British multinational banking and financial services company Standard Chartered has renewed its commitment to ultra-supercritical coal technology ahead of its annual meeting.
In a move to show its support for the cleanest and most efficient forms of coal technologies, Standard Chartered has said it will continue to finance new coal fired power plants where the CO2/kWh is less than 830g.
Standard Chartered, which is mainly operates in emerging markets across Africa, Asia and the Middle East, has helped finance coal power plants throughout the developing world to help provide reliable and resilient power.
According to a report published by Banking on Climate Change, the bank has provided over $3.1 billion of funding for fossil fuel projects over the past three years.
The International Energy Agency’s World Energy Outlook 2017 report forecasts that over the next 25 years, 75% of the 880 GW new coal plants entering the market will use either supercritical (440 GW) or ultra-supercritical (235 GW) technologies, which will drastically increase the share of global clean plants.