International coalition calls on Singapore banks to end coal finance

Press release - February 7, 2018
Wednesday 7 February, 2018: A broad coalition of leading environmental groups are today calling on Singapore's major banks to end the financing of highly polluting coal-fired power stations in Southeast Asia.

The groups include Greenpeace, Walhi, Friends of the Earth, Change (Vietnam), Market Forces, BankTrack and GreenID.  

On 26 January, DBS quietly released a new climate policy which completely fails to rule out any of the 'Unlucky 7' coal-fired power stations it plans to finance in Indonesia and Vietnam. 

The seven proposed coal power plants would generate 1.5 billion tonnes of CO2 over their lifetime, equivalent to 30 years of Singapore’s annual emissions.

For more detail about DBS’ new policy and the “unlucky 7” coal power plants that it would still be able to finance, click here.

Hong Hoang, Executive Director, CHANGE Vietnam said:

"DBS seems to think Europeans deserve clean air and power, while people in Vietnam in Indonesia get pollution and out-dated fossil fuel technology. These double-standards are an insult to those of us who want the chance to develop cleanly and bypass the dirty energy blunders of the Western world.”

Vietnam has some of the greatest potential on the planet for renewable energy. This is our future, not old polluting power rejected by the rest of the world."

Hindun Mulaika, Climate and Energy Campaign Team Leader, Greenpeace Southeast Asia – Indonesia said:

"DBS has funded some of the dirtiest and most controversial power deals in Indonesia, such as Paiton 3 and the Central Java Power (Batang) station, and is looking to do more dirty deals in the future." 

These are a disaster for the climate, for pollution and for DBS' reputation. For DBS to live up to its rhetoric as a bank committed to the healthy future of our region, it needs to end coal finance and support us by investing in clean energy." 

Julien Vincent, Executive Director of Market Forces said:

"DBS' coal finance plants risk making a complete mockery of the Singaporean Government's recently announced 2018 as the 'Year of Climate Action.'

The fact that DBS is preparing to finance a major new polluting coal fired power plant in Vietnam, the Nghi Son 2 coal power station, just weeks after releasing this policy, shows how ineffectual it is."

Open Letter Download:

Open letter calling on DBS, OCBC and UOB to take action on climate change

Media Contact:

  • Hindun Mulaika, Jurukampanye Iklim dan Energi Greenpeace Indonesia, Tel 0811 8407 113, email 
  • Rahma Shofiana, Jurukampanye Media Greenpeace Indonesia, Tel 0811 1461 674, email