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2022-06-28 00:00:00
The East African Crude Oil Pipeline (EACOP): Finance Risk Update No. 3
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Home › Banks ›
Bank
DBSSingapore

Active

This profile is actively maintained
Last update: 2022-11-01 16:22:21
DBS Bank head office in Singapore. Photo: Geoff Whalan (CC License BY-NC-ND 2.0)

Active

This profile is actively maintained
Last update: 2022-11-01 16:22:21
About
Website http://www.dbs.com/
Headquarters
12 Marina Boulevard, Marina Bay Financial Centre Tower 3, Level 3
018992
Singapore
CEO/chair Piyush Gupta
Chief Executive Officer
Supervisor
Monetary Authority of Singapore (MAS)
Ownership
listed on Singapore Stock Exchange (SGX)

DBS' complete shareholder structure can be accessed here.

Development Bank of Singapore (DBS) is headquartered in Singapore and operates all over Asia. It was established in 1968 and currently has one of the strongest capital positions in the region. It is involved in the following sectors: retail banking, capital markets, foreign exchange and derivatives, money market and securities trading to corporations and financial institutions.

Sustainability
Policies
Voluntary standards

DBS' web page on sustainability can be accessed here.

2022-11-01 00:00:00

Approach to Phase Out Thermal Coal Financing

Date listed represents date as accessed on website
Bank policy
2022-11-01 00:00:00 | DBS
2022-11-01 00:00:00

Approach to the Palm Oil Sector

Date listed represents date as accessed on website
Bank policy
2022-11-01 00:00:00 | DBS
2022-09-16 00:00:00

Our path to net zero

Bank policy
2022-09-16 00:00:00 | DBS
2022-03-31 00:00:00

Approach to responsible financing

Bank policy
2022-03-31 00:00:00 | DBS
2021-06-30 00:00:00

Modern slavery statement 2020

Bank policy
2021-06-30 00:00:00 | DBS
2020-06-30 00:00:00

Sustainable & Transition Finance Framework & Taxonomy

Bank policy
2020-06-30 00:00:00 | DBS
2019-04-24 00:00:00

Statement on financing new coal-fired power plants

Bank policy
2019-04-24 00:00:00 | DBS
2019-02-11 00:00:00

Code of conduct

Bank policy
2019-02-11 00:00:00 | DBS
2018-06-01 00:00:00

Guidelines on responsible finance

Bank policy
2018-06-01 00:00:00 | Association of Banks in Singapore
2018-01-26 00:00:00

Sustainable commitments on climate change

Bank policy
2018-01-26 00:00:00 | DBS
DBS has committed itself to the following voluntary standards:
ABS Guidelines on Responsible FinancingTags: corporate social responsibility
Banking for ImpactTags: corporate social responsibility | environment
Carbon Disclosure ProjectTags: carbon | climate change | greenhouse gas emissions
Dow Jones Sustainability IndicesTags: sustainable development | transparency
Equator PrinciplesTags: Equator Principles | project finance | corporate social responsibility | sustainable development
FTSE4Good Supply Chain Labour Standards CriteriaTags: corporate social responsibility | labour | supply chain | worker rights
Global Reporting InitiativeTags: sustainable development | human rights
Net-Zero Banking Alliance (NZBA)Tags: climate change | corporate social responsibility | energy | energy plants
Task Force on Climate-related Financial Disclosures (TCFD)Tags: corporate social responsibility | finance
Taskforce on Nature-related Financial Disclosures (TNFD)Tags: corporate social responsibility | finance
United for Wildlife Financial TaskforceTags: animal protection
United Nations Global CompactTags: United Nations | human rights
World Business Council for Sustainable DevelopmentTags: sustainable development | corporate social responsibility
Dodgy Deals

DBS is linked to a number of companies and projects that BankTrack considers controversial (so called Dodgy Deals), e.g. as a current or past financier or through an expression of interest. The profiles below provide more details on the nature of DBS's link to these deals.

Campaigns

Banks and Climate

Reclaim Finance tracks the coal, oil and gas policies of financial institutions, including banks, in the Coal Policy Tracker and Oil and Gas Policy Tool. Find further details on their assessment of DBS fossil fuel policy below.

