September 25, 2018 / 5:57 AM / 8 months ago

StanChart quits lending to new coal-fired power stations in climate change effort

FILE PHOTO: A woman walks past a Standard Chartered bank in London October 13, 2010. REUTERS/Stefan Wermuth

LONDON (Reuters) - Standard Chartered (STAN.L) pledged on Tuesday to end its financing of new coal-fired power plants globally as part of its commitment to supporting the Paris Agreement on climate change.

After consulting with stakeholders, the Asia-focused bank said it was stepping up efforts to reduce carbon emissions of the businesses it supports, after barring lending to new standalone, non-captive thermal coal mines in 2016.

“Our decision to stop financing coal power is a first step in a set of more substantive actions to which we are now committing, in order to understand the CO2 emissions our financing supports,” Chief Executive Bill Winters said in a statement.

“We intend to work transparently and with other banks, our respective clients and other stakeholders to reduce the impact, over time.”

The bank, which has committed to finance $4 billion of clean technology projects by 2020, said it would continue to “honour” 14 project financing arrangements linked to coal-power stations.

Reporting By Sinead Cruise, editing by Clara Denina

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