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Business trends

Singapore banks move to end Southeast Asia's coal addiction

DBS and OCBC plan to quit coal power financing

Coal is still the cheapest power source for most Southeast Asian nations, with power generation by coal expected to double by 2030. (Getty Images)

SINGAPORE -- A push to end Southeast Asia's addiction to fossil fuels is gathering pace after the region's two biggest banks said they would stop funding coal-fired power plants.

Singapore's DBS Group Holdings said last month that it would cease financing new coal power projects from 2021 following the completion of existing projects in Indonesia and Vietnam, and will instead tilt toward renewable energy projects such as solar power.

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