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...
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...
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....
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. 15 April 2019 Last Friday marked HSBC’s 2019 annual general meeting (AGM) and a year since the bank shamefully decided to leave the door...
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
Håkan Dahlström, CC BY 2.0 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...
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,...
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...
ANZ: still not living up to its climate commitments
19 December 2018 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...
NAB hauled over the coals at its 2018 AGM
NAB was forced to lay bare its contradictory climate and environmental, social and governance (ESG) policies highlighting the vast discrepancy between what the bank says, and what it does during question-time at its annual general meeting (AGM) in Melbourne.