Asia-focused UK lender Standard Chartered said it will end legacy coal financing for its clients by 2032 as it looks to sever its remaining financial ties with the fossil fuel.
The London-listed bank, which previously committed to ending new coal financing, said legacy coal financing would also end within ten years.
Bosses laid out the proposal to shareholders in London today ahead of its annual investor meeting, and shareholder will now have the opportunity to vote on the firm’s amended climate policy in an advisory vote at the meeting on May 4th.
Financial firms have been scrambling to end coal financing as pressure grows from activists and consumers and firms questions the long term viability of the industry.
Pensions giant Scottish Widows yesterday announced it would be dumping all its coal investments yesterday over fears they would become “stranded assets”.