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Haze prompts Singapore banks to set ESG guidelines

October 8, 2015

Haze prompts Singapore banks to set ESG guidelines

By Jean Chua
Thursday 8 October 2015

In a historic move, banks in Singapore will for the first time adopt standards that govern responsible financing and integrate environmental, social and governance (ESG) issues such as deforestation, human rights and corporate ethics into their lending and business practices.

The Association of Banks in Singapore (ABS), which represents 158 foreign banks as well as the three largest local banks - DBS, UOB and OCBC - on Thursday released a set of guidelines that it says will align the financial sector’s activities to support sustainable development.

ABS said in a statement: “Irresponsible development, unsustainable business and commercial practices have adverse impacts on people and the environment. Financiers have an important role to play in shaping and expecting the responsible actions from their employees and clients.”

ABS will continue to work with regulators, civil societies, NGOs and other stakeholders to raise awareness of ESG issues and trends as well as help build banks’ capacity and skills development.

Read more at Eco-Business.

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