SINGAPORE (Reuters) – Singapore’s largest bank DBS Group (OTC:) increased its sustainable finance commitments net of repayments by 37.3% to S$70 billion ($52.10 billion) as of end-December from S$51 billion in 2022. This was announced on Wednesday.
DBS, which is also Southeast Asia’s largest bank by assets, cut its exposure to thermal coal by 18.2% to S$1.8 billion last year from S$2.2 billion in 2022, according to the bank. .
The lender also updated its coal policy to align it with the region’s taxonomy for a managed coal phase-out, sustainability director Helge Muenkel said.
“We are reducing the impact of thermal coal significantly, but we want to go further,” Munkel said at a media briefing ahead of the release of DBS’s sustainability report. “We want to support a just transition by promoting the closure of coal power plants as quickly as possible.”
($1 = 1.3435 Singapore dollars)