Singapore based Southeast Asia’s largest bank DBS, despite heavy exposure to steel mills in China & India, is pursuing a plan to reduce financed emissions from steel production as it races to achieve net-zero emissions by 2050. DBS, head of sustainability Yulana Cheung said “We are taking a leap of faith. Many of our steel mill customers are in China and India higher emitting regions. As a result, we are really trying our best to have an ambitious target.”DBS hopes to reduce its financed emissions from steel by around 27% of 2020 levels by 2030, from 1.95kgCO2 to 1.42kgCO2 per kilogram of manufactured steel. It then hopes to drastically scale down to just 0.14kgCO2 by 2050. KgCO2 is a unit that quantifies the amount of carbon dioxide that would have the same global warming potential as a given amount of greenhouse gas.DBS’ announcement was part of a larger report detailing industry-specific pathways the bank will pursue to achieve its 2050 net-zero financed emissions goal. The report covered nine sectors in total, including property, automation, and oil and gas.
Singapore based Southeast Asia’s largest bank DBS, despite heavy exposure to steel mills in China & India, is pursuing a plan to reduce financed emissions from steel production as it races to achieve net-zero emissions by 2050. DBS, head of sustainability Yulana Cheung said “We are taking a leap of faith. Many of our steel mill customers are in China and India higher emitting regions. As a result, we are really trying our best to have an ambitious target.”DBS hopes to reduce its financed emissions from steel by around 27% of 2020 levels by 2030, from 1.95kgCO2 to 1.42kgCO2 per kilogram of manufactured steel. It then hopes to drastically scale down to just 0.14kgCO2 by 2050. KgCO2 is a unit that quantifies the amount of carbon dioxide that would have the same global warming potential as a given amount of greenhouse gas.DBS’ announcement was part of a larger report detailing industry-specific pathways the bank will pursue to achieve its 2050 net-zero financed emissions goal. The report covered nine sectors in total, including property, automation, and oil and gas.
