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Bloomberg
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 from the London-based bank. Environmental degradation, extreme weather and rising seas are among the climate change legacies left by burning coal, it read.
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. A spokesman for the bank declined to say how much money it currently held in coal projects.