Transcript of Speech by Senior Minister of State Low Yen Ling at DBS Sustainability Day 2026

Mr Lim Him Chuan, Country Head, DBS Singapore

Mr Chen Ze Ling, Group Head, Corporate and SME Banking, Institutional Banking Group, DBS

Distinguished guests,

Ladies and gentlemen,

1. A very good morning, everyone. It is my pleasure to join all of you today at DBS Sustainability Day.

2. Today is also a very special occasion for the companies graduating from the DBS ESG Ready Programme. Congratulations to all the graduating companies on reaching this important milestone. I hope the programme has equipped you with practical tools, useful insights and greater confidence to put what you have learnt into action.

3. This year’s Sustainability Day’s theme, “From Ambition to Action”, is especially timely.

4. Because for many businesses, the question is no longer whether sustainability matters, but the key question is how to turn it into practical business action.

5. Some businesses are asking where and how to start. Well, check out the big LED screen outside. I told Him Chuan and his team we had to stop over there because I have seen that amazing [DBS ESG Ready Programme] roadmap at various sustainability events. I think all of us should take a photo of that roadmap because no matter where you are or which stage of development and ambition you are at, there is something for you. Others are asking and thinking about how to go further, manage costs and capture new opportunities.

6. This is especially important in a small and open economy like Singapore, where businesses must respond quickly to changing costs, customers’ expectations and supply chain disruptions. We understand the pressure that you are under, and that is why MTI and EnterpriseSG work very closely with important industry multipliers like DBS. We join hands to provide you more support.

7. DBS’s 2026 Business Pulse Check Survey offers a really encouraging sign. Out of the 730 companies surveyed, 49 per cent considered themselves sustainability-ready. This isup from about one-third a year ago. From 33 per cent to 49 per cent with the current global economic climate – kudos to the companies. At the same time, we also know more than one in four still felt a bit unprepared.

8. Going back to the 49 per cent of companies that confirmed they are sustainability-ready, this general direction is positive, with businesses making progress in their sustainability journey. The focus now really is how to help and support companies take practical steps that strengthen the business.

9. Because sustainability must also make business sense. That means lowering costs, strengthening resilience and opening up new opportunities.

10. Today, I would like to share three ways to do this. Number one, start with a real business need. Number two,listen to customers and markets, because that is the surest way to ensure you have a sustainable business and revenue model. Number three, draw on the support around you.

Start with a Real Business Need

11. Firstly, start with a business need.

12. Businesses do not need to begin with a large sustainability project. Taking that step doesn’t mean that you have to commit a huge amount of money or start something very iconic or a huge project that is beyond your means. No, it has to make business sense.

13. A useful starting point is coming back to make that needs analysis. One way to do that is to ask ourselves more questions, for example: Where are we using the most energy? Number two, where can we use the resources more efficiently? Number three, I know it’s a difficult question but from time to time, it’s good for a C-suite executive to sit down and reflect, where is there waste? In today’s context, which line of operations are there redundancies or waste we can really think through to make leaner and more resource efficient. Number four, which change will make the most impact?

14. If I could, DBS also has a Spark GenAI Programme. We will leave it to another platform to discuss sustainability and AI together. Imagine if we could combine both – that would really help to reap a lot of synergistic benefits.

15. If I could take an everyday product as an example, because it’s very easy to take a huge tech product, or something from the IT sector. I want to use an everyday product to tell us we can all start somewhere. Take for example Freshening Industries – this is a home-grown manufacturer of wet wipes and cleaning products, and the company behind the Zappy brand. Through the DBS ESG Ready Programme, Freshening Industries reviewed its operations and identified practical ways to reduce emissions and energy use.

16. The company has since installed solar panels, cutting its electricity bills by 50 per cent. It has also electrified part of its vehicle fleet and adopted automation to improve efficiency and reduce energy use.

17. The example of Freshening Industries tells us they did not try to do everything or too many things that are beyond their means. They focused on very practical change that could deliver measurable benefits. What Yan Ting and her team did at Freshening Industries is they focused on practical changes that could deliver measurable benefits, and the result was lower costs, better productivity, and a more efficient business. Win-win-win on all fronts.

Listen to Customers and Markets

18. Second, let’s continue to pay attention to what the customers and markets are asking for, which could evolve over time.

19. Currently, SMEs are not required to publish a climate report. But we all know customers of the SMEs may still ask questions about emissions, materials or green practices. At the same time, large companies – be it large local companies, or MNCs – are facing growing expectations to report on their sustainability performance. We all know, if the SME is the bigger company’s supplier, the bigger company will in turn, pass these requirements down the supply chains. So it is always good to get ourselves sustainability-ready.

