Reaching net-zero by 2050 means no new investment in new coal mines, coal plants, or oil and gas fields. But Standard Chartered is piling cash into new coal plants and coal companies. They’ve invested $24.02 billion into coal, oil and gas sectors since 2015. And they’re investing in one company which has a business plan based on 5-6°C degrees of warming.
Standard Chartered recently committed to “net-zero by 2050”. But the shareholders are saying that Standard Chartered’s on-going investments are clearly breaking any real commitment to cutting funds for fossil fuels. And they’re demanding radical changes.
That’s why now, the shareholders are setting up a resolution (it’s just a collective agreement) to get lots of other shareholders to agree that Standard Chartered aren’t doing enough. With that, it’s much easier to force the company to stop investing in fossil fuels.
Shareholders at Barclays and HSBC recently won change in exactly the same way. Now, Standard Chartered are next. It’s so inspiring to see!
Who is making this happen?
Market Forces: Standard Chartered has a net zero by 2050 target, but in order to have a hope of achieving that, banks must stop financing the expansion of the fossil fuel industry, starting now. If Standard Chartered is truly serious about its net zero target and wants to earn its standing in the sustainable business community, it will have no problem supporting our resolution.”
– Adam McGibbon, UK Campaign Lead at Market Forces
NOTES:
Bloomberg: StanChart to Face Shareholder Resolution on Reaching Net-Zero: