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.
A villager walks in front of a coal-fired power plant on the outskirts of Datong, Shanxi province, November 20, 2009. REUTERS/Jason LeeSHANGHAI, March 23 - 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.
Nearly 200 countries signed a pact in Glasgow last year calling on banks and financial institutions across the world to mobilise more finance to help achieve global climate goals and to seek innovative ways to pay for climate adaptation. 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. 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 have policies prohibiting the financing of new coal-fired power.in Singapore, which has set a long-term net-zero target but has not yet made any clear short- and medium-term plans, and also had a number of gaps in its financing policies.
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