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UK: Lloyds bank to stop financing new coal plants & thermal coal mines

Author: Energyworld, Published on: 6 August 2018

"Britain's Lloyds bank to stop financing new coal plants, thermal coal mines", 2 August 2018

Lloyds Banking Group said [...] it will not fund new coal-fired power stations or thermal coal mines, or bank new clients that derive most of their revenue from either of these operations.

The new policy brings Lloyds in line with peers Royal Bank of Scotland and HSBC, which both announced similar changes earlier this year as lenders update their approach amid growing concerns about coal's impact on the environment.

David Oldfield, group director of commercial banking at Lloyds, pointed to the landmark accord agreed between almost 200 nations at a Paris summit in 2015 to limit climate change, which was seen as marking a global turn away from fossil fuels.

"To achieve the aims set out in the 2015 Paris Agreement, continued reduction in the amount of coal mined and used to generate electricity is needed. This announcement reiterates our commitment to support the transition," he said...

Read the full post here

Related companies: HSBC Lloyds Royal Bank of Scotland