Unrealistic to fully cut financing to coal companies: Singapore banks
CUTTING all financing for coal companies is unrealistic, said Singapore’s local banks, adding that funding is necessary to ensure the energy transition process is orderly and just.
South-east Asian economies are still very reliant on coal for power generation, and energy demand is projected to increase significantly as the regional economy grows.
The banks were responding to queries from The Business Times in the wake of a report suggesting many of Asia’s largest banks are not doing enough to wean the region off coal, as their financing continues to support coal development either directly or indirectly.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
ESG
Temasek-backed Climate Impact X to launch market intelligence service
With right incentives, Asia’s energy transition needs could be met by private markets
OCBC goes green with trees, tech and tie-ups
Blended finance deal value hits 5-year high of US$15 billion in 2023
Are floating cities the solution to rising seas?
Nuclear power needed to transform Singapore’s industrial economy