UOB is Singapore’s third bank to quit coal power lending in a month

United Overseas Bank, Southeast Asia’s third largest finance group, has stopped funding coal power, the single biggest driver of man-made greenhouse gas emissions globally. Image: UOB Singapore’s United Overseas Bank (UOB) is to stop funding coal power projects in response to growing concern over the role finance groups play in lending to energy sources linked to climate change. The decision was announced at the bank’s annual general meeting on 26 April. UOB is the third of Singapore’s big three banks to quit coal in an important month for sustainable finance in Southeast Asia. OCBC Bank said it would stop funding new coal-fired power stations on 15 April. DBS Bank followed two days later. A spokesperson for UOB told Eco-Business that the bank had stopped the financing of all new coal-fired power plants since January 2018, and has “rejected all such deals that came our way over this period.” “We do not have any new deals in the pipeline,” the spokesperson said. “We are focusing on identifying opportunities to provide financing for the development of renewable energy and to help our clients diversify into more sustainable energy sources.” The move marks a significant change in stance from the bank, Southeast […]

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