DBS sets sector-specific decarbonisation targets; O&G to cut emissions by 28%

DBS on Tuesday (Sep 13) announced specific, science-based decarbonisation targets for 7 sectors, including oil & gas (O&G), power, automotive, aviation, shipping, steel and real estate.

O&G is the only one of the 7 sectors to be accorded an absolute target for emissions reduction. The bank has committed to reduce absolute emissions in the sector which are attributable to DBS by 28 per cent, by 2030.

The other 6 sectors are guided by intensity targets, with the objective to achieve lower emissions per unit of output or activity. For example, the metric adopted for the steel industry hinges on emissions per unit of production, while that for the automative sector is measured by distance covered per vehicle.