 


Banks and Human Rights

BankTrack assessed DBS in its 2022 Human Rights Benchmark Asia, where it achieved 3 points out of 14 and was ranked as a 'laggard'. More information is detailed in the "Accountability" section of this profile.

Human Rights Benchmark Asia 2022

BankLast update
Country
Score
Ranking
Details
DBS
SGP
3
Laggard
0
Singapore
Score
Laggard
3
Explanation

DBS's human rights policies, processes and reporting were assessed as part of the BankTrack Human Rights Benchmark Asia 2022. The bank is assessed as a Laggard, with a total score of 3 out of 14.

Policy: 1/3
Due dilligence: 1/5
Reporting: 0.5/3
Remedy: 0.5/3

Explanation
Laggard
Follower
Front runner
Leader
0 - 3 points
3.5 - 6 points
6.5 - 9 points
9.5 - 14 points
For more details see this page.

Banks and Nature

DBS’s policies for forest-risk sectors (beef, soy, palm oil, pulp and paper, rubber and timber) have been assessed by the Forests & Finance coalition, achieving an overall score of 5 out of 10 and ranking it as a front runner. DBS achieved a score of 0 out of 10 specifically for its policies related to the beef sector and 6.2 out of 10 for its policies related to the palm oil sector. In addition, BankTrack and the Environmental Paper Network have assessed DBS’s policies related to the pulp and paper sector.

Between 2016 and 2022, DBS provided USD 4,151 in credit to companies operating in these forest-risk sectors and held investments amounting to USD 105 as of 2022. For more information, see the links below.

Forest & Finance Policy Assessment 2022: Overall scores

BankLast update
Country
Score
Ranking
Details
DBS Bank
2022-09-21
SGP
5
Front runner
0
Singapore
Profile
Score
Front runner
5
20220921
Last update: 2022-09-21
Explanation

The policy assessment covers the main forest-risk commodity sectors (Beef, Palm Oil, Soy, Timber, Pulp and Paper, and Rubber). Weighted scores are based on the scope of DBS Bank's relevant policies, taking into account different types of financing and the sectors in which the bank is active. Details about the scores per sector policy can be found on DBS Bank's profile.

Explanation

A bank can obtain a total of 10 points for the quality of its policies. The total score is based on their scores per sector, weighted against their financing and investment for each sector. For further details on this see here. Based on their overall score, banks are then classified as Laggards, Followers, Front runners or Leaders, as follows:

Laggard
Follower
Front runner
Leader
0 - 1 points
1 - 4 points
4 - 7 points
7 - 10 points
For more details see this page.

Forest & Finance Policy Assessment 2022: Beef

BankLast update
Country
Score
Ranking
Details
DBS Bank
2022-09-21
SGP
0.0
Laggard
0
Singapore
Profile
Score
Laggard
0.0
20220921
Last update: 2022-09-21
Explanation

The policy assessment covers the bank's policies related to beef. Weighted scores are based on the scope of ABN AMRO's relevant policies, taking into account what types and how much finance the bank provides to companies active in the beef industry. Details of the criteria used to assess the policies and scores for other forest-risk commodity sectors can be found on DBS Bank's profile.

Explanation

A bank can obtain a total of 10 points for the quality of its beef policy. The total score is based on their scores per sector, weighted against their financing and investment for each sector. For further details on this see here. Based on their overall score, banks are then classified as Laggards, Followers, Front runners or Leaders, as follows:

Laggard
Follower
Front runner
Leader
0 - 1 points
1 - 4 points
4 - 7 points
7 - 10 points
For more details see this page.

Forest & Finance Policy Assessment 2022: Palm Oil

BankLast update
Country
Score
Ranking
Details
DBS Bank
2022-09-21
SGP
6.2
Front runner
0
Singapore
Profile
Score
Front runner
6.2
20220921
Last update: 2022-09-21
Explanation

The policy assessment covers the bank's policies related to palm oil. Weighted scores are based on the scope of ABN AMRO's relevant policies, taking into account what types and how much finance the bank provides to companies active in the palm oil industry. Details of the criteria used to assess the policies and scores for other forest-risk commodity sectors can be found on DBS Bank's profile.

