Credit Suisse announced Wednesday that it will no longer finance any new coal-fired power plants as the financial sector faces increased calls to support global efforts against climate change.

"The bank has decided to no longer provide any form of financing specifically related to the development of new coal-fired power plants," Switzerland's number two bank said in a statement ahead of an investor conference.

Credit Suisse recognises its "share of responsibilities in addressing the challenges of climate change," it added.

Addressing UN climate talks in Madrid this week, outgoing Bank of England Governor Mark Carney called for a "transition of the whole economy," including clear disclosures from companies about their environmental footprint.

Carney, newly appointed as the UN's Special Envoy for Climate Change and Finance, said companies "need to be rewarded or penalised if they are on the right or wrong side of the transition history."

Credit Suisse also pledged to widen its efforts to support "a low-carbon and climate-resilient economy."

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CREDIT SUISSE GROUP

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Banks gave $745 billion to groups planning new coal power plants: NGOs
Paris (AFP) Dec 6, 2019
Financial institutions have channeled $745 billion over the past three years into companies planning new coal-fired power plants, according to a report by environmental groups, who are urging global banks to stop financing the sector. The report's release comes as world leaders met this week in Madrid for a 12-day UN climate summit, where they are expected to hammer out some of the details of the 2015 Paris agreement. They face increasing pressure to step up their commitments on fossil fuel red ... read more