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EnergySoutheast Asia s largest bank DBS to phase out thermal coal financing
Reuters
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A DBS booth is seen at the Singapore Fintech Festival in Singapore November 16, 2016. REUTERS/Edgar Su
Singapore bank DBS Group (DBSM.SI) said on Friday it would phase out financing for customers that derived revenue from thermal coal and had committed to zero exposure to the sector by 2039.
The move comes as banks around the world have faced increasing public, investor and political pressure to join the battle against climate change and stop financing the coal industry.
DBS will cease signing up new customers deriving more than 25% of their revenue from thermal coal with immediate effect, it said in a statement.
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(Bloomberg) DBS Group Holdings Ltd. said it will maintain exposure to the coal sector until 2039, by which time its loans to mining and generation companies using the dirtiest fossil fuel will be repaid.
(Bloomberg) DBS Group Holdings Ltd. said it will maintain exposure to the coal sector until 2039, by which time its loans to mining and generation companies using the dirtiest fossil fuel will be repaid.
Singaporeâs largest lender recognizes the need for transition financing to help industries âgradually navigate away from brown to green,â Tan Su Shan, group head of institutional banking, said in a statement Friday.