UOB loan to Indonesian coal miner’s unit raises climate concerns

The nine-year loan raises questions about UOB’s support given that the bank said that it will not fund new coal power plants. PHOTO: LIANHE ZAOBAO
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SINGAPORE – UOB is part of a small consortium of banks that refinanced a US$350 million (S$469 million) loan to a subsidiary of coal miner PT Adaro Energy Indonesia.

The Indonesian firm is trying to raise funds for a large aluminium smelter for an industrial park in North Kalimantan province that will initially have to rely on coal power.

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