Singapore MAS Tharman Shanmugaratnam on Limiting Refinancing for Coal Power Projects: Largest Source of Electricity Generation & Industry Use in Asia, Progressive Coal Phase-Out & Shift to Cleaner Fuels without Major Disruption to Economies

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Singapore MAS Tharman Shanmugaratnam on Limiting Refinancing for Coal Power Projects: Largest Source of Electricity Generation & Industry Use in Asia, Progressive Coal Phase-Out & Shift to Cleaner Fuels without Major Disruption to Economies

4th March 2023 | Singapore

Singapore central bank Monetary Authority of Singapore (MAS) Tharman Shanmugaratnam (Senior Minister & Minister in charge of MAS) reply to questions on limiting refinancing for coal power projects: “It is the largest source of electricity generation and a significant fuel for industrial use in Asia.  Financing should aim at supporting the progressive phase-out of coal and shift to cleaner fuels without major disruption to the developing economies in the region.  See below for MAS statement

“ Largest Source of Electricity Generation & Industry Use in Asia, Progressive Coal Phase-Out & Shift to Cleaner Fuels without Major Disruption to Economies “

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MAS Tharman Shanmugaratnam on Protection for Short-Selling Attacks

Reply to Parliamentary Questions

3rd March 2023 – To ask the Prime Minister whether MAS will consider placing limits on local banks refinancing coal power projects overseas.

Answer by Mr Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS:

1. Financing the progressive decarbonisation of hard-to-abate sectors and energy sources is a key priority globally and in Asia.

2. With regard to coal, we start from a situation where it is the largest source of electricity generation and a significant fuel for industrial use in AsiaInternational Energy Agency, Coal in Net Zero transitions, November 2022.. Financing should aim at supporting the progressive phase-out of coal and shift to cleaner fuels without major disruption to the developing economies in the region.

3. MAS’ guidance to banks is that such financing should be on the basis of credible transition plans that mitigate their exposures to environmental risks and are aligned with the Paris Agreement goals.

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