OCBC bank ends new coal power lending, except for two projects in Vietnam

17 April 2018

OCBC’s chief executive officer Samuel Tsien said in an interview earlier this week that OCBC will not fund any more new coal – but will remain in two projects in Vietnam. Subscription news sources suggest these projects are Van Phong 1 and Vung Ang 2.

“OCBC’s decision to end finance to new coal power plants is an important step forward, bringing the bank into line with its international counterparts that recognise we can no longer afford to expand the coal industry if we are serious about dealing with climate change”

Said Julien Vincent, executive director of Market Forces, of the policy change.

“However, the decision to remain in several new coal projects is very concerning. Projects like the Van Phong 1 power station in Vietnam have failed to meet many basic standards for community consultation, and would pollute at rates that vastly exceed what would be permitted in wealthier Asian nations. OCBC should look to exit projects like Van Phong 1 at the next opportunity.

All eyes now turn to DBS, which has taken only very limited steps to restrict coal finance. Will they join OCBC and other banks in ruling out new coal or will they become the Dirty Bank of Singapore? “

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OCBC bank's decision to stop funding new coal power plants is a big step forward, but excluding Vietnam from this is extremely concerning. Our take: http://bit.ly/ocbcfunding

Posted by Market Forces on Tuesday, 16 April 2019

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