STANDARD CHARTERED IS HERE FOR COAL

Still pumping billions into coal and other fossil fuels

José Viñals has said that ‘here for good’ means saying no to coal. But Standard Chartered hasn’t said no to coal.

Instead it’s still financing some of the biggest climate-wrecking companies in the world. Standard Chartered can – and must – do better. It needs to ditch coal, and phase out oil and gas – for good.

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$24 billion in fossil fuel financing between 2015 and 2019

$5.75 billion between 2015 and 2019 to companies actually growing fossil fuel output

$1.6 billion to companies planning new coal plants in the Philippines alone

No date set when coal financing will end, unlike other banks

Credit: Peter Caton – Greenpeace

Standard Chartered says it supports the Paris Agreement to reduce emissions, but has funneled over $24 billion into fossil fuels since it was signed

Despite a ‘no to coal’ policy, Standard Chartered is still financing new coal projects, and won’t make any meaningful reductions until 2025 at the earliest  – even though scientists say the world needs to ditch coal urgently

Credit: Marten van Dijl – Greenpeace

Credit: Rudenkoi

Other banks like BNP Paribas have set clear deadlines for phasing out coal completely. But Standard Chartered’s current policy will see it still fund major coal companies to 2030 and beyond.

Despite its ‘no to coal’ policy, Standard Chartered is a lead financier of Top Frontier Investment Holdings, a company planning to expand coal capacity in the Philippines, a country being ravaged by extreme weather as a result of climate breakdown

Credit: CEED