BlackRock joins Citi and HSBC in plan to close coal plants early

BlackRock and other major financial institutions are working on plans to accelerate the closure of coal-fired power plants in Asia in a bid to phase out the use of the worst man-made contributors to climate change.

The world’s biggest asset manager is partnering with Citigroup, HSBC and the Asian Development Bank to buy the plants and operate them for as long as 15 years before closing the assets ahead of current schedules, according to people familiar with the matter, who asked not to be named discussing a private matter.

BlackRock, Citi and HSBC are looking at buying up coal plants.

BlackRock, Citi and HSBC are looking at buying up coal plants.CREDIT:JONATHAN CARROLL

The proposals, which are being developed by the Asian Development Bank and Prudential Plc, involve buying coal plants in developing economies. The plan was first reported by Reuters.

Read the full article published in the Brisbane Times 4th August 2021