Companies & Markets

SUBSCRIBERS

DBS to phase out thermal coal-related lending by 2039

For starters, it will stop taking on new customers who derive more than 25% of their revenue from thermal coal

Kelly Ng

Published Sat, Apr 17, 2021 · 05:50 AM

DBS

Singapore

DBS will phase out thermal coal exposure by 2039, making it the first Singapore bank to commit to ceasing financing in this area.

Singapore's largest bank announced on Friday that it will stop onboarding new customers who derive more than a quarter of their revenue from thermal coal with immediate effect.

From January 2026, DBS will also stop financing customers who derive more than half of their revenue from thermal coal, except for their non-thermal coal or renewable energy activities.

Both thresholds will be lowered with time.

The bank will also eng…