DBS Group Holdings Ltd.
24/07/2024 | Press release | Distributed by Public on 24/07/2024 14:13
DBS and Deloitte launch Sustainability Accelerator Tool to help Singapore SMEs identify and address sector-specific decarbonisation gapsSingapore.24 Jul 2024.5
DBS and Deloitte launch Sustainability Accelerator Tool to help Singapore SMEs identify and address sector-specific decarbonisation gaps
Singapore.24 Jul 2024
Tool provides industry-specific recommendations to help companies better understand their sustainability readiness, with actionable insights to green operations
DBS aims to extend the tool to other regional markets from 2025
Singapore, 24 Jul 2024 - DBS and Deloitte have unveiled the Sustainability Accelerator Tool, a user-friendly solution designed to help small and medium-sized enterprises (SMEs) assess their sustainability maturity levels. This in turn will enable them to better identify and address gaps in their sustainability journeys more effectively. As a SkillsFuture Queen Bee, DBS recognises the need to upskill SMEs to better compete in the green economy. With this in mind, the bank and Deloitte co-developed a tool to help companies in their green transition with clear roadmaps and practical recommendations. The tool aims to empower 1,000 SMEs in Singapore over the next 12 months. In addition, DBS and Deloitte will progressively roll it out to other key markets where DBS has strong presence from next year onwards.
A study by DBS and Bloomberg on SMEs' sustainability readiness found that only 37%[1] have a clear roadmap on how to achieve their goals. The Sustainability Accelerator Tool addresses these challenges by enabling SMEs to measure their maturity levels across four pillars: 'Governance Framework', 'Sustainability Strategy', 'Risks & Opportunities', and 'Metrics & Targets'. These pillars align with the TCFD (Task Force on Climate-related Financial Disclosures) framework, a globally recognised reporting structure. This consistency provides SMEs' stakeholders with transparent, clear, and comparable disclosures. In addition, the tool aligns with funding areas from Enterprise Singapore's Enterprise Development Grant, enabling businesses to better access relevant funding and incentives.
The Sustainability Accelerator Tool offers several distinct advantages:
About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named "World's Best Bank" by Global Finance, "World's Best Bank" by Euromoney and "Global Bank of the Year" by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named "World's Best Digital Bank" by Euromoney and the world's "Most Innovative in Digital Banking" by The Banker. In addition, DBS has been accorded the "Safest Bank in Asia" award by Global Finance for 15 consecutive years from 2009 to 2023.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region's most dynamic markets.
DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting businesses for impact: enterprises with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping underserved communities with future-ready skills and helping them to build food resilience.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
About Deloitte
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited ("DTTL"), its global network of member firms, and their related entities (collectively, the "Deloitte organization"). DTTL (also referred to as "Deloitte Global") and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more.
Deloitte Asia Pacific Limited is a company limited by guarantee and a member firm of DTTL. Members of Deloitte Asia Pacific Limited and their related entities, each of which is a separate and independent legal entity, provide services from more than 100 cities across the region, including Auckland, Bangkok, Beijing, Bengaluru, Hanoi, Hong Kong, Jakarta, Kuala Lumpur, Manila, Melbourne, Mumbai, New Delhi, Osaka, Seoul, Shanghai, Singapore, Sydney, Taipei and Tokyo.
This communication contains general information only, and none of Deloitte Touche Tohmatsu Limited ("DTTL"), its global network of member firms or their related entities (collectively, the "Deloitte organization") is, by means of this communication, rendering professional advice or services. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser.
No representations, warranties or undertakings (express or implied) are given as to the accuracy or completeness of the information in this communication, and none of DTTL, its member firms, related entities, employees or agents shall be liable or responsible for any loss or damage whatsoever arising directly or indirectly in connection with any person relying on this communication. DTTL and each of its member firms, and their related entities, are legally separate and independent entities.
A study by DBS and Bloomberg on SMEs' sustainability readiness found that only 37%[1] have a clear roadmap on how to achieve their goals. The Sustainability Accelerator Tool addresses these challenges by enabling SMEs to measure their maturity levels across four pillars: 'Governance Framework', 'Sustainability Strategy', 'Risks & Opportunities', and 'Metrics & Targets'. These pillars align with the TCFD (Task Force on Climate-related Financial Disclosures) framework, a globally recognised reporting structure. This consistency provides SMEs' stakeholders with transparent, clear, and comparable disclosures. In addition, the tool aligns with funding areas from Enterprise Singapore's Enterprise Development Grant, enabling businesses to better access relevant funding and incentives.
The Sustainability Accelerator Tool offers several distinct advantages:
- Industry-specific Analysis: The tool delivers detailed, industry-specific insights that address the unique sustainability challenges and opportunities within different sectors, offering more relevant and actionable data.
