Standard Chartered has pulled financing for three coal-fired power plants in Sou...
SINGAPORE - Standard Chartered has pulled financing for three coal-fired power plants in Southeast Asia amid a global push to cut greenhouse gas emissions, throwing into doubt projects worth an estimated $7 billion and piling pressure on the coal industry.
The Asia-focused bank did not name the projects but industry sources said it referred to the Vung Ang 2 and Vinh Tan 3 plants in Vietnam, and Java 9 and 10 in Indonesia. Driven by rising electricity demand in places like Indonesia and Vietnam, Southeast Asia was the only region in the world where coal’s share of total energy supply increased last year, and demand is expected to rise steadily for decades.
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