DBS Bank will limit transactions with customers who derive a significant portion of their revenue from thermal coal, in a move to tackle climate change and work towards lower carbon emissions.

The bank announced on April 16 that it is targeting zero thermal coal exposure by 2039, making it the first bank in Singapore to commit to phasing out thermal coal.

To achieve the target, the bank will cease onboarding new customers who derive more than 25% of their revenue from thermal coal with immediate effect. 

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