SINGAPORE – DBS Bank customers will be able to track their carbon footprint when a new calculator feature on the lender’s digital banking app is rolled out by January.
The calculator will be able to automatically generate carbon footprint profiles and insights based on DBS credit and debit card spends.
The bank is also developing a function that will let customers buy carbon credits to offset their carbon footprint.
The tool will be released as a part of DBS’s LiveBetter digital platform, which aims to make it easier to access educational resources, services and products centred on sustainability.
DBS/POSB customers in Singapore can access the platform, launched on Sunday (Oct 31), via the bank’s digibank app.
Users can already access educational resources about climate change and what they can do to mitigate it.
They can also donate to sustainability-related causes such as The Food Bank Singapore, World Wide Fund for Nature and Mandai Nature Fund.
The process takes less than five seconds, from transferring the funds to filing for tax deduction, said DBS, adding that there are no fees involved.
Customers can also use the LiveBetter platform to learn about sustainable investing and invest in sustainability-themed funds.
Users can already invest in two funds – the BNP Paribas Global Environment and the Ninety One GSF Global Environment Fund – with exchange-traded funds available from next year.
Mr Jeremy Soo, head of the consumer banking group (Singapore) at DBS, said: “Climate change impacts all of us, and we believe everyone has a role to play in building a better world.”
A DBS survey in July of 1,000 Singapore residents aged 18 and above found that 73 per cent were willing to change their lifestyle to live more sustainably only if it was convenient for them.
Mr Soo said: “By embedding LiveBetter into DBS digibank, our customers can now easily access ways to live green with a few simple taps.”
DBS also provided an update on the take-up of its green retail offerings introduced this year.
Volumes for its green car loan – introduced in February for customers buying new and used electric and hybrid vehicles – made up 10 per cent of the bank’s car loan volumes as at Sept 30.
“With more electric vehicle models coming into the market, green car loan volumes are expected to continue to rise,” said DBS.
Green renovation loans comprised about 85 per cent of the bank’s new renovation loan bookings as at Sept 30.
Customers need to fulfil three items on a checklist, such as having energy-efficient lighting and systems, to be eligible for the green loan, which was launched in April.
About two-thirds of DBS customers taking up green renovation loans live in Housing Board flats.
Singapore’s largest bank is not alone in its efforts with other industry players also rolling out green products for both consumers and businesses amid the push towards sustainability.
UOB Asset Management last Monday launched the United Smart Sustainable Singapore Bond Fund to attract investors looking to invest in Singapore’s sustainability efforts.
The fund will invest in high-quality green, social and sustainability-linked bonds with strong environmental, social and governance mandates.
OCBC last Tuesday extended its first green loan leveraging the new Building Energy Efficiency Assessment tool launched by the Building and Construction Authority of Singapore.
The collaboration between OCBC and the authority aims to enable a simpler transition to sustainability for building owners, developers and small and medium-sized enterprises in the property value chain.