Singapore’s big three banks – DBS Group Holdings (DBS), United Overseas Bank (UOB) and the Oversea-Chinese Banking Corporation (OCBC) have each announced they are ceasing financing for new coal-fired power plants. With this move, the banks accelerate the region’s fuel switch to natural gas. Echoing an initially largely European phenomenon, the latest Asian financial exodus highlights growing regional concerns with stranded coal power asset and air pollution.
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