Explanation

A bank can obtain a total of 10 points for the quality of its palm oil policy. The total score is based on their scores per sector, weighted against their financing and investment for each sector. For further details on this see here. Based on their overall score, banks are then classified as Laggards, Followers, Front runners or Leaders, as follows:

Laggard
Follower
Front runner
Leader
0 - 1 points
1 - 4 points
4 - 7 points
7 - 10 points
For more details see this page.

Tracking the Net Zero Banking Alliance

DBS is a member of the Net Zero Banking Alliance (NZBA) and has therefore committed to reduce its financed emissions to net zero by 2050; within 18 months of joining the alliance set interim targets for 2030 (or sooner) for high emission priority sectors, and within 36 months set further sector targets; set new intermediary targets every 5 years from 2030 onwards; annually publish data on emissions and progress against a transition strategy including climate-related sectoral policies; and take a robust approach to the role of offsets in transition plans. BankTrack track's implementation of these commitments in the NZBA compliance tracker.

 


Banks and Putin's war in Ukraine

BankTrack is keeping track of the public response of DBS to Russia's illegal invasion of Ukraine. DBS did not publicly condemn the war. DBS is scaling back with its operations in Russia. We consider its exposure to Russia as limited. For further details, see the table linked below.

News
BankTrack
Partners
Blog
External
BankTrack news BankTrack blog Partner news Partner blog

Indonesia’s Adaro struggles to secure funding for $2bn aluminium project

Climate campaigners condemn plans for 2.2GW coal power plant to fuel new smelter
2023-02-07 | Financial Times
BankTrack news BankTrack blog Partner news Partner blog

Southeast Asia largest lender DBS sets interim climate targets for polluting sectors

2022-09-14 | Eco-business.com
BankTrack news BankTrack blog Partner news Partner blog

Santos announces refinancing of syndicated debt facilities

Santos announced it had executed documentation to amend and extend its two syndicated bank loan facilities totalling US$1.25 billion.
2022-08-30 | Santos
Blog
BankTrack news BankTrack blog Partner news Partner blog

New report: Despite ‘no deforestation’ rhetoric, major brands and banks failing to stop deforestation and human rights abuses

Annual analysis reveals that as threats facing Indigenous communities in rainforest regions increase, demand-side companies are failing to reform supply chains
2022-06-14 | Rainforest Action Network
Blog
BankTrack news BankTrack blog Partner news Partner blog

Asian banks falling behind in implementation of UN Human Rights Principles, new BankTrack benchmark shows

New benchmark of 18 Asian banks shows human rights performance below the global average
2022-04-05 | Nijmegen | BankTrack
BankTrack news BankTrack blog Partner news Partner blog

DBS commits to net zero by 2050 and becomes first Singapore bank to join the UN-linked Net-Zero Banking Alliance

2021-10-28 | MarketScreener
Blog
BankTrack news BankTrack blog Partner news Partner blog

World’s 50 largest banks and investors driving deforestation through weak policies and major investments, new study finds

Top investors BlackRock, Vanguard, State Street, PNB, EPF, GPIF, and KWAP all amongst lowest scoring
2021-06-08 | Forests & Finance
Blog
BankTrack news BankTrack blog Partner news Partner blog

New report profiles major brands and banks driving deforestation and human rights abuses, failing to meet 2020 commitments

2020-03-31 | San Francisco | Rainforest Action Network
Blog
BankTrack news BankTrack blog Partner news Partner blog

Global finance sector failing to apply conservation criteria to pulp and paper funding

2020-03-21 | New York/Amsterdam | Environmental Paper Network
BankTrack news BankTrack blog Partner news Partner blog

DBS to adopt the Equator Principles

2019-11-18 | DBS Press release
Blog
BankTrack news BankTrack blog Partner news Partner blog

DBS gambles on coal, as scrutiny arrives at its AGM

2019-04-25 | Market Forces
BankTrack news BankTrack blog Partner news Partner blog

Analysis: Singapore banks signal an end to new coal financing

2019-04-18 | Market Forces
Blog
BankTrack news BankTrack blog Partner news Partner blog

