Standard Chartered has become the latest London-headquartered bank subject to climate change protests, as activists seek to stop investments in oil and gas.
The nearly 170-year-old bank is the only bank in the UK facing a shareholder-proposed resolution on climate change at its annual this year.
Despite protests erupting outside the British bank’s office in the Indonesia capital of Jakarta and Kalimantan, part of Borneo, Standard Chartered’s share price is largely unchanged.
The resolution points to greenwashing – the act of inflating ones climate-beneficial practices – in its net zero by 2050 target, which has allowed the banking giant to provide nearly $40bn (£30.7bn) in finance to fossil fuel companies and developments in the six years between the signing of the Paris Agreement in 2015 and the end of 2021.
Market Forces and Friends Provident Foundation have coordinated the resolution, calling on the bank to set a new climate target.
“Standard Chartered’s fossil fuel financing leaves a worldwide trail of destruction,” Market Forces UK campaign lead, Adam McGibbon said.
“The choice for investors is simple – a real net zero plan put forward by Market Forces and the Friends Provident Foundation, or a zero ambition plan put forward by the bank’s management.”
A Standard Chartered spokesperson said: “We are committed to achieving net zero in our financed emissions by 2050 in line with the Paris Agreement, and have established a detailed pathway including interim 2030 targets for the most carbon-intensive sectors. Our financing decisions are consistent with this ambition, including our aim to mobilise $300bn (£230bn) green and transition finance by 2030.”