January 29, 2020

350.org on HSBC's announcement to stop financing the coal-fired power station of Vinh Tan 3, in Vietnam

Global – HSBC has announced that they are joining Standard Chartered Bank to stop financing the coal-fired power station Vinh Tan 3, in Vietnam, in what might be the first sign for the global bank to change their policy for financing energy projects. In response to HSBC’s withdrawal, Hong Hoang, 350.org Vietnam Coordinator, issued the following statement

“We welcome HSBC’s decision to stop financing a major new coal-fired power station, Vinh Tan 3, in Vietnam, and the announcement by HSBC that there will be ‘no involvement at all in the project’ – including as a financial adviser, funding arranger or prospective lender.” 
“This must be the first step in changing HSBC’s polluting double standard policy that permits the global bank to finance coal plants in Bangladesh, Indonesia and Vietnam, whilst supporting clean tech in developed countries, forcing those who are poor to breathe sulphur dioxide and smog. Now, HSBC must fix its coal policy with no exemptions and rule out all new investments in fossil fuels.”
“It is time for Chinese investors such as China Development Bank, ICBC, China Construction Bank and Bank of China to take note of how unpopular it is to continue financing the most polluting source of energy, and stop injecting their money in Vinh Tan 3 and other coal projects in Asia. Japanese companies such as Mitsubishi Corporation and Chubu Electric Power are also urged to withdraw from the project because Vietnamese citizens want clean renewable energy and not dirty coal energy.”

Sharif Jamil of NCSS, BAPA and Waterkeepers Bangladesh said:

“We hope that HSBC will not be involved in any project that will impact the Sundarbans World Heritage Site and destroy one of the largest Hilsha landing areas in Bangladesh, let alone burning dirty coal in a climate vulnerable country.  HSBC should change their policy and support us to develop the renewable energy sector here, not to lock Bangladesh in outdated coal infrastructure.”

For more information please contact: 
Aanchal Mehta
E: aanchal.mehta@350.org