DBS and Singapore Manufacturing Federation (SMF) have signed a Memorandum of Understanding (MOU) to accelerate the adoption of sustainable practices within Singapore’s manufacturing sector. This landmark partnership is SMF’s first with a financial institution and signals a major commitment to accelerating sustainability within the manufacturing sector. The collaboration aims to support 500 small and mid-sized manufacturers over the next two years, providing targeted expertise, resources and financial solutions to drive emissions reduction and enhance competitiveness in the green economy.
Manufacturing is a cornerstone of Singapore’s economy, contributing approximately 20% of the nation’s GDP. However, it is also one of the nation’s largest carbon emitters, responsible for nearly half of Singapore’s primary greenhouse gas emissions. As international markets increasingly prioritise sustainability, manufacturers face mounting pressure to transition to lower-carbon operations.
A recent survey by SMF found that 91% of manufacturers identified sustainability as critical to their global competitiveness. To bridge existing gaps and accelerate the industry’s green transformation, the partnership will combine DBS’ world-class expertise in financial solutions and sustainability advisory with SMF’s deep industry knowledge, to provide manufacturers with practical support at every stage of their decarbonisation journey.
The partnership will focus on three key pillars, each designed to equip manufacturers with the awareness, tools and financial support needed to transition to a low-carbon economy: training and upskilling for a future-ready workforce, complementary sustainability programmes for a tailored transition, and competitive sustainable financing.
Lim Him Chuan, Singapore Country Head, DBS, said: “Since its inception, DBS has been deeply committed to supporting the manufacturing sector, a bedrock of Singapore’s economy. We are pleased to partner the Singapore Manufacturing Federation to help accelerate the sector’s transformation and ensure its future growth. This partnership builds on our ongoing efforts to create a robust ecosystem of support for SME and mid-sized enterprises, providing them with the tools, targeted skills development programme, expertise and financial solutions they need to thrive in an evolving landscape. Together, we are empowering the sector to embrace sustainability and drive meaningful change towards a greener, more resilient future.”
This partnership directly supports Singapore’s national decarbonisation agenda. By empowering manufacturers to take immediate and practical steps towards sustainability, DBS and SMF are positioning Singapore’s manufacturing sector as a global leader in sustainable industrial practices.
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