CUTTING all financing for coal companies is unrealistic, said Singapore’s local banks, adding that funding is necessary to ensure the energy transition process is orderly and just.
South-east Asian economies are still very reliant on coal for power generation, and energy demand is projected to increase significantly as the regional economy grows.
The banks were responding to queries from The Business Times in the wake of a report suggesting many of Asia’s largest banks are not doing enough to wean the region off coal, as their financing continues to support coal development either directly or indirectly.
BankTrack – a non-government organisation that tracks the financing activities of banks…
