DBS launches greentech accelerator’s second batch

Singapore-headquartered DBS has opened applications for the second batch of its greentech accelerator called Sustaintech Xcelerator.

For this batch, the bank has partnered with Temasek, GenZero, Google Cloud, the World Bank, Capgemini, and the Centre for Nature-based Climate Solutions at the National University of Singapore. DBS is also working with Verra, which will act as an independent standard setter.

Photo credit: Deyoadutrys

In a statement, DBS said it will focus on finding solutions that will help in the reduction of carbon dioxide and other greenhouse gases from the atmosphere. This can include nature-based approaches such as reforestation programs, technology-based solutions such as carbon capture, and digital tools such as carbon accounting.

The six-month program will start in March next year, with its five participants being awarded grants worth a total of S$250,000 (around US$178,500). These startups will also get access to the program’s partners and mentors in the climate tech sector.

Sustaintech Xcelerator’s first cohort consisted of five startups: Perennial, Sylvera, Taking Root, Treevia, and Rainforest Connection.

See also: Behind the crypto project backed by Temasek, JP Morgan, DBS

Currency converted from Singapore dollar to US dollar: US$1 = S$1.40.