DBS Bank announces to stop funding Adaro's coal mining activities

A spokesperson for DBS said that the policy of withdrawing from the Adaro business would be implemented this year.

"By the end of 2022, our exposure to Adaro's subsidiaries involved in the thermal coal industry will be significantly reduced. If this business entity is still dominated by thermal coal, we have no intention to update our funds."

By 2021, coal will account for 96% of Adaro's revenue, and there is no plan to reduce its dependence on coal. Meanwhile, DBS is committed to reducing its coal exposure to zero by 2039. At present, coal is an industry that will disappear in the future, which is also the reason why banks begin to leave coal.