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    D05   SG1L01001701

DBS GROUP HOLDINGS LTD

(D05)
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Delayed Singapore Stock Exchange  -  04:12 2022-12-02 am EST
34.47 SGD   -1.37%
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DBS Sets Targets to Cut Emissions From Carbon-Intensive Sectors

09/12/2022 | 11:32pm EST

By Fabiana Negrin Ochoa


Singapore's DBS Group Holdings Ltd. has set new climate targets for the most carbon-intensive segments that it finances, as banks come under increased pressure to decarbonize their portfolios.

The targets announced Tuesday cover Scope 3 financed emissions in nine industry sectors, including power, oil & gas, and steel, the lender said in a statement. Such emissions make up the bulk financial institutions' carbon footprint, covering indirect emissions from lending, investment, or underwriting activities.

DBS, Singapore's largest bank, said the targeted sectors represent 31% of its outstanding loans and the vast majority of financed emissions from its Institutional Banking Group.

It has tailored targets for each sector, with decarbonization goals for seven. For oil & gas, DBS aims to cut absolute emissions--indirect and direct--attributable to it by 28% by 2030. For power, automotive, aviation, shipping, steel and real-estate, it is aiming for lower emissions intensity, the volume of emissions relative to a specific activity or output.

For food & agribusiness and chemicals, DBS set data-coverage targets to map the way for future decarbonization targets. Given the lack of industry consensus on net-zero pathways and limited disclosure, "it is premature to set emissions-reduction targets" for these two sectors, it said.

DBS will report progress toward its targets annually. The targets align with the goal of net zero by 2050, and will not only guide financing away from high-emitting activities but "also protect our shareholders from the risks associated with being left behind in the transition and help them gain from the tailwinds against this megatrend," the bank said.

DBS's move comes amid similar steps by others in the region as regulators crack down on climate risk, including with mandatory disclosure rules and climate-stress tests. Malaysia's Maybank last month set a Scope 3 financed emissions baseline and transition strategy for its portfolio, while Commonwealth Bank of Australia set new targets in four priority sectors and Westpac Banking Corp. released its first sector targets in July.


Write to Fabiana Negrin Ochoa at fabiana.negrinochoa@wsj.com


(END) Dow Jones Newswires

09-13-22 0132ET

Stocks mentioned in the article
ChangeLast1st jan.
BRENT OIL -1.49% 85.9 Delayed Quote.11.95%
COMMONWEALTH BANK OF AUSTRALIA -1.36% 106.95 Delayed Quote.5.89%
DBS GROUP HOLDINGS LTD -1.37% 34.47 Delayed Quote.5.54%
WESTPAC BANKING CORPORATION -0.67% 23.76 Delayed Quote.11.29%
WTI -1.34% 80.208 Delayed Quote.6.45%
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Financials
Sales 2022 16 576 M 12 237 M 12 237 M
Net income 2022 7 848 M 5 793 M 5 793 M
Net Debt 2022 - - -
P/E ratio 2022 11,3x
Yield 2022 4,43%
Capitalization 88 713 M 65 490 M 65 490 M
Capi. / Sales 2022 5,35x
Capi. / Sales 2023 4,46x
Nbr of Employees 33 475
Free-Float 98,6%
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Number of Analysts 17
Last Close Price 34,47 SGD
Average target price 39,56 SGD
Spread / Average Target 14,8%
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Managers and Directors
Piyush Gupta Chief Executive Officer & Director
Sok Hui Chng Chief Financial Officer
Lim Huat Seah Non-Independent Non-Executive Chairman
Jimmy Ng Group Chief Information Officer & Head-Operations
Chee Kin Lam Joint Secretary, MD & Head-Legal
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