Every two weeks a bank, insurer or lender announces new coal restrictions

Major financial institutions restricting coal funding tops 100
2019-02-27 | IEEFA
BankTrack news BankTrack blog Partner news Partner blog

NGOs urge DBS: Pull out of ‘risky’ Indonesian coal power deal

As financial close approaches for a 2,000 MW coal-fired power station in Java, NGOs say Southeast Asia’s largest bank should pull out of a project that is polluting and financially risky. Meanwhile a new study has found that every two weeks another financial institution drops coal.
2019-02-26 | Eco-Business
BankTrack news BankTrack blog Partner news Partner blog

Gunvor joins other commodity players with sustainability-linked loan led by ING

Participating banks in the Gunvor facility include ABN Amro, CA Indosuez, Credit Suisse, DBS Bank, KfW Ipex-Bank, Mizuho, MUFG Bank, Nedbank, Rabobank, Raiffeisen, Société Générale, Sumitomo Mitsui Trust Bank and UniCredit.
2018-10-17 | Global Trade Review
Blog
BankTrack news BankTrack blog Partner news Partner blog

Major banks are failing Vietnam by violating Equator Principles commitments in financing coal power projects

2018-10-11 | Market Forces
BankTrack news BankTrack blog Partner news Partner blog

Singapore banks need to warm up to renewable energy financing

2018-10-09 | The Business Times
Blog
BankTrack news BankTrack blog Partner news Partner blog

Liberian communities harassed after calling on banks to halt $1.5 billion loan to Wilmar over landgrabbing concerns

2018-07-26 | Inclusive Development International
BankTrack news BankTrack blog Partner news Partner blog

Local NGOs push Singapore banks on coal: Stop using our money to fuel climate change

2018-07-12 | Eco-Business
BankTrack news BankTrack blog Partner news Partner blog

DBS’ Coal Policy fails to deliver change

2018-02-22 | Market Forces
BankTrack news BankTrack blog Partner news Partner blog

Global coalition petitions to end fossil power in Vietnam as deadly future looms

2018-02-09 | VnExpress
Blog
BankTrack news BankTrack blog Partner news Partner blog

Open letter calling on DBS, OCBC and UOB to take action on climate change

2018-02-07
BankTrack news BankTrack blog Partner news Partner blog

DBS is first Asian bank to launch climate policy—but it’s still funding coal

2018-02-02 | Eco-Business
BankTrack news BankTrack blog Partner news Partner blog

Singapore banks DBS, OCBC and UOB funding coal projects despite climate risks: Study

2018-01-20 | The Strait Times
Blog
BankTrack news BankTrack blog Partner news Partner blog

Singaporean banks blowing smoke on climate

2018-01-10 | Melbourne | Market Forces
BankTrack news BankTrack blog Partner news Partner blog

Singapore has declared 2018 the year of climate action—so why are its banks still funding coal?

2018-01-10 | Eco-business
Blog
BankTrack news BankTrack blog Partner news Partner blog

New report: Towards responsible and inclusive financing of the palm oil sector

2017-11-15 | Center for International Forestry Research (CIFOR), Profundo
BankTrack news BankTrack blog Partner news Partner blog

Divesting from fossil fuels will take time: DBS sustainability chief

2017-09-02 | Eco-Business
BankTrack news BankTrack blog Partner news Partner blog

Divesting from fossil fuels will take time: DBS sustainability chief

2017-09-02 | Eco-Business
BankTrack news BankTrack blog Partner news Partner blog

DBS drops out of Vinh Tan 3 coal-fired bank syndicate

2017-07-18 | IJGlobal
Blog
BankTrack news BankTrack blog Partner news Partner blog

New report linking Nordic banks and government pension funds to Indonesia’s palm oil deforestation

Nordic investments to Asian banks support rapacious palm oil producers with financing that impedes push for sustainability
2017-05-30 | Oslo, Norway | Fair Finance Guide Norway, Fair Finance Guide Sweden, Rainforest Foundation Norway
Blog
BankTrack news BankTrack blog Partner news Partner blog

BankTrack condemns Japanese and Singapore bank financing of Batang coal project in Indonesia as reckless to people and climate

