DBS (SGX:D05) and international certification body, TÜV SÜD, announced a year-long partnership to provide comprehensive training, testing, verification, and validation activities “for sustainability assurance and certifications to mid-cap firms as well as small and medium enterprises (SMEs).”
Both parties will also “conduct joint outreach activities to promote and drive the adoption of sustainability best practices.”
To kick off the partnership, DBS and TÜV SÜD will “offer sample training sessions to SMEs on the sidelines of the two-day SMEICC 2023 conference organized by the Singapore Chinese Chamber of Commerce & Industry which launched today.”
The sessions will “provide companies with a taster of the full-range of ESG-readiness courses available, which include topics such as decarbonisation and certifications.”
The collaboration is part of “an ecosystem of public-private partnerships the bank is putting together under DBS’ ‘ESG Ready’ initiative.” The program aims “to help mid-cap corporates and SMEs develop a credible sustainability action plan, and to achieve independent assurance in environmental, social and governance (ESG) areas.”
Participants journey through “a progressive four-stage program where they can access industry-leading expertise to learn and upskill; develop a sustainability strategy; and implement their action plan with the necessary tools and solutions.”
Companies can then validate their ESG performance “through independent third-party assurance and reporting.” In addition, DBS will provide “a toolkit comprising a range of training courses, assessment tools and decarbonization solutions.” To help overcome potential cost barriers associated “with the transition, companies can access a suite of financing solutions including bridging or working capital loans.”
Demand for sustainability-related training and solutions “has been strong as companies look to build capability and capacity.” Since the beginning of the year, over 600 companies have participated “in sustainability masterclasses, events, workshops, and courses organised by DBS and its partners.” The goal is to “engage 1,000 companies this year.”
Koh Kar Siong, Group Head of SME Banking, DBS, said:
“SMEs are the backbone of our economy and play a key role in a low-carbon future. Amid rapid shifts in sustainability-related policy, financing, and reporting requirements, companies increasingly need tools and know-how in sustainability. Our research has also shown that one in two[1] SMEs prefer to seek guidance from banks to advance their sustainability agendas. Therefore, we are bringing together an ecosystem of partners, like TÜV SÜD, to help drive collective action for sustainability. Our programme is designed to help companies accelerate their sustainability ambitions, regardless of how mature they are in their respective journeys.”
Richard Hong, CEO, TÜV SÜD ASEAN, said:
“TÜV SÜD and DBS’ collaboration embodies our shared commitment to sustainability and empowering SMEs. With extensive expertise in testing, inspection, certification, and training, we are dedicated to fostering positive change and building a sustainable future. Together with DBS, we will promote sustainability best practices, equipping SMEs to confidently embark on their sustainability journey, by adopting standards through sustainability training and certification under our Sustainability-as-a-Service (SaaS) programme. This joint endeavour not only benefits businesses but also contributes to Singapore’s 2030 Green Plan, creating a greener and more resilient society for generations to come.”
The SaaS program offered “by TÜV SÜD supports local companies in adopting international standards via a three-step approach encompassing online self-assessment, training, and certification.”
This enables companies that wish “to obtain independent third-party assurance and verification to gain a competitive advantage.” Eligible enterprises can “receive up to 70% funding of qualified costs under the program.”
Yap Tee Peng, Director of Sanz Pte Ltd, recently participated in a sustainability masterclass organized by DBS.
He said:
“The sustainability landscape has been changing very rapidly, especially after the pandemic. Our business is fully committed to sustainability, but navigating and adapting to the rapidly changing sustainability landscape requires significant knowledge, human and financial capital. Having a one-stop programme that covers training, operationalising, and financing is extremely beneficial, and we look forward to working with DBS to further strengthen our sustainability capabilities.”