SINGAPORE — Singapore’s largest bank DBS Group Holdings said it’s not practical to cut off clients with coal exposure in the short term.
DBS on Friday announced that it aims to eliminate thermal coal exposure by 2039.
To get there, DBS will cease taking on new clients that derive more than 25% of their revenue from thermal coal with immediate effect. And from January 2026, the bank will stop financing clients with more than 50% of their revenue from thermal coal — except for their non-thermal coal or renewable energy activities.
Explaining the 50% threshold, DBS Chief Executive Piyush Gupta cited how it’s “impossible” to expect energy majors BP, Exxon Mobil and Shell to reduce their oil…