Singapore banks move to end Southeast Asia’s coal addiction

DBS and OCBC plan to quit coal power financing

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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Overcoming War Legacies: The Road to Reconciliation and Future Cooperation Between the United States and Vietnam


On March 26th the governments of the United States of America and the Socialist Republic of Vietnam, in partnership with the United States Institute of Peace, hosted a landmark event examining the transformation from enemies to partners by the two countries since the end of the war in 1975.

U.S. Senator Patrick Leahy- Remarks

Ambassador Ha Kim Ngoc- Keynote Speech

Charles Bailey- Panel 2 Healing from the Destruction of War

USIP Event Summary and Speaker Videos