Standard Chartered responded
Standard Chartered Bank has already made a stand in September 2018 to stop financing coal power plants, except where there is an existing commitment. We will only proceed in projects provided they meet the Bank’s lending criteria.
Standard Chartered believes that the financial sector has an important role to play helping our clients to find more sustainable sources of power and bring about the low-carbon future. We are committed to work with our clients in the utility sector to help them to reduce their dependence on coal, switching to low carbon and clean energy.
Our aim has always been to balance the need for reliable energy for development alongside the impact on the environment. We are committed to being transparent and working with all relevant stakeholders to build our understanding of climate change related risks and opportunities, and we will continue to support our clients whilst helping them to demonstrate clear participation in the low-carbon transition.
The Bank is also committed to due diligence on human rights impacts associated with the financial services we provide. Where there is potential for human rights impacts to exist in clients’ operations or supply chain, we expect clients to provide evidence of adequate policies and processes to manage human rights risks in their operations or supply chain.”
Please also see a link to our position statements, which will give you more detail on how we manage environmental and social risk.