London, United Kingdom—At its 2025 Annual General Meeting (AGM), Southeast Asian civil society groups urged Standard Chartered to halt financing new fossil fuel projects and commit to a phase-out plan aligned with a just transition.
Despite Standard Chartered’s environment and biodiversity commitments, data from the Center for Energy, Ecology and Development (CEED) reveals the bank remains the largest European financier of fossil fuels in Southeast Asia, continuing to support projects and developers that threaten the Coral Triangle, the world’s richest marine biodiversity.
“Standard Chartered’s ongoing financing of fossil fuels in Southeast Asia endangers the Coral Triangle, a critical ecosystem that sustains millions of people. If the bank truly cares about nature and biodiversity, it must stop enabling fossil fuel projects, specifically fossil gas and LNG, that destroy marine life and exacerbate the climate crisis,” said Gerry Arances, CEED Executive Director.
CEED’s data shows Standard Chartered has provided approximately USD 205 million in fossil gas financing in Southeast Asia, comprising USD 109 million in loans and USD 961 million in underwriting. Key clients include San Miguel Corporation (Philippines), PT Pertamina (Indonesia), PETRONAS (Malaysia), Gulf Energy (Thailand), and MOECO Vietnam Petroleum Co., Ltd. (Vietnam).
Representing communities in the Philippines, Bishop Gerardo Alminaza, Vice President of Caritas Philippines and a leading advocate for climate raised urgent questions to Standard Chartered’s leadership, challenging the bank’s continued support for fossil fuel projects in the Verde Island Passage despite mounting evidence of harm to local people and ecosystems.
“I ask you then, as a fellow steward of our common home: First, do you think it is moral and ethical for Standard Chartered to continue supporting fossil fuel projects and developers in the Philippines, especially in the Verde Island Passage, even after being confronted with overwhelming evidence of suffering from communities? Second, will Bill Winters and the Board commit to meet with the Protect VIP network and the poorest of the poor to hear how the Bank’s activities have enabled fossil fuel development on the VIP that harms communities?”
In response, Maria Ramos, newly appointed Chairperson of Standard Chartered, emphasized the bank’s environmental and social framework.
“We care about nature, biodiversity, and the social impact. We care about human rights. We use our position statements. We have strong governance in the bank to make sure that the decisions we make are in line with the position statements. It is within that framework that we make our decisions, whether to support or not to support particular clients or projects,” said Ramos.
Arances said that this is not the answer the region is waiting for, and not committing to a phase-out plan reflects a disregard for the urgent needs of communities directly impacted by the bank’s financing.
“Standard Chartered claims to care, but caring requires action, not just words. The people of the Coral Triangle, and Southeast Asia, need a concrete commitment to stop funding the destruction of our environment,” said Arances.