2016-06-06 | Nijmegen, The Netherlands | BankTrack
BankTrack news BankTrack blog Partner news Partner blog

Adani arm to raise  $1.5 bn in overseas debt in 2014

2014-05-08 | India | Live Mint
Resources
Documents
Links
2023-03-13 00:00:00

CSR report 2022

Annual report
2023-03-13 00:00:00 | DBS
2022-11-01 00:00:00

Approach to Phase Out Thermal Coal Financing

Date listed represents date as accessed on website
Bank policy
2022-11-01 00:00:00 | DBS
2022-11-01 00:00:00

Approach to the Palm Oil Sector

Date listed represents date as accessed on website
Bank policy
2022-11-01 00:00:00 | DBS
2022-09-16 00:00:00

Our path to net zero

Bank policy
2022-09-16 00:00:00 | DBS
2022-07-14 00:00:00

Letter from BankTrack and Mars se Drine to DBS on Rio Tinto Jadar Lithium Mine

Correspondence
2022-07-14 00:00:00 | BankTrack and Mars se Drine
2022-07-05 00:00:00

Annual report 2021

Annual report
2022-07-05 00:00:00 | DBS
2022-07-05 00:00:00

CSR report 2021

Annual report
2022-07-05 00:00:00 | DBS
2022-06-14 00:00:00

Keep forests standing 2022

Evaluating the brands and banks driving deforestation and human rights abuses
NGO document
2022-06-14 00:00:00 | Rainforest Action Network
2022-03-31 00:00:00

Approach to responsible financing

Bank policy
2022-03-31 00:00:00 | DBS
2021-12-31 00:00:00

Sustainability report 2021

Bank document
2021-12-31 00:00:00 | DBS
2021-12-12 00:00:00

Letter from BankTrack to DBS on lithium mining in Serbia’s Jadar Valley

Correspondence
2021-12-12 00:00:00 | BankTrack
2021-10-29 00:00:00

DBS commits to net zero by 2050 and becomes first Singapore bank to join the UN-linked Net-Zero Banking Alliance

Bank document
2021-10-29 00:00:00 | DBS
2021-06-30 00:00:00

Modern slavery statement 2020

Bank policy
2021-06-30 00:00:00 | DBS
2021-06-28 00:00:00

Asian Banks Continue to Finance the Palm Oil Refining Sector as Leakage Declines

NGO document
2021-06-28 00:00:00 | Chain Reaction Research
2021-06-23 00:00:00

Forests & Finance 2021 Briefing - Is Your Money Destroying Rainforests or Violating Rights?

NGO document
2021-06-23 00:00:00 | Forests and Finance
2021-04-28 00:00:00

Keep Forests Standing

Evaluating the Brands and Banks Driving Deforestation and Human Rights Abuses
NGO document
2021-04-28 00:00:00 | Rainforest Action Network
2021-03-07 00:00:00

CSR report 2020

Annual report
2021-03-07 00:00:00 | DBS
2021-03-03 00:00:00

Annual report 2020

Annual report
2021-03-03 00:00:00 | DBS
2020-11-19 00:00:00

Letter to banks and investors on Indofood labor exploitation

NGO document
2020-11-19 00:00:00 | Rainforest Action Network
2020-06-30 00:00:00

Sustainable & Transition Finance Framework & Taxonomy

Bank policy
2020-06-30 00:00:00 | DBS
2019-06-24 00:00:00

Sustainability report 2018

Annual report
2019-06-24 00:00:00 | DBS
2019-04-24 00:00:00

Statement on financing new coal-fired power plants

Bank policy
2019-04-24 00:00:00 | DBS
2019-04-16 00:00:00

Annual report 2018

Annual report
2019-04-16 00:00:00 | DBS
2019-02-11 00:00:00

Code of conduct

Bank policy
2019-02-11 00:00:00 | DBS
2018-12-10 00:00:00

Bank Policy Matrix

NGO document
2018-12-10 00:00:00 | Forests & Finance Coalition
2018-06-01 00:00:00

Guidelines on responsible finance

Bank policy
2018-06-01 00:00:00 | Association of Banks in Singapore
2018-03-31 00:00:00

