Banks And Financial Institutions Set New Criteria

Singapore's Financial Sector to Drive Regional Coal Phaseout

Banks and Financial Institutions Set New Criteria

Singapore's financial sector is poised to play a significant role in driving a regional coal phaseout, with banks and regulators setting new criteria to boost climate mitigation across eight key sectors. This move follows four rounds of public consultation and recommendations from the Green Finance Industry Taskforce (GFIT).

Financing Coal Plant Retirement

Three of Singapore's largest banks have committed to financing the early retirement of Asian coal plants. This is a crucial step towards reducing the region's carbon footprint and promoting the transition to cleaner energy sources.

Regional Impact

The financial sector's support for coal phaseout projects is expected to have a positive impact across Southeast Asia. It will encourage the development and adoption of renewable energy technologies, helping the region transition to a low-carbon future.