UK finance giants plan to buy out fossil fuel plants in order to shut them

UK finance giants plan to buy out fossil fuel plants in order to shut them

Climate campaigners say HSBC’s involvement is ‘cynical’ attempt to distract from investments in coal power

A group of the UK’s biggest financial institutions plan to hasten the phasing out of coal power in Asia by buying out fossil fuel plants in order to shut them down within 15 years.

Finance companies including lenders HSBC, Citi and BlackRock Real Assets together with UK insurer Prudential are working with the Asian Development Bank on the plans, according to a report by Reuters. There have also been “promising” early talks with Asian governments and multilateral banks.

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