Standard Chartered published a new power policy revealing the news on Tuesday, and becomes the first Asia-focused bank to rule out new coal development in the world’s biggest region for extraction and burning of the fossil fuel for energy. The move means that the bank will back out of three deals to finance coal power plants in Vietnam, the world’s third largest coal hotspot. The bank revealed its intention to move away from coal when it withdrew from a financing initiative for a massive coal plant in Vietnam in April following pressure from green groups. Standard Chartered’s statement on fossil fuel power reads: “We will not directly finance any new coal-fired power plant projects, including expansions, in any location.” The policy contrasts those made by other banks in the region this year, which have ruled out financing new coal power, but crucially not in developing markets such as Vietnam and Indonesia, Southeast Asia’s two largest coal-producing countries. Standard Chartered has loaned US$1.8 billion to coal projects since 2010, including US$820 million to projects that added 10.6 gigawatts of additional coal power capacity, according to data from Market Forces.

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