Hide Message

Updating the Resource Centre Digital Platform

The Business & Human Rights Resource Centre is at a critical point in its development. Our digital platform is home to a wealth of information on business and human rights, but hasn’t had a visual refresh for a number of years.

We will soon be updating the site to improve its usability and better serve the thousands of people that use our site to support their work.

Please take an advance peek at our new look, and let us know what you think!

Thank you,
Alex Guy, Digital Officer

Find Out More Hide Message

Standard Chartered Bank to end coal plant financing as part of its commitment to Paris Agreement

Author: Sebastian Tong, Chisaki Watanabe & Jeremy Hodges, Business Day (So. Africa), Published on: 26 September 2018

"Standard Chartered to pull plug on financing for coal plants"

Standard Chartered said it will stop financing new coal-fired power plants anywhere in the world as part of its commitment to support 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. Environmental degradation, extreme weather and rising seas are among the climate change legacies left by burning coal, it said. Standard Chartered said its existing commitments are excluded from its new policy on coal energy. It has 14 project financing facilities in seven markets, which fund coal-power stations. A spokesperson for the bank declined to say how much money it held in coal projects. 

HSBC Holdings, Societe Generale and Deutsche Bank are among banks that 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 Japanese and other lenders active in Southeast Asia, according to Julien Vincent, an executive director at Market Forces, "The fact that Standard Chartered was involved in syndicates for three coal power pants in Vietnam prior to this update makes it even more impactful. That’s three dirty coal projects, which would produce almost 700-million tons of CO² per year, that will now need to look elsewhere for finance."



Read the full post here

Related companies: Deutsche Bank HSBC Société Générale Standard Chartered