Singapore-based multinational banking and financial services corporation DBS Bank has ceased financing new coal mining or thermal coal power assets.

DBS said in its Sustainability Report 2024 that it will also stop funding existing clients who derive 50% of their revenue from thermal coal by January 2026.

The initiative is part of the company’s zero thermal exposure commitment to refuse loan disbursal for coal mining and thermal coal power generation.

DBS has also stopped onboarding clients who derive 25% of their revenue from thermal coal.

The company reduced its thermal coal-related power and mining project exposure to SGD1.3 billion (~$975,920) in December 2024 from SGD1.8 billion (~$1.35 million) in 2023, SGD2.2 billion (~$1.65 billion) in 2022, and SGD2.7 billion (~$2.02 billion) in 2021.

The company currently focuses on battery energy storage system projects, hybrid projects, and smart grid technologies, including advanced metering systems.

DBS has funded several significant round-the-clock and hybrid power projects to help ensure a stable renewable energy supply in India and other markets.

In 2024, the company powered five new office buildings and branches with green energy, bringing the total to seven locations in India.

In 2024, DBS facilitated SGD 38 billion sustainable bond issuances as an active bookrunner, up from SGD 18 billion in the previous year.

DBS said it targets transitioning its steel portfolio, particularly steel manufacturers and dedicated trading arms, towards net zero by achieving its 2030 interim and longer-term 2050 targets of reducing emissions against its 2020 baseline of 27% and 93%, respectively.

DBS plans to spend an estimated $9 billion annually or $290 billion by 2050 to support this transition.

The company’s Singapore DBS Asia Hub focuses on reducing energy consumption and enhancing operational efficiency. As a result, the company plans to save over SGD200,000 (~$150,142) per year in energy costs.

In 2024, Adani Green Energy secured a $400 million green loan for its under-construction 750 MW solar power projects in Rajasthan and Gujarat from a consortium of five international banks, including DBS Bank.

DBS Bank was among the five banks that loaned $736 million to fund Reliance’s acquisition of Norway-headquartered solar cells, modules, and polysilicon manufacturer REC Solar Holdings.