Deloitte, DBS Bank Launch Sustainability Accelerator Tool for Small and Midsize Enterprise Customers

Global IT consulting firm Deloitte continues to introduce sustainability-focused services and solutions for customers worldwide. The latest move, co-developed with DBS Bank, involves a Sustainability Accelerator Tool designed for small and medium-sized enterprise (SME) customers in Asia.

DBS, headquartered in Singapore, offers financial services for consumers, SMEs and corporate banking customers. consumer, SME and corporate banking. The company has roughly 40,000 employees and 739 billion in total assets (based in the Singapore Dollar, or SGG) -- which is roughly $550 million in US dollars.

What Is the Sustainability Accelerator Tool?

The survey-oriented tool, according to DBS and Deloitte, covers such areas as (1) Governance Framework, (2) Sustainability Strategy, (3) Risks & Opportunities (4) and Metrics & Targets. DBS and Deloitte say customers that leverage the tool can gain:

• Industry-specific analysis that align with sustainability challenges and opportunities within different sectors.
• Customized strategic recommendations that address whether a business is emerging, maturing or leading the shift to sustainable practices.
• Regional adaptability that supports various various languages and regional contexts across Asia.

Near term, DBS and Deloitte want to empower more than 1,000 local SMEs across Singapore over the next 12 months. The companies will pursue additional Asia regions thereafter, though specific plans were not disclosed.

Singapore: Green IT Services, Renewable Energy and Climate Disclosure Trends

Singapore, which is seeking to achieve carbon neutrality and energy security, may become Asia's renewable energy hub, Nikkei reported in November 2023.

However, Singapore companies have some ways to go when it comes to climate-related disclosures, as mandatory reporting rules are set to kick in, Bloomberg reported in November 2023.

Among the key data points to note:

• Only 43% of Singapore-listed companies made climate disclosures in line with at least five of the recommendations of the Task Force on Climate-related Financial Disclosures in their 2022 fiscal year sustainability reports, according to a biennial study by Singapore Exchange Ltd. regulatory arm and the Centre for Governance and Sustainability at the NUS Business School.
• That’s lower than the global average of 58%, based on the latest TCFD data, the Bloomberg report stated.

Amid those challenges, The Monetary Authority of Singapore (MAS) in November 2023 launched Gprnt, an integrated digital platform that "harnesses technology to simplify how the financial sector and real economy collect, access and act upon environmental, social and governance (ESG) data to support their sustainability initiatives."

Executive Perspectives: Sustainability Accelerator Tool

In a prepared statement about the Sustainability Accelerator Tool, Koh Kar Siong, DBS group head of corporate and SME banking, said: “DBS is one of the first financial institutions to build up an ecosystem of sustainability partners, supporting SMEs in their decarbonisation journeys. This is rooted in our core belief to create impact for our customers and communities, and we are heartened to be working with Deloitte to help local businesses. The Sustainability Accelerator Tool is the latest in our ongoing efforts, where we strive to futureproof SMEs though practical and holistic solutions. Through this, we want to empower businesses to take charge of their sustainability journey, and partner them in their green transition.”

Added Brian Ho, sustainability & climate leader, Deloitte Southeast Asia: "The Sustainability Accelerator Tool is unique in its ability to provide SMEs with meaningful and practical guidance. Leveraging Deloitte’s expertise in sustainability transformation, it not only identifies strengths and gaps but also provides actionable recommendations to enhance sustainability performance. SMEs must embrace opportunities to become more sustainable, and Deloitte is proud to collaborate with DBS to bring this invaluable tool to SMEs."

Sustainability Accelerator Tool: Early Adopter Perspectives

Early adopters include such organizations as cybersecurity service provider Momentum Z and corporate finance consultancy Indian Ocean Group PTE.

In a prepared statement, Momentum Z Co-Founder and CEO Shane Chiang said: "The Sustainability Accelerator Tool’s questions were easy to understand and straightforward – especially for companies that are only just embarking on this journey. Through the identification of our green gaps, it has deepened our understanding and appreciation towards creating a sustainable business model. With this report, we are now looking to explore DBS’ ESG Ready Programme and kickstart our transition."

Added Indian Ocean Group Founder Pradeepto Biswas: “The tool's Sustainability Readiness Report gave a situational picture of where our company stands vis-à-vis the industry, and reaffirms that we are heading in the right direction. The industry-specific analysis is very helpful and gives a good guide on how enterprises should align their business practices from both the sector’s point of view as well as what consumers are seeking in the sustainability space. This tool, together with DBS’ suite of sustainability solutions, can help businesses reinvent and repurpose themselves.”

Additional Sustainability Moves

Deloitte and DBS each have made multiple sustainability moves in recent months.

For instance, DBS in April 2024 launched the ESG Ready Programme to "help SMEs remove the guesswork on how to transition to lower carbon business models."

Deloitte, meanwhile, has continually expanded its sustainability, climate tech and green IT services for partners and customers.