DBS opens Singapore’s first net zero building by a bank, marking new milestone in nation’s Green Plan 2030

69 DBS logo 150 x 105 11DBS on July 18 commemorated the official opening of its refurbished DBS Newton Green, Singapore’s first net zero building by a bank. This contributes to the national push to green 80% of Singapore’s buildings (by Gross Floor Area) by 2030 under the Singapore Green Building Masterplan, and is a significant milestone in the bank’s journey towards achieving net zero operational carbon by the end of 2022.

By retrofitting the 30-year-old building located at 135 Bukit Timah Road, DBS extended the lifespan of the building and avoided squandering the embodied carbon in the existing structure or generating additional embodied carbon with a new structure. According to the World Green Building Council, embodied carbon accounts for 11% of global carbon emissions, and is estimated to constitute up to 40% of Singapore’s carbon emissions due to shorter building lifespans as a result of urban renewal.

Mr. Desmond Lee, Minister for National Development and Minister-in-charge of Social Services Development opened DBS Newton Green today. He said, “We need to retrofit many more of our older buildings to improve their sustainability standards. This is more challenging than designing a new green building from scratch. The original development may not have been designed with sustainability in mind, making retrofitting more complex and potentially costly. I congratulate DBS and its partners on transforming this building into Singapore’s first net zero building by a bank. Such teamwork between the private, public and people sectors is critical, as we strive to grow a more sustainable City in Nature.”

Piyush Gupta, DBS CEO, said, “While the sustainability challenges before us are manifold, DBS has prioritised climate action due to the sheer urgency of the issue and how it interrelates with other environmental and social concerns. We have been empowering our clients to reduce their carbon footprint, to the tune of SGD 39.4 billion in sustainable financing transactions committed cumulatively, but it is equally important to lead by example and embed sustainability into our business practices and operations. Anchored by this belief, the choice to retrofit DBS Newton Green into a net zero building rather than to redevelop something from ground up was an easy and obvious one.”

DBS began retrofitting works in the middle of 2021, investing over SGD 5 million in the process. A portion of the cost was covered by a grant awarded by Singapore’s Building and Construction Authority (BCA) under the national Green Buildings Innovation Cluster (GBIC) Programme to support the integration of green innovations throughout the development.

DBS Newton Green has been certified by BCA as a Green Mark Platinum Zero Energy development in further affirmation of the building’s net zero credentials. It was also awarded the Singapore Good Design Mark 2022 for Sustainable Design by the Design Business Chamber of Singapore in recognition of the building’s exceptional design quality.

Before retrofitting works began, the old building consumed about 845,000 kWh each year, equivalent to the annual energy consumption of about 200 four-room HDB homes in Singapore. To achieve net zero outcomes for DBS Newton Green, DBS deployed new technologies and creative design strategies to reduce energy consumption as much as possible while maximising the building’s capacity to generate its own renewable energy.

Gupta added, “We see DBS Newton Green as a beacon for what the office of tomorrow should be. It is a living testbed for innovative sustainable technologies which can be scaled up not only to the rest of our offices, but also other organisations looking to green their footprint. This we believe will contribute positively to Singapore’s ambition to become a leading regional hub for developing sustainability solutions as a new engine for economic growth.”

DBS Newton Green houses over 400 employees from various functions across the bank’s Consumer Banking Group. DBS Newton Green was designed in collaboration with architecture house KAIA Architects, mechanical and electrical engineering firm CCA & Partners, and sustainability consultancy GreenA Consultants – all homegrown firms actively involved in Singapore’s net zero space.

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