Economics
OCBC Says Coal Plants It's Financing in Vietnam Will Be Its Last
- Bank will keep coal financing commitments it’s already made
- CEO Tsien says increasing financing in renewable projects
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Oversea-Chinese Banking Corp., Southeast Asia’s second-largest lender, said two Vietnamese coal-fired power plants will be the last it finances as it increases funding for renewable projects.
“We won’t do any new coal-fired power generation plants in any countries, except for the power projects that we are already in, or we have committed to,” Chief Executive Officer Samuel Tsien said in an interview at its Singapore headquarters Monday. “We hope that by doing this, we are encouraging the governments to do facilitating, arrangements for the countries to move from coal to renewable.”