Singapore’s biggest bank grows sustainable financing to $52 billion in 2023
![Singapore's biggest bank grows sustainable financing to $52 billion in 2023](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/03/Depositphotos_228898864_S.jpg)
Singapore’s largest bank, DBS Group, announced on Wednesday that it had increased its sustainable financing commitments by 37.3% to 70 billion Singapore dollars ($52.10 billion) as of the end of December, up from S$51 billion in 2022.
Additionally, DBS, the largest bank in Southeast Asia by assets, decreased its exposure to thermal coal by 18.2% to S$1.8 billion last year from S$2.2 billion in 2022.
“We’re massively reducing thermal coal exposure, but we want to go beyond that,” Chief Sustainability Officer Helge Muenkel said in a media briefing ahead of the launch of DBS’ sustainability report.
Also read: BBVA to launch new global finance unit for clean technologies
“We want to support a just transition by facilitating the early shutdown of coal power plants.”
The financial institution has also revised its coal policy to conform with regional taxonomies regarding the managed coal phase-out.
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