Saudi Press

Saudi Arabia and the world
Monday, Jul 21, 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
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
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Emirates Airline Expands Market Share with New $20 Million Campaign
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
×