DBS banking on renewable energy to power 40 per cent of its operations

Gracia Lee Straits Times 26 Apr 18;

SINGAPORE - DBS will use renewable energy sources to power 40 per cent of its operations by the end of this year, the local bank announced on Thursday (April 26).

This is equivalent to the amount of energy needed to power more than 3,000 four-room HDB flats a year.

To meet this goal, DBS said it plans to operate its own solar energy installations, procure renewable energy and continue driving efficient energy usage across its organisation.

DBS also launched a solar energy installation at the rooftop of its DBS Asia Hub in Changi Business Park.

The installation, which is owned and maintained by the bank, consists of 1,200 solar panels spread across an area about half the size of a football field.

It will generate over 460MW hours per year, offsetting about 3 per cent of the building's power consumption, according to chief operating officer of technology and operations Michael Power.

These efforts are part of the bank's larger goal to power its entire Singapore operations with renewable energy by 2030.

DBS is the first company in Singapore and the first Asian bank to make this commitment under RE100, a global renewable energy campaign that brings together global businesses committed to using only renewable energy to power their operations.

Speaking at the launch, Minister for the Environment and Water Resources Masagos Zulkifli, who was the guest of honour, stressed the severity of climate change - something Singapore is already feeling the effects of in terms of rising sea levels and extreme weather.

While the Government has been making efforts to combat climate change, such as introducing a carbon tax, improving public transport and transforming the waste industry, Mr Masagos said it is not enough.

"At the end of the day, all of us have a very big role to do... our part to contribute towards limiting the greenhouse gas effects," he said, urging people to sign the Climate Action pledge as part of the Year of Climate Action 2018.