Singapore banks all set to embrace potentially new sustainability disclosure standards
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SINGAPORE's banking trio seem all set to embrace the new international sustainability rules that are up for debate and could potentially obligate financial institutions to publish estimates of the carbon emissions linked to loans and investments.
DBS chief sustainability officer (CSO) Helge Muenkel told The Business Times that the bank views the measurement of financed emissions, alongside other ESG data, as "instrumental" in managing the climate crisis. "We believe mandatory climate reporting is imperative, as what gets measured and reported, gets managed," he added.
"What gets measured, gets done", said UOB's CSO Eric Lim, quoting an old saying. He opined that the need for disclosure can drive greater action by banks to shape business practices and enhance risk management capabilities to support clients in global, regional and sectoral transitions.
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