91% of banks in Southeast Asia still fund fossil fuel – WWF study

This was the finding of the World Wide Fund for Nature , which 2019 Sustainable Banking Assessment showed 91 percent of the banks in the region were still “fueling the fire” when it should already be heavily supporting programs for resilient and sustainable economies.The WWF study assessed 35 banks in six countries of the Association of Southeast Asian Nations on indicators across six broad pillars of sustainable finance.

Citing a study by the United Nations Environment Programme Finance Initiative and DBS Bank, WWF said the estimated demand for green investment is pegged at $3 trillion from 2016 to 2030 in sectors such as infrastructure, renewable energy, energy efficiency, food, agriculture, and land use. “These are the basic necessities for our societies to thrive. ASEAN’s economies are very much interdependent, which magnifies the effects of climate change and environmental destruction. To ensure that the people of ASEAN have a secure future, ASEAN banks must be the lifeblood of sustainable development,” she also pointed out.The same WWF study found that only nine percent of the banks it assessed have “no-deforestation” policies.

WWF said central banks of Malaysia, Singapore, and Thailand have joined the Network for Greening the Financial System , which was established to enhance the ability of the financial system to manage climate risks and mobilize capital for sustainable development. According to WWF, only three banks are developing a strategy to manage climate-related risks or conducting a climate-risk assessment.

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