Finance
Billionaire Chris Hohn’s Foundation Takes Aim at Banks Over Coal Loans
- CIFF sent letters to Standard Chartered, HSBC, Barclays
- Urges banks to phase out coal financing, recognize higher risk
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Billionaire Chris Hohn’s Children’s Investment Fund Foundation has called on HSBC Holdings Plc, Standard Chartered Plc and Barclays Plc to phase out financing for coal projects and to recognize a higher degree of risk from lending to the sector.
The foundation has also pressed regulators including the European Central Bank and the Bank of England to make new demands on banks to publicly disclose their exposures to coal assets and financing.