The London-headquartered bank’s cancellation of its role as financial advisor for the 1,980-megawatt Vinh Tan 3 coal power plant in Vietnam marks the latest move by a major international lender to ease off on bankrolling the fossil fuel in Asia.

One of the world’s largest finance 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.

HSBC was appointed financial advisor to the US$2 billion, 1,980-megawatt Vinh Tan 3 coal-fired power station in southeastern Vietnam in 2014, but the bank declared this week that it is not involved in the project.

Vinh Tan 3 is a planned part of a huge coal power complex in the Vinh Tan, Bình Thuan province of Vietnam, which is projected to produce 12 billion kilowatt-hours of electricity annually, and generate 11 million tonnes of carbon dioxide a year.

The news emerged via a response from the bank to an opinion editorial headlined “HSBC lags as finance cleans up on Asian energy”, written for Asia Times by Munira Chowdhury, an analyst for Australia-based finance pressure group Market Forces, and published on Wednesday.