DBS LiveBetter (LiveBetter), Singapore’s first carbon-conscious tool, now offers users an end-to-end decarbonisation journey that allows them to track and offset their carbon footprint – with just a single tap on their mobile phones.
Track Better and Offset Better are the two features most recently implemented on LiveBetter, a one-stop digital platform on the DBS digibank app that seeks to educate and empower users to make sustainable lifestyle choices and live more consciously.
These follow the platform’s successful launch last November – comprising Know Better, Invest Better and Give Better, the initial offering enabled users to access eco-friendly tips and insights, kickstart their sustainability investing journey, as well as donate to their preferred social or environmental causes respectively.
In just six months, LiveBetter has attracted close to 200,000 unique users, and successfully helped customers to play a more active role in doing good – more than S$8.2 million has been channelled into sustainable investments, and over S$673,000 in donations were made in support of various campaigns.
Jeremy Soo, head of Consumer Banking Group (Singapore) at DBS Bank, said, “Even as we continue to drive more conversations on sustainability issues, we need to more importantly ensure that everyone is equipped with the tools to translate awareness into action.
“Through LiveBetter, we seek to guide and empower our customers – many of whom may be unsure about how best to start, or may feel that what they can do as individuals is limited – to learn more, understand, and take action. We believe every individual action makes a difference and is an incremental step towards creating collective and transformative impact on our planet.”
Track Better – Track, monitor and visualise your monthly carbon footprint
Track Better automatically calculates and generates a customer’s estimated carbon footprint profile based on their qualifying DBS/POSB debit and credit card spends.
Recognising that existing international carbon emission standards and carbon calculation methodologies may not be an accurate reflection of local market needs, DBS has gone on to build its own using national statistics and datasets. The bank has developed a carbon calculation methodology specially designed for customers in Singapore, which has been jointly verified with the Singapore Institute of Manufacturing Technology (SIMTech), a unit of the Agency for Science, Technology and Research (A*STAR).
Transactions charged to DBS/POSB debit and credit cards are automatically sorted into categories (e.g. restaurants/bars, fast food, clothing, public transport). The dollar value is then multiplied by an associated carbon multiplier to estimate its equivalent in greenhouse gas emissions.
The data will be used to generate customers’ personalised carbon profiles – comprising their total estimated footprint and category breakdowns, month-on-month comparisons, as well as how they fare compared to the average Singaporean.
Offset Better – Reduce your carbon footprint with a single tap on the phone
Beyond enabling customers to track and monitor their carbon footprint, customers now also have the option of offsetting it through the new Offset Better function.
They simply need to choose their preferred carbon offset amount, rounded to the nearest kilogram, and can then offset it by participating in a curated portfolio of carbon projects that are focused on reducing greenhouse gas emissions1.
Moving forward, the bank will continue to enhance the carbon calculator’s capabilities – such as by expanding category breadth and depth, as well as integrating other forms of transactional data (e.g. DBS PayLah! fund transfers) – so as to build a more comprehensive picture of customers’ carbon footprint profiles. DBS also plans to build and roll out localised versions of the carbon calculator to other key markets over time.