DBS Bank becomes second Singapore lender to stop new coal plant financing FacebookTwitterLinkedInEmailPrint分享The Business Times:DBS Bank has decided to cease financing new coal-fired power plants in any market, after honouring existing commitments, the second Singapore bank to do so. South-east Asia’s largest bank is also stepping up financing of renewable energy projects.DBS’ latest move is an about-turn from an earlier policy of financing new coal power plants with strict emissions controls, citing the need for a transition period in some parts of Asia, and comes after OCBC Bank said the financing of Vietnam coal power plants will be its last.In a statement on Thursday, DBS said in February 2018, it issued a statement on its approach towards financing coal-fired power plants (CFPP) and thermal coal mining.“We have since been monitoring market developments and have also had regular dialogue with stakeholders about the role DBS should play in supporting sustainable development,” it said. “Specifically, we noted the World Energy Outlook 2018, released in November 2018 by the International Energy Agency (IEA), which outlines a Sustainable Development Scenario (SDS) for energy. We also studied the Intergovernmental Panel on Climate Change (IPCC) SR15 when it came out in October 2018.”Both reports are unequivocal in the need to urgently tackle climate change, said DBS. However, the reports also confirmed that in some parts of Asia, there will need to be a transition period. This is reflected in the forecast coal-fired power capacities in the IEA report and the comment in SR15 that in most 1.5-degree consistent pathways, investments in unabated coal generation is projected to halt only by 2030.“Given these considerations, we have decided to cease financing new CFPP in any market regardless of the efficiency of technologies used, after honouring our existing commitments,” said DBS. “The last of these existing commitments is likely to be completed by 2021. This aligns our financing policy for CFPP with a trajectory that is more ambitious than the SDS and the pathways described in IPCC SR15.More: DBS to cease financing of new coal power plants
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