HONG KONG SAR – OutReach Media – September 14, 2023 – DBS And RESET Carbon announced a partnership to focus efforts on accelerating the adoption of decarbonization and sustainability solutions in the Apparel, Footwear and Textiles (AFT) supply chain. The collaboration was formalized through a Memorandum of Understanding (MOU) which was signed today, in conjunction with the ReThink HK Sustainable Business Conference and Exhibition.
Yulanda Chung, Managing Director, Head of Sustainability, Institutional Banking Group at DBS (left) and Liam Salter, CEO of RESET Carbon (right) signed a Memorandum of Understanding (MOU) at ReThink HK Sustainable Business today at the conference and exhibition to develop decarbonization solutions in the Asian manufacturing supply chain.
According to the United Nations Environment Program, the trillion-dollar fashion industry accounts for up to 8% of global carbon emissions.[1]. Of this total, activities upstream in the supply chain, including production, preparation and processing of materials, account for around 80% of emissions.[2]. As clothing brands have made progress in reducing their emissions[3] in their own operations to comply with their commitments, decarbonization of supply chains remains an obstacle.
To enable and accelerate sustainable growth in the AFT sector, DBS and RESET aim to work with buyers and suppliers, including small and medium-sized enterprises, in the Asian manufacturing supply chain. AFT brands can access RESET’s advisory services and technical support to drive carbon reduction in their supply chains, set science-based carbon targets, and build internal capabilities. DBS will provide financing solutions for suppliers to invest in cost-effective technologies that enable significant reductions in their factory emissions, water consumption and waste.
Additionally, companies can participate in the Carbon Leadership Program (CLP) developed by RESET and the Apparel Impact Institute (Aii). The three-year-old program is designed to help clothing brands and their suppliers set science-based carbon emissions reduction targets. Action plans are then developed through benchmarking and assessments, using a set of standardized tools and collaborative processes.
To date, more than 20 of the world’s biggest clothing brands have participated in the program, representing up to three million tonnes of CO.2 avoided each year, if action plans are fully implemented.
Yulanda Chung, Managing Director, Head of Sustainability, Institutional Banking Group at DBSsaid: “Joining forces with an experienced industry practitioner like RESET is a signal that we intend to deliver change in the real economy rather than offering sound bites. The clothing sector is looking for solutions, both in financing and resource efficiency advice, to mitigate the consequences. harmful impacts of the rapid evolution of fashion. This partnership brings together DBS’s extensive Asian network, its expertise in sustainable finance and RESET’s successful Carbon Leadership program.
Liam Salter, CEO of RESET, said: “RESET’s mission is to generate significant carbon reductions in our customers’ value chains. With financing increasingly seen as an integral part of the solution, we are delighted to partner with DBS, who we see as the most innovative bank in the region, to develop new solutions. for our collective customers.”
Named World’s Best Bank for Corporate Responsibility[4]DBS offers support to corporate and institutional clients through a range of
sustainable finance solutionsfrom renewable energy financing to green loans, sustainability-linked loans, ESG bonds and green and sustainable trade finance.
“Climate fashion” written by McKinsey & Company (McKinsey) in partnership with Global Fashion Agenda (GFA)
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