Phasing out financial services for unabated coal-fired power and investing in clean forms of energy are important steps that banks, insurers, and investors can take to tackle climate change.
The UK and Canada have worked with leading institutions to establish a set of Finance Principles which translate the PPCA Declaration into meaningful commitments for financial institutions. The Principles set out a range of commitments across the areas of Financial Services, Investments, Reporting, and Promoting the PPCA. All of these are anchored in delivery of the 'PPCA Timeframes' which seek to ensure the phase out of existing coal power generation capacity by 2030 in the OECD / EU 28 and by 2050 in the rest of the world.
Alongside the launch of the principles as part of the UK Green Finance Strategy on Tuesday 2nd July 2019, the PPCA warmly welcomes three new members who have joined the Alliance as founding signatories of the Finance Principles, alongside CCLA and Storebrand as existing PPCA members from the finance sector:
With these new additions, the Powering Past Coal Alliance now totals 83 members, including 30 national governments, 22 subnational governments, and 31 businesses.
The PPCA also welcomes as an official Partner the UN-supported Principles for Responsible Investment (PRI) initiative.
PPCA members are committed to sharing their skills, experience and best practices as means of supporting the international effort to advance the phase out of unabated coal power generation.