Standard Chartered has today announced its intention to finance no new coal plants anywhere in the world, in a much-anticipated and ambitious move by the bank that has been welcomed by environmental campaigners.
Sonia Hierzig, senior projects manager at ShareAction, says: “This is a great move by Standard Chartered and a crucial step towards aligning with climate goals. Investors will be pleased to see the bank is serious about future-proofing its business. 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.”
Notes to editors:
- For more information, please contact Sonia Hierzig at firstname.lastname@example.org