Southeast Asian civil society groups confronted Standard Chartered at its 2025 Annual General Meeting on Tuesday, demanding that the bank halt funding for new fossil fuel projects and adopt a clear phase-out plan aligned with a just energy transition.

The groups criticized the bank’s continued support for fossil gas and liquefied natural gas (LNG) ventures despite its public commitments to environmental protection and biodiversity. The Center for Energy, Ecology and Development (CEED) revealed that Standard Chartered remains the largest European financier of fossil fuel projects in Southeast Asia, threatening marine ecosystems such as the Coral Triangle.

“Standard Chartered’s ongoing financing of fossil fuels in Southeast Asia endangers the Coral Triangle, a critical ecosystem that sustains millions of people,” said CEED Executive Director Gerry Arances. “If the bank truly cares about nature and biodiversity, it must stop enabling fossil fuel projects… that destroy marine life and exacerbate the climate crisis.”

CEED estimates that Standard Chartered has funneled approximately USD 205 million in fossil gas financing in Southeast Asia, including USD 109 million in loans and USD 961 million in underwriting. The bank’s major fossil fuel clients in the region include San Miguel Corporation (Philippines), PT Pertamina (Indonesia), PETRONAS (Malaysia), Gulf Energy (Thailand), and MOECO Vietnam Petroleum Co., Ltd. (Vietnam).

Bishop Gerardo Alminaza of San Carlos, Vice President of Caritas Philippines, directly addressed the bank’s leadership during the AGM. He questioned the morality of supporting fossil fuel developments in the Verde Island Passage (VIP), a marine corridor in the Philippines described as the “Amazon of the oceans.”

“Do you think it is moral and ethical for Standard Chartered to continue supporting fossil fuel projects… in the Verde Island Passage, even after being confronted with overwhelming evidence of suffering from communities?” the bishop asked. “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… that harms communities?”

In response, Standard Chartered’s new Chairperson Maria Ramos defended the bank’s practices, pointing to its internal safeguards.

“We care about nature, biodiversity, and the social impact. We care about human rights,” Ramos said. “We have strong governance in the bank to make sure that the decisions we make are in line with our position statements.”

But Arances said the bank’s statements fall short of what is needed.

“Standard Chartered claims to care, but caring requires action, not just words,” he said. “The people of the Coral Triangle, and Southeast Asia, need a concrete commitment to stop funding the destruction of our environment.”

The confrontation underscores growing pressure on global financial institutions to align their portfolios with climate goals and ensure accountability to frontline communities.