ASIA PACIFIC
Net zero and sustainability are amongst the key factors often named by experts as likely to shape the future of banking. On the surface, it seems to be the case: lenders have been quick to outline ESG goals.
The biggest banks globally notably made pledges under the Glasgow Financial Alliance for Net Zero (GFANZ), whose commissioned research shows low carbon energy investments need to account for at least 80% of energy investments compared to fossil fuels by 2030 to reach climate goals.
But the pledge may be for nought, as at least as of mid-2022, no bank is set to reach the minimum requirement needed to reach climate goals, according to a report released by Sierra Club, Fair Finance International, BankTrack, and Rainforest Action Network.
The study, which made use of data gathered by the Profundo organization, found that only 7% of energy financing extended by 60 banks globally went to renewables. Meaning, of the US$2.5t loans and bond underwriting provided by 60 banks to energy companies between January 2016 to July 2022, US$2.3t were loaned for fossil fuel energy production-and just $178b were used for clean energy activities such as wind and solar.
Esta historia es de la edición Issue 110 de Asian Banking & Finance.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición Issue 110 de Asian Banking & Finance.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
Embedded Finance, Digital Banks To Drive SEA's Fintechs
Embedded finance, partnerships, and digital banks will be the three defining trends shaping Southeast Asia’s financial technology (fintech) landscape in the future.
UBC Aims For Top 5 In Sri Lanka Banking
Chairman Nirvana Chaudhary is prepared to lead amidst a national finance crisis.
What Makes Malaysia The Next Great Investment Banking Frontier In Southeast Asia?
EVs, takaful insurance, and its proximity to Singapore attract investment activity, according to a BofA executive.
How HomePay Is Combating Renovation Scams In Singapore
Money is put in an escrow account and disbursed when milestones are reached.
Will Property Woes Continue To Weigh On Chinese Megabanks?
This year, Chinese megabanks are facing two big hurdles: the government’s mandate that may force banks to take on more risks in the name of propping up China’s embattled property sector; and declining credit demand and interest rates.
How Have Banks' Wealth Management Pivots Played Out In China?
There’s up to $25b in fees to be made in Asia, but it’s a tough market, an analyst said.
Why Singaporeans are okay with locking away over $4b of their money
Customers can only access 'locked' money with a physical card or by visiting a branch.
OCBC builds the the next pipeline of talent
Lim weaves in support for women bankers to broader industry talent shortage.
Banks flip the tables on disruption by becoming the disruptors themselves
Companies are facing not just tech transformations but also shorter skill lifespans for their workforce.
Basel III capital hike is not a problem for APAC
Most of banking jurisdictions in most Asia Pacific markets should be able to absorb the moderate increases in capital requirements stipulated under the final Basel III standards.