Standard Chartered pulls out of funding 1,200-megawatt

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  • 19 Apr 2018 12:00 AM
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Standard Chartered Pulls Put of Funding 1,200-Megawatt Vietnam Coal Plant Over Climate Policy Conflict

What will become one of Vietnam’s largest coal-fired power stations has secured sufficient funding to be built but a key member of the financing syndicate, Standard Chartered, has pulled out following a campaign that highlighted a major conflict with the bank’s climate policy. A campaign by green groups Greenpeace and Market Forces pointed out that by financing the coal plant, Standard Chartered was in breach of its own policy on energy and climate change – a policy that rules out providing loans for coal plants above a certain emissions intensity. The coal financing also goes against the Equator Principles, a framework for banks to assess the environmental and social risk of the infrastructure projects they finance, that Standard Chartered signed in 2003.

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