September 26 (Renewables Now) - London-based, Asia-focused bank Standard Chartered PLC (LON:STAN) on Tuesday said it will no longer be providing financing for new coal-fired power plants in any location worldwide.
Existing commitments will continue to be honored. This relates to 14 project financing facilities in seven markets that fund coal power stations.
The decision is in keeping with the bank's commitment to supporting the Paris Agreement on climate change and is part of efforts to develop a methodology to measure, manage and reduce its own emissions and those associated with the financing of its clients.
"More than 1.1 billion people still do not have access to reliable power but recent developments in technology mean that alternative sources are increasingly available to meet that need without the impact of coal-fired power on the environment," said chief executive Bill Winters.
Standard Chartered has a target of financing and facilitating USD 4 billion (EUR 3.4bn) in clean technology by 2020 and says it is more than halfway toward achieving it.