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🇧🇩 Bangladesh /Energy & Infrastructure

Barclays Faces UK Complaint Over Financing of Rampal Power Plant

From Daily Star · () English

Translated from English and summarized by DistantNews. Read the original for the full story.

At a glance

News Named sources Under investigation
  • Three complainants filed a UK government complaint alleging that Barclays failed to assess environmental and human rights risks linked to financing for Bangladesh’s Rampal coal-fired power plant.
  • The complaint says Barclays provided financial services connected to the project through underwriting for India’s NTPC and Export Import Bank of India.
  • Environmentalist Sharif Jamil said the complaint seeks discussions with Barclays over ongoing harm near the Sundarbans.

Barclays is facing a legal complaint in the United Kingdom over its role in financing a coal-fired power plant beside the Sundarbans, the world’s largest mangrove forest.

King’s Legal Clinic, a London-based legal service, is assisting three complainants who lodged the case with the UK government’s Office for Responsible Business Conduct. They allege that Barclays breached responsible-business guidelines and failed to carry out adequate due diligence on the project’s environmental and human rights risks.

The complaint concerns the Rampal Power Station, also known as the Maitree Super Thermal Power project, which began commercial operations in 2022. The plant stands next to the Sundarbans, a UNESCO World Heritage site extending across Bangladesh and India. The project faced strong opposition during its planning and construction, including from UNESCO. Other banks reportedly refused to finance it, citing environmental, social and governance commitments.

This is a chance for the UK to hold its banks and financial institutions accountable for their contribution to that crisis.

· Sue WillmanA solicitor with King’s Legal Clinic explaining the purpose of the complaint.

According to the complaint, Barclays underwrote shares and bonds worth €172.8 million for India’s state-owned National Thermal Power Corporation between 2005 and 2013, and $631 million between 2014 and 2017. NTPC is a joint venture partner in the plant. Barclays also underwrote bond issuances for the Export Import Bank of India between 2016 and 2019. The bank provided a loan for the project.

Sue Willman of King’s Legal Clinic said the complaint aimed to highlight the Sundarbans’ vulnerability to the climate and nature crisis. Bangladeshi environmentalist Sharif Jamil said British banks such as Barclays were helping finance high-emission plants near the forest. “I have brought this complaint to bring Barclays to the table through the OECD process to discuss the ongoing harms that arise from their investment,” he said. He also questioned how Barclays would implement its climate commitments and net-zero targets.

I have brought this complaint to bring Barclays to the table through the OECD process to discuss the ongoing harms that arise from their investment.

· Sharif JamilThe Bangladeshi environmentalist described why he filed the complaint.
About this summary

Originally published by Daily Star in English. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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