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South China Morning Post:

Standard Chartered said it will deploy US$300 billion for green and transition financing in the next decade and simultaneously seek to cut the emissions associated with its lending to carbon-intensive sectors, such as oil and gas, as part of its efforts to reach net zero carbon emissions by 2050.

The bank, one of Hong Kong’s three currency-issuing lenders, said on Thursday that it would stop financing companies expanding in thermal coal and would seek to reduce its absolute financed thermal coal-mining emissions by 85 per cent by 2030, on top of its existing ban on funding new or expanding coal-fired power plants.

By 2030, the London-based lender, which generates much of its revenue in Asia, will only provide financial services to clients who are less than 5 per cent dependent on revenue from thermal coal.

All clients in power generation, metals and mining and oil and gas sectors will need to have a strategy in place by the end of next year to transition their business in line with the goals of limiting global warming under the 2015 Paris agreement, Standard Chartered said.

[Chad Bray]

More: Standard Chartered to offer US$300 billion for green, transition financing as part of net zero plan

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