Asian banks fail to establish clear climate policies

A study by a Singapore-based environment group Asia Research & Engagement (ARE) showed that banks in Asia are falling short in aligning with national decarbonisation policies and are not yet taking the steps necessary to meet global climate goals. According to ARE, a review of 32 banks throughout East and Southeast Asia showed that none had made any clear commitments or adequate implementation plans to meet the goals of the Paris climate agreement signed by nearly 200 countries last year. The report said that of the 32 banks in major economies like China, Japan, South Korea, Singapore, and Indonesia, only nine had long-term net-zero commitments for the emissions they finance, while only 13 had policies prohibiting the financing of new coal-fired power. DBS Group had become the first from Singapore to sign up to the Net-Zero Banking Alliance.