The UK’s largest asset manager is to use its muscle as an investor to promote a green agenda by urging companies to tackle climate change and selling shares in those that do not.
Wall Street banks are pulling away from coal project financing as U.S. energy consumers are less dependent on the natural resource.
JPMorgan became the latest big bank to pull back from coal.
ANZ bank has pledged not to finance traditional coalmining projects and to provide at least $10bn in funding for renewable energy, reforestation and energy efficiency.
The National Australia Bank has ruled out funding Adani’s Carmichael mine, as the country’s biggest proposed coal project also lost a key customer in Korean electronics giant LG.
Standard Chartered bank is pulling out of a vast coal mining project in Australia that critics say threatens endangered species and could wreck international efforts to contain global warming.
The chairman of Standard Chartered has said the bank will review its involvement in a controversial Australian coal mine that critics say threatens the Great Barrier Reef and will blow a hole in the global carbon budget.
Goldman Sachs got a disconcerting update a year after buying its second coal mine in Colombia: 'Certain operational issues have arisen, commodities executives reported'.