Annual report 2017

Annual report
2018-03-31 00:00:00 | DBS
2018-02-07 00:00:00

Letter from various civil society organisations to DBS, OCBC and UOB on climate change action

Open letter calling on DBS, OCBC and UOB to take action on climate change
Correspondence
2018-02-07 00:00:00 | various civil society organisations
2018-01-26 00:00:00

Sustainable commitments on climate change

Bank policy
2018-01-26 00:00:00 | DBS
2017-12-31 00:00:00

Sustainability report 2017

Annual report
2017-12-31 00:00:00 | DBS
2017-11-30 00:00:00

Major international banks continue to finance palm oil company Indofood despite evidence of systemic labor abuses

Forest & Finance Briefing
NGO document
2017-11-30 00:00:00 | RAN, TuK Indonesia & Profundo
2017-11-30 00:00:00

The human cost of conflict palm oil - revisited

How PepsiCo, Banks and the Roundtable on Sustainable Palm Oil perpetuate Indofood's worker exploitation
NGO document
2017-11-30 00:00:00 | RAN, OPPUK & International Labor Rights Forum
2017-07-31 00:00:00

Annual report 2016

Annual report
2017-07-31 00:00:00 | DBS
2017-07-31 00:00:00

Sustainability report 2016

Annual report
2017-07-31 00:00:00 | DBS
2017-06-13 00:00:00

Japanese and Malaysian banks and investors continue to pump billions of dollars into forest-risk companies, without adequate environmental and social safeguards

NGO document
2017-06-13 00:00:00 | RAN, TuK Indonesia & Profundo
2017-05-30 00:00:00

Nordic investments in banks financing Indonesian palm oil

NGO document
2017-05-30 00:00:00 | Rainforest Foundation Norway, FFG Sweden and FFG Norway
2017-01-17 00:00:00

Dirty Bankers

How HSBC is financing forest destruction for palm oil
NGO document
2017-01-17 00:00:00 | Greenpeace
2016-11-07 00:00:00

Protecting the Leuser Ecosystem

A Shared Responsibility
NGO document
2016-11-07 00:00:00 | Rainforest Action Network
2015-07-02 00:00:00

Annual Report 2014

Annual report
2015-07-02 00:00:00 | DBS Group
2015-07-02 00:00:00

Annual Report 2013

Annual report
2015-07-02 00:00:00 | DBS Group
2015-02-16 00:00:00

Tycoon-controlled oil palm groups in Indonesia - Executive Summary

NGO document
2015-02-16 00:00:00 | TuK, Profundo
2012-06-20 00:00:00

Worldwide investments in Cluster munitions, a shared responsibility

NGO document
2012-06-20 00:00:00 | IKV Pax Christi & FairFin

Sustainability page

EPN assessment of policies against 14 minimum criteria - DBS Bank

Environmental Paper Network (EPN) evaluated the policies of 68 major financiers of the pulp and paper industry against 14 absolute minimum criteria that all financial institutions should require their clients, investments and business partners to respect in order to reduce social and environmental risks.

Accountability
Grievances
Response tracking

DBS does not operate a complaints or grievances channel for individuals or communities that might have been affected by the bank's finance.

This page evaluates DBS's responses to instances of alleged human rights violations linked to its finance, raised by civil society organisations. It is not intended to be exhaustive, but covers selected impacts raised by BankTrack and other civil society partners since 2016. For the full scoring methodology, see here. For more information about BankTrack's evaluation of bank responses to human rights impacts, see the 2021 report "Actions speak louder: assessing bank responses to human rights violations".

Impacts reviewed
Responded?
Total score
Response
Action
Monitoring
Rio Tinto's Jadar mine, Serbia (Letter, Dec 2021)
0
0
0
n/a
Dodgy Deal profile
Response
0
Out of 1
Rationale for score
The bank did not respond.
Action
0
Out of 1
Rationale for score
No information available on whether the bank engaged with its client or took appropriate action.
Monitoring
n/a
Rationale for score
The impact was not raised over a year ago and therefore is not scored on monitoring progress.
More info
Letter to financiers of Rio Tinto, December 2021

Average
0%
0
0
0
0
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