Local banks satisfy at least 50% of criteria in sustainable banking study: WWF

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Local banks satisfy at least 50% of criteria in sustainable banking study: WWF.

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THE three Singapore banks and a Thai financial institution are the only ones out of the 35 Asean banks assessed that have met at least half of the criteria in a WWF study on banks' environment, social and governance integration performance.

Financial instability and social unrest might result if these threats are not tackled timely, WWF said.In the study, only the Singapore banks and Thailand's Kasikorn Bank satisfied at least half of the 70 criteria in the framework and 51 per cent of the banks met less than a quarter of the criteria. However, 74 per cent of the Asean banks made improvements compared to last year.Singapore banks as a whole improved in all but one aspect: people's responsibilities in ESG.

Singapore lenders' pledge not to provide funding to new coal-fired power plants and their commitment to no deforestation have been highlighted by WWF.

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