10 Jan '18, 4am

via @ecobusinesscom

via @ecobusinesscom

Singapore banks are bankrolling fossil fuel power projects that are at odds with public promises to fight climate change, a report from Market Forces has found. The Sydney-based financial green group has shared exclusive data with Eco-Business that shows that DBS Bank, Oversea-Chinese Banking Corporation (OCBC) and United Overseas Bank (UOB)—Singapore’s big three banks—have provided loans to 21 coal power projects totalling US$2.29 billion over the last five years. These projects—mainly large-scale coal-burning facilities in Indonesia and Australia—throw shade on the banks’ responsible lending policies and public commitments to reduce carbon emissions, Market Forces noted. “Banks have a pivotal role to play in determining our energy mix, but despite the fact that globally, investment in new renewable energy is outstripping that for fossil fuels, Singaporean banks remain he...

Full article: http://www.eco-business.com/news/singapore-has-declared-2...

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