The Business Times
business-time-50
SUBSCRIBERS

Momentum of coal phase-out deals to heat up with its inclusion in the Asean Taxonomy

google-preferred-sourceAdd BT as a preferred source
Janice Lim

Janice Lim

Published Mon, Apr 17, 2023 · 05:50 AM
    • While banks welcome the development to the taxonomy, OCBC's head of sustainability office and global wholesale banking Mike Ng noted that more guidance and consideration could be given to address the issue of compatibility of coal phase-put financings with banks’ emissions targets, especially for banks that have undertaken net-zero commitments to decarbonise their portfolios.
    • While banks welcome the development to the taxonomy, OCBC's head of sustainability office and global wholesale banking Mike Ng noted that more guidance and consideration could be given to address the issue of compatibility of coal phase-put financings with banks’ emissions targets, especially for banks that have undertaken net-zero commitments to decarbonise their portfolios. PHOTO: AFP

    DeeperDive is a beta AI feature. Refer to full articles for the facts.

    SOUTH-EAST Asian bankers expect the pace of phasing out coal to heat up as recent changes to a regional sustainable finance framework potentially allow more financing of such projects.

    Recent updates to the Association of Southeast Asian Nations (Asean) Taxonomy allow for coal power plants to access sustainable financing — on the condition that they are retired in a sufficiently timely manner.

    The change brought some regulatory clarity to a controversial aspect of sustainable financing: How to transition away from thermal coal in a way that not only achieves climate goals but also meets the needs of communities that are highly dependent on the fossil fuel for power.

    Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.

    CoalESGsustainable financeGreen taxonomy

    Copyright SPH Media. All rights reserved.

    Reuse this contentFeedback

    TRENDING NOW

    In this economy, the smartest bets might no longer be sitting an ocean away, but are waiting right here at home.

    ‘Boring’ is the new black: The stars are aligning for a Singapore stock market revival

    Sales have rebounded in March after the year-end lull and seasonal Chinese New Year pullback.

    Near sell-out launches in March boost developer sales to 1,300 units after four slow months

    US President Donald Trump (left) with Chinese President Xi Jinping at a bilateral meeting on the sidelines of the Apec summit in Busan last October.

    China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result

    Lim's pay package includes about S$3.6 million as salary and around S$3.9 million as bonus, indicates the company's annual report.

    Genting Singapore’s Lim Kok Thay receives S$7.5 million pay package for FY2025

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More