- Customised Strategic Recommendations: The tool categorises SMEs into three different stages of sustainability development - 'Emerging', 'Maturing', or 'Leading' - and provides tailored recommendations to help SMEs address gaps in their respective journeys.
- Regional Adaptability: The tool's scalability ensures it can be further adapted to various languages and regional contexts across Asia, making it a versatile and practical solution for SMEs in different markets.
SMEs will receive a customised Sustainability Readiness Report which provides a structured analysis of their company's sustainability maturity with insights to address the specific challenges they may be currently facing. Businesses that are keen to advance their sustainability journeys can choose to participate in DBS' ESG Ready Programme, a holistic initiative that helps companies build capability and capacity in this space. Participating companies will also be able to access a panel of sustainability experts, including specialists from Deloitte, to effectively guide them on their transition.
Koh Kar Siong, Group Head of Corporate and SME Banking, DBS, said "DBS is one of the first financial institutions to build up an ecosystem of sustainability partners, supporting SMEs in their decarbonisation journeys. This is rooted in our core belief to create impact for our customers and communities, and we are heartened to be working with Deloitte to help local businesses. The Sustainability Accelerator Tool is the latest in our ongoing efforts, where we strive to futureproof SMEs though practical and holistic solutions. Through this, we want to empower businesses to take charge of their sustainability journey, and partner them in their green transition."
Brian Ho, Sustainability & Climate Leader, Deloitte Southeast Asia, said "The Sustainability Accelerator Tool is unique in its ability to provide SMEs with meaningful and practical guidance. Leveraging Deloitte's expertise in sustainability transformation, it not only identifies strengths and gaps but also provides actionable recommendations to enhance sustainability performance. SMEs must embrace opportunities to become more sustainable, and Deloitte is proud to collaborate with DBS to bring this invaluable tool to SMEs."
Mr Shane Chiang, Co-Founder & CEO, Momentum Z, said: "The Sustainability Accelerator Tool's questions were easy to understand and straightforward - especially for companies that are only just embarking on this journey. Through the identification of our green gaps, it has deepened our understanding and appreciation towards creating a sustainable business model. With this report, we are now looking to explore DBS' ESG Ready Programme and kickstart our transition."
Mr Pradeepto Biswas, Founder, Indian Ocean Group Pte Ltd, said: "The tool's Sustainability Readiness Report gave a situational picture of where our company stands vis-à-vis the industry, and reaffirms that we are heading in the right direction. The industry-specific analysis is very helpful and gives a good guide on how enterprises should align their business practices from both the sector's point of view as well as what consumers are seeking in the sustainability space. This tool, together with DBS' suite of sustainability solutions, can help businesses reinvent and repurpose themselves."
This latest collaboration builds on DBS' ongoing efforts to help businesses develop and scale their sustainability practice. In April this year, DBS launched the ESG Ready Programme to help SMEs remove the guesswork on how to transition to lower carbon business models. For more information on the ESG Ready Programme, please visit https://www.dbs.com.sg/sme/sustainability/esg-ready-programme.
For more information on the Sustainability Accelerator Tool, please visit https://go.dbs.com/sustainability-accel-tool.
[1] DBS x Bloomberg, 'Catalysts of Sustainability', 2023
[END]
About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named "World's Best Bank" by Global Finance, "World's Best Bank" by Euromoney and "Global Bank of the Year" by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named "World's Best Digital Bank" by Euromoney and the world's "Most Innovative in Digital Banking" by The Banker. In addition, DBS has been accorded the "Safest Bank in Asia" award by Global Finance for 15 consecutive years from 2009 to 2023.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region's most dynamic markets.
DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting businesses for impact: enterprises with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping underserved communities with future-ready skills and helping them to build food resilience.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
About Deloitte
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited ("DTTL"), its global network of member firms, and their related entities (collectively, the "Deloitte organization"). DTTL (also referred to as "Deloitte Global") and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more.
Deloitte Asia Pacific Limited is a company limited by guarantee and a member firm of DTTL. Members of Deloitte Asia Pacific Limited and their related entities, each of which is a separate and independent legal entity, provide services from more than 100 cities across the region, including Auckland, Bangkok, Beijing, Bengaluru, Hanoi, Hong Kong, Jakarta, Kuala Lumpur, Manila, Melbourne, Mumbai, New Delhi, Osaka, Seoul, Shanghai, Singapore, Sydney, Taipei and Tokyo.
This communication contains general information only, and none of Deloitte Touche Tohmatsu Limited ("DTTL"), its global network of member firms or their related entities (collectively, the "Deloitte organization") is, by means of this communication, rendering professional advice or services. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser.
No representations, warranties or undertakings (express or implied) are given as to the accuracy or completeness of the information in this communication, and none of DTTL, its member firms, related entities, employees or agents shall be liable or responsible for any loss or damage whatsoever arising directly or indirectly in connection with any person relying on this communication. DTTL and each of its member firms, and their related entities, are legally separate and independent entities.