Cut coal loose, climate advocates tell banks

Singapore

BANKS in South-east Asia must demonstrate stronger resolve to cut financing to high-carbon sectors as they play a critical role in supporting the region's emerging markets through the climate crisis.

And while there is a common argument among financial institutions (FIs) and corporations that fossil fuels, such as coal, are still needed for the transition in developing economies, climate advocates and finance industry observers say not cutting the dirty grids loose can send the wrong message.