Singapore’s DBS Becomes the First Bank in Southeast Asia to Adopt Responsible Financing Framework
Singapore’s DBS becomes First Bank in Southeast Asia to Adopt Responsible Financing Framework
DBS, Southeast Asia’s largest banking group, announced on Monday that it has adopted the Equator Principles (EPs), a framework for responsible financing in infrastructure projects.
This will allow it to test its funded large-scale infrastructure projects according to environmental and social standards, as reported by Singapore Business Review.
“We are proud to be the first bank in Singapore and Southeast Asia to be a signatory to the Equator Principles. The Principles thrive on being singularly focused on avoiding and mitigating impacts arising from asset-level financing,” said Tan Su Shan, group head of institutional banking group at DBS.
The Temasek-linked bank joins a list of 101 financial institutions from 38 countries that have signed up to the EPs.
Tan Su Shan, DBS’ group head of institutional banking group, said the bank believed that the region would “see significant infrastructure development over the next few years and financing will play a central role”.
“As that happens, we acknowledge the importance of incorporating environmental and societal considerations into our lending decisions, and to managing our business in a balanced and responsible way, contributing to a more sustainable future,” said Tan to Eco-Business.com.
According to IBS Intelligence, In the area of responsible financing, this year, the bank is expected to close more than S$4 billion of sustainable finance transactions comprising green loans, sustainability performance-linked loans and renewable energy financing.