StanChart to phase out direct coal financing by 2032 – Reuters.com

Steam and smoke billow from the Ratcliffe-on-Soar coal-fired power station near Nottingham, Britain, December 1, 2017. REUTERS/Hannah McKay

LONDON, March 29 (Reuters) – Standard Chartered (STAN.L) said on Tuesday it would end all direct coal financing for clients by 2032, as the Asia and Africa-focused lender tightens up its climate policy.

The London-listed bank, which previously ended new coal financing, said legacy coal financing would also end within ten years, in an update ahead of its annual investor meeting in London on May 4.

Investors will have the chance to vote on the bank’s amended climate policy in an advisory vote at the meeting.

Reporting by Iain Withers, Editing by Sinead Cruise

Our Standards: The Thomson Reuters Trust Principles.