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Singapore banks flagged for financing Harita’s coal-powered nickel smelters; OCBC tops list of financiers

Harita plans to commission a 300 MW solar panel facility by 2025, but its reliance on coal power remains predominant

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Janice Lim

Janice Lim

Published Thu, Mar 27, 2025 · 11:01 AM
    • Harita Nickel's operations are located at the remote Obi Island (above) in North Maluku province, and are currently powered by 890 megawatts of captive coal plants.
    • Harita Nickel's operations are located at the remote Obi Island (above) in North Maluku province, and are currently powered by 890 megawatts of captive coal plants. PHOTO: HARITA GROUP

    [SINGAPORE] The three local banks in Singapore have been flagged by an environmental advocacy group for financing coal-powered nickel smelters and refineries run by Indonesia’s Harita Group.

    OCBC has topped the list of financial institutions that are said to have loaned money to the conglomerate, whose core business is in the natural resources sector. According to a recent report by environmental group Market Forces, the total amount loaned since 2018 came up to US$635 million.

    UOB was second at US$201 million, while DBS is said to have deployed US$87 million over the same time period.

    OCBCDBSUOBenergy transitionElectric vehiclesIndonesia

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