Standard Chartered to stop financing new coal-fired power plants

Standard Chartered 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 on Tuesday from the London-based bank.

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.

HSBC Holdings, Societe Generale and Deutsche Bank are among banks which have made similar pledges. Japanese lenders, among the biggest funders of coal projects, have also begun to shift towards more climate-friendly policies.

Standard Chartered’s initiative marks an advance on the Japanese and other lenders active in Southeast Asia, according to Julien Vincent, an executive director of Market Forces, which lobbies financial firms and governments on environmental issues.

“Standard Chartered’s policy not only removes a critical source of finance for new coal power plants, but sends a powerful signal to its competitors,” Vincent said in an emailed statement.

* SUBSCRIBE FOR FREE UPDATE: Get Fin24's top morning business news and opinions in your inbox.
We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
ZAR/USD
15.20
(-0.63)
ZAR/GBP
20.32
(-0.45)
ZAR/EUR
18.12
(-0.61)
ZAR/AUD
11.20
(-0.65)
ZAR/JPY
0.15
(-0.78)
Gold
1809.97
(+0.12)
Silver
23.29
(-0.15)
Platinum
963.00
(+0.40)
Brent Crude
48.73
(+1.57)
Palladium
2368.48
(+2.46)
All Share
57923.69
(+0.31)
Top 40
53084.13
(+0.27)
Financial 15
11645.28
(+0.04)
Industrial 25
79993.34
(+0.20)
Resource 10
52790.93
(+0.35)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
Yes, and I've gotten it.
22% - 340 votes
No, I did not.
51% - 804 votes
My landlord refused
28% - 436 votes
Vote