This article is based on an original publication by DBS Bank Taiwan. It discusses the collaborative initiative between DBS Bank and DOMI Earth, highlighting efforts to reduce carbon emissions and support vulnerable communities. To see the original article click here.
As companies around the globe pledge to achieve net-zero carbon emissions by 2050, reducing emissions across all scopes has become crucial. These scopes include direct emissions from operations, indirect emissions from purchased energy, and other indirect emissions such as product transport and employee commuting.
One significant source of indirect emissions (Scope 3) for service industries like banking, postal services, and telecommunications is the printing, mailing, and use of paper bills. Additionally, Taiwan has seen electricity rates increase for the third consecutive year, exacerbating the "energy poverty" problem for many low-income households—families unable to afford sufficient energy for basic living needs due to financial constraints.
As Taiwan's largest foreign bank, DBS Bank (Taiwan) is committed to leading corporate sustainable development. They actively support social innovation organizations, social enterprises, and small and medium-sized enterprises (SMEs), contributing resources and manpower to sustainability issues beyond the banking sector.
Power to Change: Leading Financial Services Towards Revolutionary Sustainable Development
Statistics show that the carbon emissions from paper bills are about 2.3 times those of plastic straws. The cumulative annual emissions from printing paper bills are equivalent to deforesting six Da'an Forest Parks. Transitioning to e-statements can protect trees, conserve energy, reduce carbon emissions, and save on printing and mailing costs. The saved resources can then be reinvested in social issues, maximizing resource efficiency.
Recognizing this, DBS Bank (Taiwan) partnered with DOMI Earth for the "Power to Change - Energy Prosperity Project." This initiative promotes e-statements and allocates part of the saved budget to help disadvantaged families upgrade their lighting. Replacing outdated, energy-consuming lighting with efficient, bright fixtures not only provides children with safer, well-lit living and study environments but also helps these families lower their monthly electricity bills.
As Taiwan's first B Corporation, DOMI Earth measures its business success by social and environmental impact. Utilizing modern technology and simplified business models, DOMI Earth raises awareness of environmental issues. The "Minus Plus" philosophy ensures that companies fulfill their ESG responsibilities while encouraging consumers to contribute to environmental and social well-being, achieving mutual benefits.
Through this project, DBS and DOMI Earth aim to leverage commercial power to assist vulnerable groups in adapting to climate change while achieving corporate net-zero and cost-saving goals.
Pursuing Sustainable Net Zero While Protecting Vulnerable Families
Yipin Ho, Head of Digital Banking at DBS Bank (Taiwan), initially hesitated to join the project due to the challenges of changing existing business processes. However, the project has improved the living conditions of disadvantaged families, increased customer satisfaction, and enhanced corporate efficiency, demonstrating the immense potential for win-win outcomes through corporate-community partnerships.
Ho further emphasized that the project not only boosts business efficiency but also brings positive social impacts. Witnessing the benefits received by families underscored the true meaning of corporate social responsibility.
DBS Bank (Taiwan) is steadfast in its commitment to corporate social responsibility, balancing commercial success with social change. Explore how DBS Bank (Taiwan) drives sustainable development and improves the quality of life for vulnerable groups through innovative projects and collaborative efforts, creating long-term positive societal impacts.
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Be part of our mission to create a sustainable future and support vulnerable communities. Discover how DOMI Earth's innovative solutions can help your organization achieve environmental and social goals. Contact us today to learn more about our services and explore collaboration opportunities.
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