Singapore Bank DBS Opens Accelerator Focused on Greenhouse Gas Removal

Singapore’s largest lender DBS Bank together with seven partners and supporters, have committed to further build on efforts to nurture and scale the climate tech ecosystem.

The bank and its partners have launched the second cycle of Sustaintech Xcelerator, a six-month climate-focused hybrid accelerator programme with S$250,000 in grants up for grabs.

The series is organised in partnership with Temasek, GenZero, Google Cloud, the World Bank, Capgemini, and the Centre for Nature-based Climate Solutions at the National University of Singapore (NUS). Verra will also support Sustaintech Xcelerator as an independent standard setter.

The grouping aims to accelerate the development of practicable climate tech solutions that will help businesses reduce their carbon dioxide and greenhouse gas emissions at a faster rate.

The second run of Sustaintech Xcelerator will focus on solutions in three main areas:

  • Nature-based approaches such as afforestation and reforestation

  • Technology-based approaches such as carbon capture and storage

  • Enablers such as digital tools and capabilities on carbon accounting and sourcing of ESG data, with a preference for solutions that can help SMEs implement viable technology solutions to green their operations

A total of S$250,000 in grants will be awarded to up to five successful applicants to scale their solutions. These successful applications will also get access to Sustaintech Xcelerator’s network of world-leading research and commercial partners and will also be paired with senior mentors in the climate tech ecosystem.

In addition, they also have the option of receiving in-kind support such as mentoring and office space at DBS’ innovation hub, DBS Asia X (DAX).

Helge Muenkel, Chief Sustainability Officer at DBS, said, “We need to accelerate climate action at scale. Sustaintech Xcelerator is well-placed to drive real action by providing sustaintech start-ups with mentorship from some of the best businesses and academics globally as well as technical and financial assistance so that these innovators can bring next generation solutions to life.”

The Sustaintech Xcelerator Cycle 2 (2023) is now open for applications through December 2022. Five scale-up start-up finalists will together embark on their six-month acceleration journey from March/April 2023.