Putting a stop to coal financing

The issue

Urgent action around the world is needed to tackle the climate crisis. But without further action and with over 100 coal-fired power plants (CFPP) at planning stage in Southeast Asia, the region will not meet climate change targets.

The issue

Engagement type Collaborative

Our engagement

Responsible phasing out of financing for coal-fired power plants (CFPPs) is crucial. We initiated a thematic engagement with banks on their financing of such plants in Asia, initially focused on Singaporean banks, and since expanded to banks in Japan and China.

We encouraged banks in the region to readdress their CFPP financing projects and improve disclosure. All three leading Singaporean banks committed to cease financing new CFPP in new markets, which was later extended to Japanese banks.

The outcome

All of these banks have since tightened their coal policies by reducing exceptions previously allowable and stating that they would no longer finance the new construction of coal power.