8 July 2019 In early July 2019 Adani issued US$1billion in bonds for one part of its business (Adani Ports and Special Economic Zone), which nine major banks invested in. This company operates several ports in India. Unfortunately, the evidence shows that the Adani group of companies has regularly funded … Read More
Media Release: Japan’s MUFG commits to end financing for new coal projects, NGOs call for further steps
16 May 2019 | Joint release: No Coal Japan Japanese and international environmental NGOs welcomed Mitsubishi UFJ Financial Group (MUFG)’s release of its revised environmental and social policy framework, which now excludes finance to new coal power projects. Coming only days after Singapore’s three major banks also ended coal finance, … Read More
Non, merci! Rothschild & Co. walks away from Adani
16 May 2019 In May 2018 it was revealed that French investment bank Rothschild and Co was helping Adani to sell a minority stake in the Abbot Point coal terminal on the North Queensland coast. The terminal would act as the port through which coal from the proposed Carmichael coal … Read More
Japanese megabanks faced with international ad in the Financial Times
NGOs from Vietnam, Indonesia, Japan and around the world have placed a full-page advertisement in the Financial Times today calling for Japanese megabanks – Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Banking Corporation (SMBC), and Mizuho Financial Group (Mizuho) – to stop funding coal power. MUFG, SMBC, and Mizuho, along … Read More
Media release: JBIC and commercial banks shamelessly agree to finance Van Phong 1, despite multiple unresolved issues
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 endpoint 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
18 April 2019 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 … 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.