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StanChart takes further steps to improve climate risk management governance

Standard Chartered PLC said it has taken a number of steps to improve the British lender's capabilities and governance for climate risk management to support the Paris Agreement.

StanChart said it will only fund clients that actively transition their business to generate less than 10% of earnings from thermal coal by 2030. The bank noted that this policy will be implemented on a phased basis, using set milestones, beginning Jan. 1, 2021, since the transition requires significant changes across its markets.

The new restrictions will apply to all products and services offered by the lender and are in addition to its decision in September 2018 to no longer finance new coal-fired power stations. StanChart said it will withdraw from three projects that it agreed to fund before the ban.

Additionally, the lender said it is increasing its target for financing and facilitating of clean technology and renewables to $35 billion by 2025, focused on emerging markets.