May 15, 2021 Read More →

Southeast Asian coal project funds drying up as banks pull support

CNA:

An exodus of financing for new coal projects in Southeast Asia is heaping pressure on new regional coal power projects and the companies and governments hoping to persist with burning fossil fuels for energy. 

The Asian Development Bank (ADB) delivered yet another blow to regional coal financing when it announced last Friday (May 7) that it would conditionally cease funding new coal-fired power stations as well as coal mining and oil and natural gas production and exploration.

It follows a raft of Southeast Asian banks and development banks and export credit agencies (ECAs) from China, Japan and South Korea pulling their support for dirty energy generation, as ambitious climate change targets filter through the sector.

“The money is drying up. Coal financing has fled, globally. Insurance, debt, equity, everywhere. The last man standing was the ECA’s of China, Japan and Korea,” said Tim Buckley from the Institute for Energy Economics and Financial Analysis (IEEFA). 

[Jack Board]

More: Funding for new coal projects drying up fast in Southeast Asia as climate pressures mount

Posted in: IEEFA In the News

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