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Standard Chartered to stop funding coal-fired power plants
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Standard Chartered Indonesia employees serve customers in Jakarta. (kontan.co.id/Baihaki)
B
ritish financial giant Standard Chartered announced on Tuesday that it would stop financing new coal-fired power plants as part of its effort to address climate change.
In a statement posted on the company’s website, it said that it “will not directly finance any new coal-fired power plant projects, including expansions, in any location”.
“We have made the decision following an extensive consultation process with all of our stakeholders, including clients, employees, shareholders, NGOs and governments,” Standard Chartered chairman Jose Vinals said in the statement.
Standard Chartered said further that it would not withdraw from coal-fired power plant projects that had already been financed. The company also said that it would encourage clients to move toward more sustainable forms of energy.
“We’re committed to support our clients and markets in developing alternate sources of power generation. […] Future low-carbon requires significant changes in energy systems across our markets. We’ve an important role to play in this process,” the company says in a statement.
Standard Chartered is financing and facilitating clean technology by allocating US$4 billion up to 2020, which the company says has reached more than half of the target. (bbn)
