Local banks need to match S'pore's green push

AS Singapore designates 2018 to be the Year of Climate Action, there has been much talk about how the country can play a role in leading the fight against climate change. The government has received some 70,000 pledges, including some by companies pledging to reduce the use of paper cups.

The real lever of change in this movement, however, lies with the financial sector - one that has influence beyond the island-state. It is therefore no surprise that the three local banks have received scrutiny in recent months for the loans they have extended to coal projects in the region.

Australian environmental advocacy group Market Forces in late January released a study claiming that DBS Bank, OCBC and UOB have financed 21 coal project deals since 2012 worth…