OCBC accused of using a loophole in loans to Indonesian nickel miner. (Photo: iStock)
OCBC has come under scrutiny over allegations that it exploited disclosure gaps when extending loans to Harita Group, without adequately spelling out how financing nickel mining could lead to expanded captive coal-fired power capacity and, in turn, heighten climate risks.
In response, OCBC said its corporate financing complies with relevant regulations, adding that it is unrealistic to require nickel producers in Indonesia to rely entirely on renewable energy at this stage.
