British bank HSBC Holdings Plc intends to stop financing coal mining companies and coal-fired power plants, as well as companies whose plans do not meet the bank’s sustainability goals. In particular, the bank said in a statement, HSBC will stop financing coal companies in the EU and OECD countries by 2030 and globally by 2040.

In addition, the bank intends to reduce its financing of coal-fired power plants globally by at least 25% by 2025 and 50% by 2030. The bank also expects all its clients that are in one way or another linked to the coal industry to publish transition plans, as HSBC has no plans to finance plants whose plans do not meet the goal of achieving zero greenhouse gas emissions by 2050.

“We want to be at the center of financing the energy transition, especially in Asia. This is where we can have the greatest impact to help the world achieve the goal of limiting global warming to 1.5 degrees Celsius,” said HSBC chief Noel Quinn.