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Greenpeace Slams Barclays, HSBC, Standard Chartered and Royal Bank of Scotland for Coal Funding

Coal News - Published on Mon, 09 Dec 2019

Image Source: Greenpeace End Coal
Greenpeace has slammed four of the UK’s leading banks for allegedly supporting the global coal industry, claiming that Barclays, HSBC, Standard Chartered and Royal Bank of Scotland have collectively provided the industry with financing worth almost GBP 25 billion since the 2015 Paris Climate Agreement. According to data gathered by Urgewald and BankTrack, the four UK banks have helped finance companies with plans to build new coal plants with GBP 24.7 billion between 2016 and 30 September this year. Greenpeace claims HSBC has provided GBP 8.4 billion in financial support to companies building new coal plants whie Standard Chartered and Barclays provided GBP 7.4 billion and GBP 7 billion respectively and state-owned Royal Bank of Scotland supported global coal growth with GBP 1.8 billion.

Greenpeace UK’s climate emergency campaign head Rosie Rogers said “Bankrolling the expansion of coal-fired power generation is indefensible but this GBP 25 billon is dwarfed by the hundreds of billions that banks invest in oil and gas. Behind every coal mine and every oil and gas pipeline is a bank supplying the financial lifeline. It’s time to pull the plug. By funding the climate emergency, UK banks aren’t just adding fuel to an existential catastrophe; they’re also building up a financial crisis that we’re all going to have to pay for, just as they did in 2008.”

In 2015 at the UN climate conference in Paris, world leaders committed to keeping global temperatures well below 2°C. As part of this, they signed an agreement that included a commitment to make finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development.

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Posted By : Yogender Pancholi on Mon, 09 Dec 2019
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