DBS, together with financial services firm Deloitte, have launched the Sustainability Accelerator Tool, as at July 24.
Designed to help small and medium-sized enterprises (SME) assess their sustainability maturity levels, the tool will enable SMEs to identify and address gaps in their respective sustainability journeys.
Due to rising competition in the green economy, the jointly-developed tool is focused on helping companies in their green transition through providing clear roadmaps and practical recommendations.
The tool aims to empower 1,000 SMEs in Singapore over the next 12 months.
In addition, DBS and Deloitte will progressively roll it out to other key markets where DBS has a strong presence from 2025 onwards.
According to a study conducted by DBS and Bloomberg on SMEs’ sustainability readiness, only 37% of SMEs currently have a clear roadmap on how to achieve their goals.
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The Sustainability Accelerator Tool addresses these challenges by enabling SMEs to measure their maturity levels across four pillars: ‘Governance Framework’, ‘Sustainability Strategy’, ‘Risks & Opportunities’, and ‘Metrics & Targets’.
These pillars align with the TCFD (task force on climate-related financial disclosures) framework, and with funding areas from Enterprise Singapore’s Enterprise Development Grant.
The tool offers SMEs with industry-specific analysis, customised strategic recommendations and regional adaptability through a customised Sustainability Readiness Report detailing a structured analysis of their company’s sustainability maturity with insights to address the specific challenges they may be currently facing.
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Participating companies will also be able to access a panel of sustainability experts, including specialists from Deloitte, to effectively guide them on their transition.
Koh Kar Siong, group head of corporate and SME Banking at DBS, says: “The Sustainability Accelerator Tool is the latest in our ongoing efforts, where we strive to future proof SMEs through practical and holistic solutions.”
“Leveraging Deloitte’s expertise in sustainability transformation, it not only identifies strengths and gaps but also provides actionable recommendations to enhance sustainability performance,” adds Brian Ho, sustainability and climate leader at Deloitte Southeast Asia.
