Saudi Press

Saudi Arabia and the world
Saturday, Aug 30, 2025

UK banks to commit to coal financing phase-out by 2030 at COP26

UK banks to commit to coal financing phase-out by 2030 at COP26

HSBC, Lloyds Banking Group and NatWest Group will become signatories to the Powering Past Coal Alliance at the COP26 summit in Glasgow, Sky News understands.

Three of Britain's biggest high street lenders will this week join an alliance aimed at phasing out the world's dependence on coal power amid a blizzard of efforts by multinationals to demonstrate their green credentials at the COP26 summit.

Sky News has learnt that HSBC, Lloyds Banking Group and NatWest Group will be among 10 financial institutions signing up to the Powering Past Coal Alliance (PPCA), which was established by the UK and Canada in 2017.

The new signatories, which will also include the asset management giants Fidelity International and Scor, will take the number of institutional members of the PPCA to 32, according to one person briefed on the initiative.

HSBC will be among the institutions signing up


Thursday's announcement, on COP26's 'energy day', will also include more than two dozen governments - including Singapore, Morocco, Chile and Ukraine - committing to reduce their reliance on coal during the coming decade, the person said.

The PPCA is co-chaired by Greg Hands, the energy minister, who recently wrote to financial institutions to request that they join the alliance, according to a letter seen by Sky News.
Advertisement

"The climate crisis has far-reaching implications for the finance sector, with markets and regulators increasingly focused on mitigating these risks," he wrote.

Some of the new signatories to the PPCA coalition, such as the state-backed NatWest, have already made individual commitments to ending thermal coal financing by 2030.

Existing members of the PPCA include the UK-based asset managers Legal & General and M&G.

Meanwhile, campaigners from the environmental group Market Forces this week criticised HSBC along with other UK-based lenders, including Barclays and Standard Chartered, for continuing to provide financing to fossil fuel projects in 2021.

The PPCA has been contacted for comment, while none of the new signatories contacted by Sky News would comment on Tuesday.

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
After the Shock of Defeat, Iranians Yearn for Change
YouTube Altered Content by Artificial Intelligence – Without Permission
Iran Faces Escalating Water Crisis as Protests Spread
More Than Half a Million Evacuated as Typhoon Kajiki Heads for Vietnam
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Cristiano Ronaldo Makes Surprise Stop at New Hong Kong Museum
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
High-Stakes Trump-Putin Summit on Ukraine Underway in Alaska
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
Australia to Recognize the State of Palestine at UN Assembly
The Collapse of the Programmer Dream: AI Experts Now the Real High-Earners
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Nine people have been hospitalized and dozens of salmonella cases have been reported after an outbreak of infections linked to certain brands of pistachios and pistachio-containing products, according to the Public Health Agency of Canada
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
Tariffs, AI, and the Shifting U.S. Macro Landscape: Navigating a New Economic Regime
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
×