European banks to ditch funding of dirty coal plants

Some of Europe’s biggest banks have signalled their intention to stop financing dirty coal fired power plants.

HSBC, Standard Chartered, BNP Paribas, Credit Agricole and F&C Asset Management are drawing up a code which would see a significant drop in funding for fossil fuelled schemes.

HSBC and BNP Paribas already have a policy that states they will not lend to plants that produce emissions above a certain level, and yesterday HSBC’s group environment advisor Francis Sullivan was quoted as saying that the new code was the next step in this process.

“I think this is extremely significant in terms of sending a message that commercial banks are able to write policies relating to the financing of coal-fired power plants that take climate change into consideration,” he told the Financial Times.

He added the new code would mean some coal projects “would not make it past the early stages of a lending application”.

Follow Power Engineering International on Twitter

Editor's Picks

Gas-fired power dominated UK energy sector in Q2

A combination of coal-fired power plant outages and falling gas prices saw a surge in gas-fired power in the UK in the sec...
Mike Winkel of E.ON

E.ON calls for assistance in renewables investment drive

Germany’s largest utility says it can no longer afford to push large renewable projects on its own and is looking for part...
Wilhelmshaven

Molluscs force German coal-fired power plant to shut down

The 757 MW Wilhelmshaven hard coal-fired power plant has had to be temporarily shut down after North Sea mussels clogged t...
Polish flag

Poland's 2050 policy outlines move away from coal

The Polish government has published a draft energy policy, which looks to reduce dependency on coal in favour of a low-car...
Doel

Belgium braces for power cuts

The Belgian government is making contingency plans as the impact of the closure of half its nuclear capacity looks set to ...

PEI Magazine Issues



>> Current Issue           >> Past Issues

Latest Wire News

The Surfrider Foundation Celebrates California's Plastic Bag Ban

The Surfrider Foundation Celebrates California's Plastic Bag Ban

Vectren Corp. Closes Sale of Its Wholly Owned Coal Mining Subsidiary, Vectren Fuels

Vectren Corp. Closes Sale of Its Wholly Owned Coal Mining Subsidiary, Vectren Fuels

Hawaii Energy Offers State's First-Ever Energy Efficiency Auction

Hawaii Energy Offers State's First-Ever Energy Efficiency Auction

Virtu Investments' Third Apartment Fund Oversubscribed at $48 Million

Virtu Investments' Third Apartment Fund Oversubscribed at $48 Million

Top Industrial Market News Stories for the Fourth Week of August 2014, an Industrial Info News Alert

Top Industrial Market News Stories for the Fourth Week of August 2014, an Industrial Info Ne...

Editorial Guides

How to cut your OPEX

How to cut your OPEX In a constantly evolving electricity market, factors such as over capacity and low coal costs can pu...

Alstom Editorial Guide: Thailand to showcase latest upgrade of Alstom's GT26 in combined-cycle

Read all about Alstom's new advanced GT26 gas turbine in the North Bangkok CCPP expansion project online with the Power En...

PLEXOS® Integrated Energy Model – Leading the Field in Energy Market Modelling

PLEXOS® Integrated Energy Modelling is an advanced software tool that employs the latest mathematical programming methods ...

Power Engineering International

Whitepapers

Portfolio Optimization by PLEXOS

PLEXOS performs the Security Constrained Unit Commitment and Economic Dispatch using Mixed Integer Programming (MIP) to minimize a cost function subject to all operational constraints. The PLEXOS M...

Evaluating cogeneration for your facility: A look at the potential energy-efficiency, economic and environmental benefits

The energy-efficiency, economic and environmental benefits of cogeneration are the subject of this in-depth white paper. The paper argues that producing electricity and heat/cooling from the same f...

The Effect of Moisture on the Breakdown Voltage of Transformer Oil

Power transformers utilize oil as a heat transfer medium and a dielectric material, together with cellulose. Breakdown voltage (dielectric strength) is one of the most important parameters of trans...

Improving Mission Critical Cooling Systems With More Reliable Level Sensing

The choice of coolant level sensor may seem like an insignificant detail when designing complex machinery such as emergency generators and cranes, but if this sensor fails, the operator has no warn...

Steps Towards a Low Carbon Future: Solutions and Technologies That Will Support the Global Revolution Required

A smart grid is becoming more and more essential as clean energy becomes more dominant. In addition, the demand for electricity is expected to treble the ability to supply it over the next decade. ...

Latest Digital Edition

  Power
  Engineering
  International
Look Inside >
Cover
Current Issue

Article Archives for Power Engineering International Magazine

Latest Energy Jobs

View more Job Listings >>