DBS chief executive Piyush Gupta reportedly spoke out about the moral issues within sustainable finance, such as the trade-off between climate change action and immediate socioeconomic needs.
Despite DBS itself being a public supporter of sustainable finance, its chief executive Piyush Gupta raised questions about the morality underpinning some of the practical trade-offs at play.
«What do you say to kids in Semarang or somewhere in the middle of Indonesia who are struggling to get electricity, to do their studies or eat their food,» according to a «Bloomberg» report citing Gupta at a sustainability summit yesterday.
«For us to say, I’m going to make a moral judgment on electricity use is less important because the planetary considerations are more important – am I the right person to say that? There are about 14 million households in Indonesia and Sumatra who rely on small-estate palm oil for a living. As a financier, is it right for us to play God?»
But while Gupta cautions against making such moral judgments, he is also optimistic that there can be a more balanced approach. According to the 13-year CEO of DBS, there are firms that are prepared to make financial commitments to «really decent carbon projects» in countries like Indonesia that could drive sustainability while also addressing economic needs.