20. On that front, Government procurement is moving in the same direction. Singapore aims to incorporate environmental sustainability considerations into all Government procurement by 2028.

21. For businesses, preparing early can help them stay competitive and be ready for new opportunities.

22. Allow me to use another very relatable example. Kingsmen Creatives is a good example. The company designs exhibitions and corporate interiors. As more clients begin to incorporate sustainability requirements into tenders and supplier assessments, Kingsmen responded by changing the way it designs and delivers its projects, from more responsible sourcing and material reuse to better waste management.

23. This has helped Kingsmen meet customer requirements more effectively and then compete for new projects. Whenever I attend an exhibition that is organised by Kingsmen, I am very amazed by the cardboard exhibits that are very sturdy, but also very sustainable. This is one way to anchor and entrench your existing customer base, and at the same time, attract more customers that are also very forward-looking in their sustainability journey. This has helped Kingsmen to ensure thatsustainability becomes their competitive advantage.

Draw on the Support Around You

24. Third, today with DBS and EnterpriseSG, we want to urge you to make full use of the support around you.

25. Businesses do not have to navigate this transition alone. We are with you every step of the way. EnterpriseSG has various schemes. DBS as well. We will journey with you every step of the way. Businesses can get support from the Government: MTI, EnterpriseSG, and the range of economic agencies. Today, SWDA is here to support you as well. You can get help from Government, industry partners and solution providers to build capabilities, finance green projects, and adopt energy-efficient solutions.

26. Support is available at every stage of your development through programmes such as the Enterprise Sustainability Programme – that DPM Gan launched in 2021, it is a S$180 million project – as well as the Enterprise Financing Scheme – Green and the Energy Efficiency Grant. On the Energy Efficiency Grant, we started with a few sectors but from April this year, the Government announced in Parliament that we will open it up for all sectors because this is one way for the Government to show support for all companies in all sectors to adopt energy-efficient equipment to help you reduce your electricity bills, like what Freshening Industries had done.

27. The SME Sustainability Hub also brings relevant Government resources together in one place.

28. The DBS ESG Ready Programme is an excellent example of this support in action. Developed by DBS with EnterpriseSG, this programme helps our SMEs and mid-sized companies assess where they stand, based on the roadmap, identify practical steps and develop an action plan. It is always about taking that first step from ambition to action.

29. Today, we are very happy to witness 50 companies from more than 10 sectors are graduating from the programme. Since it began in April 2024, I know that 73 companies have measured and reported their carbon emissions and developed plans to reduce them. In fact, by the end of this year, this number is expected to reach 100.

30. Congratulations to Him Chuan, Ze Ling and everyone at DBS. To DBS and EnterpriseSG, thank you for helping our companies turn sustainability into practical action. The DBS ESG Ready Programme shows what can be achieved when Government, industry partners and businesses work together, bringing different expertise and resources to the table for our SMEs.

31. Every company starts from a different place. We know there are different business needs, risk appetites, goals and timelines. We know there is no single pathway. The next step could be reducing energy use, responding to a customer request or developing a greener product. What matters is choosing the step that makes sense for you and your team and company.

32. Some of that support is right here today at the booths outside. I want to represent Him Chuan, Ze Ling and Jeffrey, to encourage you to venture beyond this auditorium, network with the solution providers and one another, and explore what could work for you.

33. Ladies and gentlemen, if there is one message I hope you will take away, it is that sustainability becomes real through everyday business decisions.

34. It is not about some majestic strategy on a whiteboard. It is really the everyday decisions that each and every one of us make. It is, for example, in the equipment you choose, the product you redesign to serve your customer better, the information you are thinking about tracking – perhaps using AI – and the customer requirements you are preparing for so that you can expand your market segment.

35. You do not need to do everything all at once. You can choose the next step that matters to you. One step at a time. Measure the difference so that the benefits are visible for your team to see, so you are not the only one leading from the front, but your whole team journeys with you. We can then collectively learn from it and build from there.

36. I want to use this platform to assure you that the Government – MTI and EnterpriseSG, as well as SWDA – will continue working with DBS and our other partners to keep support practical and accessible. We want to focus on schemes that you share with us to address an existing gap, and we will measure the effectiveness by the take-up rate. We want to keep them practical and accessible to you, especially our SMEs.

37. To our 50 graduating companies, we are proud of you. You have taken important steps. Congratulations once again. Let’s continue to build on what we have learnt and encourage others through your example.

38. Together, let us move from ambition to action, and build stronger, more sustainable, more resilient, and more competitive businesses right here in Singapore.

39. Thank you.