Aboitiz Equity Ventures

Standard Chartered sponsors Aboitiz Equity Ventures who owns Aboitiz Power, a Phillipine coal company. They have an installed coal capacity of 1,607 MW and plan to increase this even more. Thus, they massively contribute to the Philippines’ coal plant pipeline although the Philippines are amongst the most climate-vulnerable countries in the world and are experiencing more super typhoons than ever before. While the Philippine government and a handful of powerful families that control much of the nation’s economy have their mind set on coal, the country is missing out on the chance to transition to cleaner and cheaper energy sources. The Philippines are a veritable paradise with an enormous and diverse potential for solar, wind, ocean energy, geothermal and micro-hydro. Companies like Aboitiz are locking the Philippines into a coal-based energy system, making climate catastrophes almost unavoidable. Standard Chartered supports this though direct lending.

Find out more in our Coal Report page 29: