Singapore banks may curb financing of firms in ‘zero-tolerance’ approach to open burning, deforestation
DBS, OCBC, UOB reiterate strict sustainability standards for clients as scrutiny intensifies over haze crisis
[SINGAPORE] Singapore banks could reduce funding or exit relationships with errant companies, due to their “zero-tolerance” approach to open burning and deforestation practices among the companies they finance.
This comes amid growing scrutiny of firms linked to the region’s haze crisis.
While the local banks were unable to comment on their ties to companies linked to the haze, they said that they would take decisive action if their clients are found to have breached their sustainability requirements.
