17 August 2020
fiduciaries and stewards of assets, Europe Beyond Coal is calling on financial institutions (banks, investors and insurers) to demand that utilities develop asset-level, socially responsible plans for phasing out coal by 2030 at the latest. These, at a minimum, need to incorporate the measurable steps that utilities are taking to minimise the short-term risks that closures pose to workers, as well as long term measures to ensure they’re communities can look forward to a sustainable future. These measures should:
- Not lead to a prolongation of the lifetime of high-carbon assets;
- Not push workers into sectors that are equally vulnerable or harmful to the energy transition;
- Mainstream just transition into financial services across each asset class;
- Introduce restorative capital allocation to enhance community and regional renewal;
- Respect and build on international standards;
- Facilitate policy advocacy that contributes to lobbying efforts to secure regulation to protect workers and communities.