Coal is still the cheapest power source for most Southeast Asian nations, with power generation by coal expected to double by 2030. (Getty Images)
SINGAPORE — A push to end Southeast Asia’s addiction to fossil fuels is gathering pace after the region’s two biggest banks said they would stop funding coal-fired power plants.
Singapore’s DBS Group Holdings said last month that it would cease financing new coal power projects from 2021 following the completion of existing projects in Indonesia and Vietnam, and will instead tilt toward renewable energy projects such as solar power. Oversea-Chinese Banking Corp. announced that it would also quit coal.
The move is “a major game-changer for energy finance in the ASEAN region,” said Julien Vincent, executive director at Australia-based environment advocacy group Market Forces.
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