" class="no-js "lang="en-US"> DBS and global partners sound clarion call to climate innovators developing solutions to address carbon dioxide and greenhouse gas removal
Wednesday, November 30, 2022

DBS and global partners sound clarion call to climate innovators developing solutions to address carbon dioxide and greenhouse gas removal

With the risk of carbon dioxide and other greenhouse gas emissions pushing past dangerous warming thresholds, DBS together with seven partners and supporters, have committed to further build on efforts to nurture and scale the climate tech ecosystem.

DBS and global partners today launched the second cycle of Sustaintech Xcelerator, a six-month climate-focused hybrid accelerator programme 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 support Sustaintech Xcelerator as an independent standard setter. The group 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 SGD 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.”

While the race to reduce carbon emissions remains an important strategy in managing the climate crisis, climate math is showing that gigatonne-scale carbon removal is needed in the coming decades to avoid the worst effects of climate change. According to World Resource Institute (WRI) and Centre for Strategic and International Studies (CSIS), Carbon Dioxide Removal (CDR) is increasingly recognised as a critical strategy for the world to achieve its target of becoming a global net zero economy by 2050[1].

When paired with the simultaneous deployment of carbon management and mitigation measures, CDR is an effective tool that can address emissions from the hard-to-abate sectors such as agriculture and transportation to remove legacy carbon dioxide emissions in the atmosphere[2].

Bidyut Dumra, Group Head of Innovation at DBS, said, “From the first cycle of the Sustaintech Xcelerator, it has been evident that there is both quantity and quality in the start-up ecosystem within the CDR domain. DBS and partners want to tap into that rich pool of innovative solutions and take a few through an amplification process where promising climate tech start-ups can draw on the deep and diverse expertise of our globally recognised partners. The time has come to amplify our efforts to green our emissions and business models.”

While the race to reduce carbon emissions remains an important strategy in managing the climate crisis, climate math is showing that gigatonne-scale carbon removal is needed in the coming decades to avoid the worst effects of climate change. According to World Resource Institute (WRI) and Centre for Strategic and International Studies (CSIS), Carbon Dioxide Removal (CDR) is increasingly recognised as a critical strategy for the world to achieve its target of becoming a global net zero economy by 2050[1].

When paired with the simultaneous deployment of carbon management and mitigation measures, CDR is an effective tool that can address emissions from the hard-to-abate sectors such as agriculture and transportation to remove legacy carbon dioxide emissions in the atmosphere[2]

“Climate action is the top priority to preserve our planet for future generations. It is at the heart of Capgemini’s purpose and strategy to collaborate closely with our clients to achieve their sustainability goals. We have a long-standing collaboration with DBS, and we are excited to leverage our corporate network and resources to support innovators from the second cycle of Sustaintech Xcelerator. By empowering these start-ups, we are hopeful that, together, we will help accelerate the path to #NetZero sooner.” said Shobha Meera, Chief Corporate Social Responsibility Officer & Member of the Group Executive Committee, Capgemini

“At the World Bank, we see a strong potential for nature-based measures to address climate change. Innovative technology solutions for more accurate, timely and cost-effective application are also urgently needed. Through our partnership with the Sustaintech Xcelerator, we look forward to recognizing individuals and organisations who are passionate in developing these solutions and technologies to market.” said Jennifer Sara, Global Director for Climate Change, The World Bank

“We worked with some of the Sustaintech Xcelerator Cycle 1 Cohort start-ups to strengthen our carbon market’s quality offerings. It is crucial that we can scale up more solutions that can avoid or remove GHG emission. Finding the right partners and support can truly accelerate the scale-up. With increasing demands of high-quality carbon credits, if we can couple it with the right solution providers I do think we can speed up our journey to net zero target.” said Mikkel Larsen , CEO, Climate Impact X; former Chief Sustainability Officer, DBS Bank

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. For more information on the Sustaintech Xcelerator, please visit: https://www.sustaintechx.com/

People In This Post

Companies In This Post

  1. EXCLUSIVE: “Paying By Numbers” – Hugh Burden, AutoRek in ‘The Paytech Magazine’ Read more
  2. FF Awards 2022: The results are in! Congratulations to all the Winners! Read more
  3. FF Virtual Arena: International Payments Read more
  4. EXCLUSIVE: “Easing the Squeeze” – Rowan Brewer, Paymentology in ‘The Paytech Magazine’ Read more
  5. ITN Business and FINTECH Circle produce news-style programme exploring the role of fintech in society Read more