25 September, 2018
Standard Chartered Plc said it will stop financing new coal-fired power plants anywhere in the world as part of its commitment to supporting the Paris Agreement on climate change.
The move follows “detailed consultation with a range of stakeholders,” according to a statement Tuesday from the London-based bank. Environmental degradation, extreme weather and rising seas are among the climate change legacies left by burning coal, it read.
Standard Chartered said its existing commitments were excluded from its new policy on coal energy. It currently has 14 project financing facilities in seven markets, which fund coal-power stations. A spokesman for the bank declined to say how much money it currently held in coal projects.
“Other banks will hopefully use this as an impetus to follow suit: HSBC published an improved policy on coal earlier in the year, but so far it still falls short of excluding project finance for coal-fired power plants globally,” said Sonia Hierzig, senior projects manager at ShareAction.