DBS bank and the other two major banks are open to coal phaseout financing. (Photo: DBS)
Recent surveys show that Singapore banks have failed to honor their commitments to stop financing coal-fired power plants. Specifically, DBS Bank, UOB, and OCBC Bank were found to have provided up to $2 billion to the coal industry over the past four years through syndicated loans and capital market issuances. Despite the three banks' March 2024 pledge to support coal phaseout transactions, concerns persist.
Experts are calling on the Singapore government to step up regulatory measures and propose three finance-related strategies to accelerate the phaseout of high-carbon coal power.
