DBS and RESET Carbon Ink Agreement to Decarbonise Asia’s Manufacturing Supply Chain

Singapore-headquartered DBS and RESET Carbon (RESET) announced a partnership to focus efforts on expediting decarbonisation and sustainability solutions in the apparel, footwear, and textile (AFT) supply chain.

The collaboration has been formalised with a memorandum of understanding (MoU) between the companies that was inked in Hong Kong in conjunction with the ReThink HK Sustainable Business Conference and Expo.

To enable and accelerate sustainable growth in the AFT sector, DBS and RESET aim to work with both buyers and suppliers, including small and medium enterprises, in Asia’s manufacturing supply chain.

Through the partnership, AFT brands can access RESET’s advisory services and technical support to drive carbon reductions in their supply chains, set science-based carbon targets, as well as strengthen in-house capabilities. DBS meanwhile will provide financing solutions to suppliers to invest in cost-effective technologies that enable meaningful reductions in their factory emissions, water use, and waste.

In addition, 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 apparel brands and their suppliers set science-based carbon reduction targets. Action plans are then developed through benchmarking and assessments, using a set of standardised tools and collaborative processes.

To date, over 20 of some of the world’s largest apparel brands have participated in the program – representing up to three million tonnes of CO2 avoided per year, if the action plans are fully implemented.

“The apparel sector is looking for solutions, in both finance and resource efficiency advisory, to mitigate the harmful impacts of fast-changing fashion, joining forces with an experienced industry practitioner like RESET is a signal that we mean to effect changes in the real economy rather than offering soundbites,” said Yulanda Chung, Managing Director, Head of Sustainability, Institutional Banking Group at DBS.

Liam Salter, CEO of RESET added: “With financing increasingly seen as an integral part of the solution, we are excited to partner with DBS who we view as the most innovative bank in the region to develop new solutions for our collective customers.”

RESET Carbon has been working with companies and institutions across Asia to resolve the environmental crisis by making meaningful reductions in their carbon, water and waste footprint.

Headquartered in Hong Kong, with offices in Shanghai, Shenzhen, Taipei, Ho Chi Minh City, Chennai, and Munich, RESET delivers end-to-end carbon management and corporate renewable energy services for customers in the real estate, manufacturing, and retail sectors.