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Climate Change

Singapore bank UOB scraps new loans for oil and gas projects

Lender commits to ambitious 2050 zero-emissions goals for 6 industries

Singaporean bank UOB has committed to helping six carbon-heavy industries slash emissions.   © Reuters

SINGAPORE -- Major Singaporean lender United Overseas Bank will end new loans to oil and gas developments as part of long-term goals for net-zero emissions, the company said Monday.

UOB already became carbon neutral last year for its internal operations. Now the group will set its sights on clients in six carbon-heavy sectors, aiming to achieve net-zero greenhouse gas emissions among its borrowers by 2050.

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