SINGAPORE: Standard Chartered has pulled financing for three coal-fired power plants in Southeast Asia amid a global push to cut greenhouse gas emissions, throwing into doubt projects worth an estimated $7 billion and piling pressure on the coal industry.
Banks and investors are facing pressure from environmental groups to stop funding power projects fired by the polluting fossil fuel, seen as a major risk to global plans to tackle climate change under the Paris Climate Agreement that demands a virtual end to coal power by 2050.