Standard Chartered quits funding coal plants

It previously faced pressure for the potential funding of three Vietnam coal plants.

Standard Chartered Bank will no longer finance coal plants around the world after "detailed consultation with a range of stakeholders," it said in an announcement.

The bank has already committed to finance and facilitate US$4b in clean technology by 2020. It added that it "is more than halfway toward meeting that goal."

Standard Chartered has faced pressure from investors and organisations for its coal funding. It was poised to fund three proposed coal power projects in Vietnam, including the US$1.87b and 1,200MW Nghi Son 2 coal-fired power plant.