HSBC exits Vinh Tan 3 thermal power project

The fate of the 1,980MW Vinh Tan 3 coal-fired power plant, located in the southern central province of Binh Thuan, has become uncertain now that the London-headquartered HSBC announced withdrawing as the financial advisor for the project.

HSBC declines any involvement in Vinh Tan 3 thermal power project, adding to the ranks of financial institutions refusing to fund environmentally damaging power projects (Illustration image)

One of the world’s largest financial groups, HSBC, has pulled out of a major coal project in Vietnam, marking the latest move by an international bank to go cold on funding the biggest source of climate-changing greenhouse gas emissions, according to newswire eco-business.com.

HSBC was appointed as financial advisor to the $2 billion Vinh Tan 3 project in 2014, but a few days ago, the bank announced that it is no longer involved in the project.

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