100. How is this progressing?

Thank you for acknowledging our efforts towards managing our environmental footprint. DBS is not only Singapore’s first but also the first Asian bank to be one of more than 100 international companies to make the ‘go 100% renewable’ commitment. As part of this commitment we are targeting to power 100% of our operations in Singapore using renewable energy by 2030, and eventually aim to extend this to 100% of its global operations.

The progress so far has been really good and we believe we are on track to achieve the targets we set. In addition to the solar power generated by the rooftop solar panels installed at our premises in Changi Business Park, we have also taken a comprehensive approach towards driving energy efficiencies across our operations which has resulted is reducing our electricity consumption significantly. We have further purchased renewable energy certificates (RECs) that are sufficient to cover 40% of our energy consumption and are exploring our options to reduce consumption further.

Beyond that, DBS is also supporting innovation in this space. DBS was one of the first buyers on SP Group’s blockchain-powered renewable energy certificate (REC) marketplace, which is amongst the first of its kind worldwide.

2.       DBS was a winner in the latest Sustainability Awards from UN Global Compact. What do you think sets DBS apart from others as far its approach and commitment to sustainability in Singapore and aboard?

Yes, that is indeed a big win, and just goes to highlight how committed we are to making our operations more sustainable. As a bank we believe, sustainability has always been at the core of our purpose-driven DNA. Embodying our values by being

• Purpose-driven: we create impact beyond banking
• Relationship-led: we collaborate to win for DBS
• Innovative: we embrace change to add value
• Decisive: we think, act, own

Therefore, as a team, we are taking a very focused approach towards driving a low carbon economy. This includes balancing out the long and short term goals that we set. While on one hand we are focused long term targets such as RE100 and building environmentally friendly infrastructure to support our green agenda, on the other we are running shorter term campaigns that inspire sustainable behaviour change amongst employees. These include education and gamification campaigns on waste management, reducing plastic and paper consumption. Reminding employees across all levels of the responsibility they have towards doing their part in being more sustainable and helping them take actionable steps.

 3.       I attended the recent DBS Foundation event and I was impressed with the wide range of projects supported by the Foundation. What are your ongoing objectives for the Foundation in the region?

DBS Foundation is the first corporate foundation in Asia solely dedicated to championing social entrepreneurship. It was established with a SGD 50 million fund in 2014 to strengthen efforts towards building a more inclusive society so that those at society’s margins can enjoy productive and rewarding lives, and to make an even greater impact in addressing Asia’s evolving social needs. To date, DBS has reached out to more than 28,000 SEs and supported over 260 SEs with more than SGD 4.7 million in grant funding. DBS Foundation also partners with like-minded organisations as well as the public and social sectors to promote the development of social entrepreneurship in the region.