Six global finance giants have signed up to the Powering Past Coal Alliance (PPCA) today to support shifting finance away from coal power and towards clean energy.
Aberdeen Standard Investments, the Church of England Pensions Board, Desjardins Group, Legal & General, Robeco and Swiss Re join more than 100 total members and ten existing PPCA finance sector members committed to ending finance for coal-fired power, meeting the aims of the Paris Agreement and encouraging others in the financial and utilities sectors to decarbonise.
They will work together to cease new investments in coal-fired power, phase out existing coal capacity and boost investments in clean energy – the PPCA hopes to double its total membership by COP26.
The Honourable Jonathan Wilkinson, Canada’s Minister of Environment and Climate Change, said: “It’s no coincidence that the members joining the Powering Past Coal Alliance today are from the financial sector. As the world begins its recovery from COVID-19, these companies realize not only the importance of phasing out emissions from coal power, but also see sizable economic opportunities and reduced financial risks in a global transition to low carbon energy.”
Kwasi Kwarteng, UK Minister for Business, Energy and Clean Growth, said: “As holder of the COP26 Presidency, the UK is going further and faster on coal and our energy mix will be totally coal-free by 2025.
“We are calling on our international partners to lay the foundations for a green, resilient global recovery from Covid-19 and phasing out coal will be vital to that. I am delighted that even more world-leading financial institutions are joining the PPCA, demonstrating their commitment to the environment and to channelling investment away from coal-fired power into sustainable, green energy.”