Rows of solar panels are installed near the Marina Bay Sands hotel and Gardens by the Bay in Singapore. Photo by Edgar Su/Reuters
This article originally appeared on VICE IMPACT.Climate Week 2017 marked the third anniversary of RE100 - an initiative launched by The Climate Group (a non-profit organization that works internationally with business and government to promote clean technologies and policies), to commit leading international businesses to 100 percent renewable energy.Participating companies have set different targets and deadlines with varying levels of ambition. For example, the multinational insurance company Swiss Re has vowed to use 100 percent renewable energy by 2020, while Ebay aims to supply its offices and data centers with 100 percent clean energy by 2025. The initiative now unites companies from all sectors, and tries to reaffirm the role that every industry has to play in curbing climate change.VICE Impact met with political and industry leaders to discuss the role that initiatives like RE100 in the fight against climate change.Today, in the last installment, we chat with Michael Power, COO of DBS Bank.
Michael Power: As the first Asian bank and first Singapore company to join RE100, DBS hopes to be a key player in the region leading the transition towards a low-carbon economy powered by 100% renewable energy.Participating in Climate Week not only offered us an opportunity to learn more about global climate action but also to share our own perspectives on the ongoing energy transition and the leadership role we can play in facilitating it. It also allowed us to expand our climate action network, and we look forward to exploring potential collaboration opportunities with some of the companies we have met.Why did DBS join RE100, and what are its commitments?
Climate change is among the most pressing challenges of our time, and one that needs to be tackled urgently if we are to preserve the habitability of our planet. As a bank focused on ensuring sustainable development across Asia, we believe it is imperative that we contribute towards the fight against global warming by examining and reducing our own environmental footprint.We recognize that successfully transitioning to renewable energy will not only allow us to reduce our carbon emissions, but will also make business sense by offering us a hedge against fuel price risk. In addition, being Asia's first bank to sign up to RE100, we hope our commitment will encourage other banks in the region to focus on renewables and environmental sustainability.How will joining RE100 shape DBS's future strategy and key developments?
We aim to achieve 100 percent renewable power in Singapore by 2030 and we're currently on track to achieve more than 60 percent by 2020.We are planning to install rooftop solar panels at our premises at Changi Business Park, Singapore. We also recently signed an agreement to procure renewable energy certificates (RECs) from two solar energy generation companies in Singapore. Through these initiatives, we aim to achieve 12 percent renewable energy for our Singapore operations by the end of 2017 and we have a target to scale that up to 50 percent by the end of 2018.Climate Week was about celebrating synergies between business, civil society and government. Why is it important to harness such broad coalitions?
Climate change is a shared challenge that we must address collectively. The key to success in such a massive collaborative effort lies not only in creating good plans, but also in sustained and effective execution. Hence, partnerships among key stakeholders in the ecosystem – from businesses and government agencies to civil society – are essential for us to tap into the expertise and capital needed to accelerate our transition to a decarbonized economy.Learn more about how to support the work of the Climate Group. If you want to support renewable energy in your hometown, support the Sierra Cub's Ready for 100 campaign.This interview has been edited for brevity and clarity.
Advertisement
VICE Impact: Why was it important for DBS to attend Climate Week?
Michael Power: As the first Asian bank and first Singapore company to join RE100, DBS hopes to be a key player in the region leading the transition towards a low-carbon economy powered by 100% renewable energy.Participating in Climate Week not only offered us an opportunity to learn more about global climate action but also to share our own perspectives on the ongoing energy transition and the leadership role we can play in facilitating it. It also allowed us to expand our climate action network, and we look forward to exploring potential collaboration opportunities with some of the companies we have met.Why did DBS join RE100, and what are its commitments?
Climate change is among the most pressing challenges of our time, and one that needs to be tackled urgently if we are to preserve the habitability of our planet. As a bank focused on ensuring sustainable development across Asia, we believe it is imperative that we contribute towards the fight against global warming by examining and reducing our own environmental footprint.We recognize that successfully transitioning to renewable energy will not only allow us to reduce our carbon emissions, but will also make business sense by offering us a hedge against fuel price risk. In addition, being Asia's first bank to sign up to RE100, we hope our commitment will encourage other banks in the region to focus on renewables and environmental sustainability.
Advertisement
We aim to achieve 100 percent renewable power in Singapore by 2030 and we're currently on track to achieve more than 60 percent by 2020.We are planning to install rooftop solar panels at our premises at Changi Business Park, Singapore. We also recently signed an agreement to procure renewable energy certificates (RECs) from two solar energy generation companies in Singapore. Through these initiatives, we aim to achieve 12 percent renewable energy for our Singapore operations by the end of 2017 and we have a target to scale that up to 50 percent by the end of 2018.Climate Week was about celebrating synergies between business, civil society and government. Why is it important to harness such broad coalitions?
Climate change is a shared challenge that we must address collectively. The key to success in such a massive collaborative effort lies not only in creating good plans, but also in sustained and effective execution. Hence, partnerships among key stakeholders in the ecosystem – from businesses and government agencies to civil society – are essential for us to tap into the expertise and capital needed to accelerate our transition to a decarbonized economy.Learn more about how to support the work of the Climate Group. If you want to support renewable energy in your hometown, support the Sierra Cub's Ready for 100 campaign.This interview has been edited for brevity and clarity.