Skip to main content

DBS Bank becomes first in Singapore to drop thermal coal projects

April 16, 2021


DBS Bank pledged to reduce its exposure to thermal coal to zero by 2039 on Friday (16 April), making it the first lender in Singapore to commit to a timeline for its shift away from the fossil fuel.

The bank said it would cease the onboarding of new customers if more than 25 per cent of their revenue depends on thermal coal, with immediate effect.

Data by the Institute for Energy Economics and Financial Analysis (IEEFA) shows more than 150 major global financial institutions had coal exit policies in place as of December 2020.

Tim Buckley, director of energy finance studies, Australasia at the IEEFA, said DBS’s latest coal exit target was the 29th new or improved coal exit policy announced to date in 2021. 

[Tim Ha]

More: DBS Bank to end thermal coal financing by 2039

Join our newsletter

Keep up to date with all the latest from IEEFA