DBS Bank and Deloitte have introduced the Sustainability Accelerator Tool, a new resource designed to help small and medium-sized enterprises (SMEs) in Singapore navigate their sustainability efforts. The tool aims to support companies in identifying and addressing gaps in their sustainability practices, facilitating a smoother transition to greener operations.
ESG business potential: 7 principles for giving SMEs the support they need
This initiative marks a significant step in DBS’s ongoing commitment to support local businesses. As part of its 30th anniversary celebrations in India and its broader mission as a SkillsFuture Queen Bee, DBS is focusing on equipping SMEs with the knowledge and resources necessary for a successful green transition. Over the next year, the bank and Deloitte plan to assist 1,000 SMEs in Singapore and will gradually extend the tool to other regional markets starting in 2025.
Research by DBS and Bloomberg reveals that only 37% of SMEs have a clear plan for achieving their sustainability goals. The Sustainability Accelerator Tool addresses this challenge by assessing companies' maturity across four key areas: Governance Framework, Sustainability Strategy, Risks & Opportunities, and Metrics & Targets. These categories align with the internationally recognized TCFD (Task Force on Climate-related Financial Disclosures) framework, ensuring transparency and consistency in sustainability reporting.
The tool offers several advantages:
• Industry-Specific Analysis: Provides tailored insights based on sector-specific sustainability challenges and opportunities.
• Customized Recommendations: Categorizes SMEs into ‘Emerging,’ ‘Maturing,’ or ‘Leading’ stages and offers targeted advice to address their unique needs.
• Regional Adaptability: Designed for scalability, allowing for adaptation across various languages and regional contexts in Asia.
SMEs using the tool will receive a detailed Sustainability Readiness Report that outlines their current sustainability status and offers actionable insights. They can also participate in DBS’s ESG Ready Programme for additional support, including access to a panel of sustainability experts from Deloitte.
Koh Kar Siong, Group Head of Corporate and SME Banking at DBS, expressed enthusiasm about the collaboration, emphasizing the bank's dedication to creating impactful sustainability solutions. Deloitte's Brian Ho highlighted the tool’s ability to provide practical guidance for SMEs, enabling them to enhance their sustainability performance effectively.
The launch of the Sustainability Accelerator Tool underscores DBS’s commitment to fostering sustainable practices among SMEs, further solidifying its role in driving positive environmental change. For more information on the ESG Ready Programme, visit DBS ESG Ready Programme.
