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Singapore banks contend with climate change and funding coal use
The question for them like financial institutions elsewhere is: What’s the best way to unwind coal exposure, without causing even more problems?
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Increasingly, major banks cannot afford to be associated with clients purely focused on coal mining or power generation.
PHOTO: AFP
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The very fuel that has helped underpin global economic growth is literally stoking the fire of climate change and the global finance industry is now under increasing pressure to stop funding the burning of coal.
The fuel, mainly used for power generation, is the single largest source of carbon dioxide (CO2) emissions that are heating up the planet and driving extreme weather, such as the heatwaves and wildfires across the northern hemisphere this year.
