HSBC has stakes in firms that plan more than 70 new coal plants
Asset management arm is not bound by pledge to stop financing coal even though new plants will emit hazardous air pollution
The coal-fired Lethabo power station in South Africa. The country is planning more coal-fired facilities. Photograph: Siphiwe Sibeko/Reuters
The coal-fired Lethabo power station in South Africa. The country is planning more coal-fired facilities. Photograph: Siphiwe Sibeko/Reuters
JillianAmbroseEnergycorrespondent
Wed 12 May 2021 02.00 EDT
Last modified on Wed 12 May 2021 02.02 EDT
A loophole in HSBC’s pledge to phase out financing for coal by 2040 will allow the bank to support companies with plans to build more than 70 new coal plants, which could cause an estimated 18,700 deaths from air pollution a year, according to a report.
Scientific American
An ongoing buildout of coal-fired power plants is one big reason
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A worker moves coal briquettes onto a pedicab at a coal distribution business in Huaibei, central China s Anhui province. Credit: Getty Images
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Countries around the world have been committing to ambitious measures to cut greenhouse gas emissions. New research shows they have further to go than they thought.
The Rhodium Group released an analysis today showing that China, the world’s largest emitter, saw its 2019 emission levels exceed those of all developed countries combined to reach 14 gigatons of carbon dioxide equivalent. That’s about 27% of the global total.
Poland keeps controversial mine open to 2044 despite lawsuit
Both Czech and German local authorities have filed official complaints against Turów to the European Commission, arguing that it damaging water supplies for nearby communities (Photo: Bohdan Melekh)
Brussels, 3. May, 07:05
The Polish government has extended the life of a controversial open-pit coal mine until 2044 - despite it already being in breach of at least two EU laws, according to the European Commission
The mine, in Turów, is currently still operating, one year into the breach.
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Polish utility PGE will have operated its sprawling Turów lignite mine illegally for one year this coming Saturday 1 May, despite the European Commission confirming that the licensing process for the mine breaks at least two EU laws. The mine pushes up to the Czech and German borders, depleting water supplies and .