Deutsche Bank Launches ESG Centre of Excellence in Singapore
24th May 2021 | Singapore
Deutsche Bank, one of the largest bank in Europe and the world, have announced the setup of a ESG Centre of Excellence (COE) in Singapore in cooperation with Singapore’s central bank – Monetary Authority of Singapore (MAS). The ESG Centre of Excellence (COE) will work across all Deutsche Bank’s business groups, including Investment Bank, Corporate Bank, International Private Bank and Asset Management (DWS), focusing on ESG transactions, new product development, and advisory services including sharing of best practices with Asian regulators and regional bodies such as ASEAN and APEC.
ASEAN ~ Association of Southeast Asian Nations
APEC ~ Asia-Pacific Economic Cooperation
ESG ~ Environmental, Social and Governance
“Deutsche Bank Launches ESG Centre of Excellence in Singapore”
The Centre will also provide ESG lectures for academic institutions, fellowships for MBA programs, internships for universities students, partner with research institutions & global think tanks and organise policy seminars for governments.
The Deutsche Bank ESG Centre of Excellence (COE) in Singapore
The ESG Centre of Excellence (COE) will house teams with deep ESG expertise, and work with product teams to implement the activities and programs:
- Core Activity: ESG transactions across all business divisions, including Investment Bank, Corporate Bank, International Private Bank and Asset Management (DWS)
- ESG Leadership Lecture Series in partnership with academic institutions
- ESG Fellowship Program for graduate students at top global MBA programs
- ESG Internship Program for undergraduate students at top global universities
- Partnership with research institutions and global think tanks on ESG research
- ESG Policy Seminars for sovereign & sub-sovereign governments
Deutsche Bank in Sustainability Drive
Deutsche Bank have implemented Sustainability in its strategy, including supporting clients to transmit to a zero-carbon economy, and by 2023, the total volume of sustainable financing and investments will be at least EUR 200 billion ($243 billion) and its operations will be powered 100% by renewable energy. In April 2021, Deutsche Bank also became a founding member of the new Net Zero Banking Alliance, committing to align the operational and attributable emissions from its portfolio with pathways to net-zero carbon by 2050 or sooner.
In Asia-Pacific, Deutsche Bank have partnered with clients, launching the world’s first green hedge based on a specially designed green hedge framework, Asia’s first FX forward using ESG performance targets and the first Panda Bond aligned with the UN Sustainable Development Goals.
Deutsche Bank CEO Sets Sustainability Target to 2023
On 20th May 2021, Deutsche Bank CEO Christian Sewing made the announcement to bring forward its sustainability finance target by 2 years from 2025 to 2023, including to facilitate over EUR 200 billion ($243 billion) in sustainable finance and investments by the end of 2023.
EUR 200 billion ($243 billion) in sustainable finance and investments:
- EUR 86 billion from Private Bank
- EUR 30 billion from Corporate Bank
- EUR 105 billion from Investment Bank
The International Private Bank aims to make ESG investments the standard in its portfolio management from 2022. As ESG will be the default, clients will no longer have to opt into ESG products. The International Private Bank aspires to convert investments of at least 1 million clients to ESG over the next few years.
The Corporate Bank plans to enter into a strategic ESG dialogue with its 2,000 or so multinational corporate clients, advising clients holistically on ESG-Risks and their business transformations will become standard. The Corporate Bank aims to boost its supply chain financing volume to EUR 1 billion and offer its 800,000 commercial clients at least two standardised ESG financing solutions by the end 2021.
The Investment Bank plans to grow its market share of ESG bonds and loans over last year’s share. In the first quarter of 2021, the market share by fees in combined investment grade and leverage finance sustainable debt issuance rose to 6.1 percent, versus 4.3 percent in the year 2020. In Fixed Income & Currencies (FIC) the bank aims to facilitate financing worth EUR 2.8 billion for the construction of energy-efficient and social housing in 2021 alone. Moreover, numerous product innovations such as green investments and green repos are planned for institutional clients.
Deutsche Bank Head of ESG for Asia Pacific, Kamran Khan:
“The transition of Asia towards sustainable practices requires ESG transaction models, products, solutions and regulatory measures which meet international standards while supporting on-the-ground realities in Asia.
By establishing this ESG Centre of Excellence in Singapore, we aim to set standards for evidence-based, data-driven transactions which can substantiate ESG impact and support sustainable growth.”
Deutsche Bank Asia Pacific CEO, Alexander von zur Muehlen:
“Establishing the ESG Centre of Excellence in Singapore provides a strategic and operational platform for Deutsche Bank to become the premier client-focused ESG bank in Asia Pacific.
Our investment in building world-class in-house ESG expertise, complemented by our well-known structuring and placement capabilities, is delivering exponential growth in our ESG business.”
MAS Assistant Managing Director (Development and International) Gillian Tan:
“MAS strongly supports the establishment of Deutsche Bank’s Asia Pacific ESG Centre of Excellence in Singapore. It is a welcome addition to Singapore’s growing sustainability and green finance ecosystem.
The Centre of Excellence will leverage innovation to accelerate Asia’s transition to a sustainable future. The COE’s goal to facilitate industry knowledge transfer will help to deepen the pool of specialized talent and capabilities in Singapore.”
Related:
- SGX, DBS, Standard Chartered & Temasek Launches New Global Exchange for Carbon Credits
- Deutsche Bank Survey: 75% of Private Bank Clients View Investments Should Have Positive Impact to the World
- The Future of Capital is Green – Keynote Address by Ravi Menon at IMAS-Bloomberg Investment Conference 2021
- Hong Kong Exchange Launches Sustainable and Green Exchange
- 2020 Annual Impact Investor Survey – Global Impact Investing $715 Billion Market Maturing
- IFC Releases The 2020 Growing Impact Report
- BNP Paribas Survey: 40% of Hedge Funds in Survey Consider ESG Factors in Investment Process
- UBS Tightens Carbon Asset Financing, Zero Emissions by 2050
Deutsche:
- Deutsche Bank Survey: 75% of Private Bank Clients View Investments Should Have Positive Impact to the World
- Malaysia Sues JP Morgan, Deutsche and Coutts for $2.93 Billion, Receives $452 Million from United States
- Deutsche Bank to Create $281 Billion International Private Bank
About Deutsche Bank
Deutsche Bank provides retail and private banking, corporate and transaction banking, lending, asset and wealth management products and services as well as focused investment banking to private individuals, small and medium-sized companies, corporations, governments and institutional investors. Deutsche Bank is the leading bank in Germany with strong European roots and a global network.
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