Climate Changed
Standard Chartered to Stop Financing New Coal Power Plants
- Bank says existing commitments are excluded from new policy
- HSBC, Societe Generale among banks which made similar pledges
This article is for subscribers only.
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.