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UOB’s loan to a coal-miner’s subsidiary spotlights complexities of defining the just transition

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Janice Lim

Janice Lim

Published Mon, Mar 6, 2023 · 05:50 AM
    • Tata Mustaya, Greenpeace’s regional climate campaigner based in Indonesia, believes UOB is “clearly greenwashing” and the refinancing will undermine the acceleration of energy transition in Southeast Asia and globally.
    • Tata Mustaya, Greenpeace’s regional climate campaigner based in Indonesia, believes UOB is “clearly greenwashing” and the refinancing will undermine the acceleration of energy transition in Southeast Asia and globally. PHOTO: BT FILE

    UNITED Overseas Bank (UOB) has got itself in a bit of a pickle after reports emerged that it is part of a consortium of banks that refinanced a US$350 million loan to a subsidiary of coal miner Adaro Energy Indonesia.

    The Straits Times recently reported that the capital raised would be used to construct a green-labelled aluminium smelter for an industrial park in the Indonesian province of North Kalimantan.

    Even though the smelter would be relying on coal power in its initial phase, the green credentials come from Adaro’s aim to eventually power the smelter and the park via solar and hydropower.

    sustainable financeESGUOBCoalGreen finance

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