19 April 2019 The decision by the Japan Bank for International Cooperation (JBIC) and a consortium of commercial banks to finance the proposed Van Phong 1 coal-fired power station in Vietnam has been branded as shameless and cowardly by clean energy advocates. JBIC announced on its website that financing had … Read More
Analysis: Singapore banks signal an end to new coal financing
18 April 2019 This week saw Singapore’s two biggest banks, Oversea-Chinese Banking Corporation (OCBC) and DBS, commit to an end point for their lending to new coal power plants. On Monday, OCBC CEO Samuel Tsien told media: “We won’t do any new coal-fired power generation plants in any countries, except … Read More
Media release: OCBC and DBS coal policies a game changer for Asian energy finance
Responding to the news that OCBC and DBS have, within two days of each other, signalled an end point to financing new coal power stations, Market Forces Executive Director Julien Vincent said: This week was a major game-changer for energy finance in the ASEAN region. The commitments by DBS and … Read More
OCBC bank ends new coal power lending, except for two projects in Vietnam
17 April 2018 OCBC’s chief executive officer Samuel Tsien said in an interview earlier this week that OCBC will not fund any more new coal – but will remain in two projects in Vietnam. Subscription news sources suggest these projects are Van Phong 1 and Vung Ang 2. “OCBC’s decision … Read More
HSBC bosses spin yet more climate rhetoric on coal finance for developing countries
A full-page ad in the UK’s biggest business newspaper, a protest and plenty of deservedly tough questions. HSBC’s AGM had it all. Last Friday marked HSBC’s 2019 annual general meeting (AGM) and a year since the bank shamefully decided to leave the door open to funding new coal-fired power stations … Read More
Our Future: clean energy a test for banks’ rehabilitation
Today’s release of the Royal Commission’s report into the financial services industry will chronicle the recent misconduct of the major banks and plot a course for how the industry can restore some integrity. It’s going to be a long road back, but one opportunity for redemption comes in the role banks can play reshaping our energy landscape.
HSBC’s cynical coal policy leaves Bangladesh, Vietnam and Indonesia open for business
HSBC’s coal power policy, released at its April 2018 AGM, boldly states it will not finance new coal-fired power plants, with some exceptions. It will still finance projects in Bangladesh, Vietnam and Indonesia, with further limits on the carbon intensity and financial close dates of the projects. The countries HSBC … Read More
Standard Chartered tries to have it both ways on coal
Op-ed by Julien Vincent, executive director Market Forces Published in Asia Times, 21 January 2019 While 2018 climate-change news was dominated by President Donald Trump’s announcement of the United States’ intention to withdraw from the Paris Climate Agreement, it was also a year when the financial sector continued its inexorable march … Read More
Big four banks increase their fossil fuel exposure
January 2019 Australia’s major banks have been getting back into fossil fuels over the last year, casting doubt on their seriousness in tackling climate change through their investments. This study compares the banks’ reported exposures to fossil fuels and renewable energy from 2017 to 2018, finding some very worrying trends. … Read More
ANZ: still not living up to its climate commitments
Our Banking Royal Commission has exposed massive discrepancies between what Australia’s big four banks say and how they act. ANZ is a glaring example with chief executive Shayne Elliott and chairman David Gonski committing to both climate and human rights principles that the bank has not stuck to. Shareholders made … Read More