DBS further its commitment to environmental and social impact with the adoption of an additional framework focused on large project financing deals.
DBS will adopt the Equator Principles (EP), which is based on International Finance Corporation Performance Standards published by the World Bank Group, in a move to «go the extra mile» for disclosure on large scale developments. The EP framework will be adopted on top of the bank’s existing due diligence processes.
«We believe the Southeast Asia region will see significant infrastructure development over the next few years, and financing will play a central role,» said Tan Su Shan, group head of institutional banking group at DBS.
«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.»
Green Mile(stones)
DBS in recent years has been primarily focused on responsible banking, responsible business practices and creating social impact. Its ongoing initiatives in the area include a commitment to halt financing of new coal-fired power plants by 2021 and expectations to close more than $4 billion worth of related deals including green loans, sustainability performance-linked loans and renewable energy financing.
DBS transformation also plays into a broader strategy by Temasek Holdings, the bank’s owner, to «shape a carbon neutral portfolio» by 2020.
