Revealed: QBE insuring new coal plant construction in Vietnam

Market Forces QBE Action Sydney 2018

9 June 2022 A briefing released today by the international Insure Our Future campaign and Korea-based Solutions For Our Climate reveals that Australian insurer QBE is providing insurance for the construction of the Nghi Son 2 coal-burning power station in Vietnam, and the Cebu coal-burning power station in The Philippines. … Read More

Stuck in the pipeline: Vietnam’s coal projects stall while renewables surge

Solar power in Vietnam

August 2019 Fifty-seven per cent of Vietnam’s planned coal power capacity has faced repeated delay, with postponements to 93% of the projects financed by private, often foreign investors, under the “build-operate-transfer” model. Across the projects, investors are struggling with a cumulative delay of 100 years. Meanwhile, approved solar and wind … 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

Talanx leaves open loopholes to underwrite Vietnamese coal power

10 May 2019 German insurer Talanx announced last month it planned to stop underwriting new coal power plants and coal mines, and envisages that its portfolio would no longer include any coal-fired power plants or coal mines from 2038 onward. While this sounds good on paper, its policy has significant … Read More

General Electric chooses to ignore clean energy transition

10 May 2019 Yesterday in New York at General Electric’s (GE) annual general meeting, (AGM) shareholders called out their CEO, H. Lawrence Culp Jr., for GE’s role in constructing new coal-fired power stations around the world, jeopardizing its own future viability as an energy company and that of our collective … 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