DBS appoints energy and renewables head Kelvin Wong as new CSO

[SINGAPORE] There will be a new face leading the portfolio decarbonisation and sustainability operations of South-east Asia’s largest bank.

DBS said on Tuesday (Apr 14) that its current chief sustainability officer (CSO) Helge Muenkel has resigned and will be relocating overseas.

Kelvin Wong, who is the head of energy, renewables and infrastructure in the institutional banking group, has been appointed as Muenkel’s replacement from May 11.

Before joining DBS in 2017, Wong held senior positions across various fields in specialised finance – including project, acquisition and leveraged finance, as well as mergers and acquisitions – at the Commonwealth Bank of Australia and Standard Chartered.

He was also previously with the Energy Market Authority of Singapore. 

Wong is also a member of the International Energy Agency’s (IEA) finance industry advisory board, and has been a peer reviewer of its annual Southeast Asia Energy Outlook report since 2021.

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DBS CEO Tan Su Shan said that Wong, with over 20 years of experience in energy, policy regulation and financing, is well‑placed to advance the bank’s sustainability agenda.

Muenkel has been CSO at DBS since January 2022. Under his lead, the bank launched its first set of decarbonisation targets for seven sectors – oil and gas, power, automotive, aviation, shipping, steel and real estate – in September that year.

Before that, he was head of sustainable finance and capital markets for Asia-Pacific at ING.