You might not see them on our high streets, but Standard Chartered are one of the UK’s biggest banks. While they agree that climate change is one of the greatest challenges we face, Standard Chartered has increased its financing of coal – a key contributor to climate change – by 280% since 2015.
We cannot burn coal and stop climate change at the same time. While banks continue to fund coal, the poorest communities around the world will continue to suffer from droughts, flooding and other extreme weather. Those close to coal power plants also face serious health risks.
Most of Standard Chartered’s new money for coal is going to developing countries, locking them into dirty energy and putting already vulnerable communities at risk. This is unjust and unsustainable.
Your messages have already made an impact on the big high street banks and Standard Chartered is currently in the process of updating its coal policy. Right now, we have a key opportunity to push them to do better.