Singapore's DBS Plans to Stop Financing Coal Power After 2021
- Bank won’t lend to projects beyond existing commitments
- Announcement comes two days after similar halt by rival OCBC
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Singapore’s largest bank plans to stop financing coal-fired power plants once its existing commitments are complete in 2021.
DBS Group Holdings Ltd. will stop financing new projects in any market regardless of the efficiency of the technologies used, it said in a statement on its website. It declined to comment on how large its existing coal power plant pipeline is, and said the last of its existing commitments is likely to be completed by 2021. The bank has been linked to at least two projects in Vietnam, Van Phong 1 and Nghi Son 2, by media reports and climate activists.