Protest Outside a Singapore Bank: Stop Funding Captive Coal Projects

Jakarta, October 8, 2026 – Amid the forest and land fires and abnormal temperatures that struck Indonesia in September 2026, a group of activists staged a protest in front of UOB Bank’s headquarters in Jakarta on Thursday (8/8), urging banks to stop financing new coal projects.

“Singaporean banks—DBS, OCBC, and UOB—have officially announced since 2019 that they are halting financing for new coal projects. The actions of Singaporean banks that exploit regulatory loopholes to finance the construction of captive coal-fired power plants are extremely harmful to the climate,” said Ginanjar Ariyasuta, Market Forces Campaigner.

Meanwhile, the Meteorology, Climatology, and Geophysics Agency (BMKG) revealed that air temperatures in Indonesia throughout September 2026 were nearly 1 degree (0.95°C) warmer than normal. This temperature anomaly was the second-highest on record since observations began in 1991, continuing a trend that also occurred in August 2026.

“Temperature anomalies and climate-related disasters should serve as a reminder that the banking sector bears a significant responsibility for helping to determine which development projects are worthy of financing and which should be halted. New coal-fired power plant projects—a sector proven to fuel the climate crisis—should no longer be part of banks’ ongoing financing portfolios, including captive power plants,” said Rendy Dharmawansyah, Climate and Energy Campaigner at Climate Rangers Jakarta.

A protest held today in front of the UOB Bank office called into question the bank’s claim that it no longer finances coal projects. However, as Market Forces’ analysis shows, the policies of Singapore’s major banks leave a significant loophole that allows for the financing of captive coal-fired power plants.

DBS explicitly excludes captive coal-fired power plants from the scope of its coal-free commitment. Meanwhile, OCBC and UOB’s coal policies only cover clients in the power generation sector, meaning they can still finance coal for industrial use even though they have committed to ending support for fossil fuels that pollute the environment.

Photos documenting today’s protest in front of UOB Bank: https://drive.google.com/drive/folders/18YDR4txo6f1xUNAsLPw9LQjNLCFV9y4N?usp=share_link

For media interview and inquires:
Rendy Dharmawansyah, +62 813-1613-2469, rendy@climaterangers.or.id
Ginanjar Ariyasuta +62 851-5656-8359, ginanjar@marketforces.org.au