Asian banks 'falling short' on decarbonisation efforts - study

SHANGHAI : Banks in Asia are"falling short" when it comes to meeting global pledges to tackle climate change and aligning with the decarbonisation aims of their countries, according to a study published on Wednesday.

But 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, according to Asia Research & Engagement , a Singapore-based environment group. "This raises concerns of greenwashing: that banks are seeking a marketing benefit for sustainable finance deals while providing higher levels of finance to dirty industries," the report said.

No kidding. My Singaporean bank keeps on financing coal projects in Indonesia as if there is no tomorrow.

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Source: ChannelNewsAsia - 🏆 6. / 66 Read more »