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Finance

DBS to stop lending to clients with revenue from thermal coal

Southeast Asia's largest bank joins global battle against climate change

DBS will cease signing up new customers deriving more than 25% of their revenue from thermal coal.   © Reuters

SINGAPORE (Reuters) -- Singapore bank DBS Group said on Friday it would phase out financing for customers that derived revenue from thermal coal and had committed to zero exposure to the sector by 2039.

The move comes as banks around the world have faced increasing public, investor and political pressure to join the battle against climate change and stop financing the coal industry.

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