Standard Chartered Vows To End Coal Financing By 2032

Standard Chartered said on Tuesday it would end all direct coal financing for clients by 2032, as the Asia and Africa-focused lender tightens up its climate policy, Ian Withers reported for Reuters.

Photo Insert: London-listed Standard Chartered bank, which previously ended new coal financing, said legacy coal financing would also end within 10 years.

The London-listed bank, which previously ended new coal financing, said legacy coal financing would also end within 10 years, in an update ahead of its annual investor meeting in London on May 4.

Investors will have the chance to vote on the bank's amended climate policy in an advisory vote at the meeting.

Standard Chartered, along with HSBC and a host of US investment banks, had been in the crosshairs of environmental activists for lending to big coal mining corporations or buying equity in fossil fuel companies.

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