DBS to cease financing of new coal power plants

Singapore

DBS Bank has decided to cease financing new coal-fired power plants in any market, after honouring existing commitments, the second Singapore bank to do so.

South-east Asia's largest bank is also stepping up financing of renewable energy projects.

DBS' latest move is an about-turn from an earlier policy of financing new coal power plants with strict emissions controls, citing the need for a transition period in some parts of Asia.

It comes after OCBC Bank said the financing of Vietnam coal power plants will …