Financial institutions channeled more than $1.5 trillion into the coal industry in loans and underwriting from January 2019 to November 2021, even though many have made net-zero pledges, a report by a group of 28 non-government organizations showed.
Highlights
- Financial institutions channeled more than $1.5 trillion into the coal industry in loans and underwriting from January 2019 to November 2021.
- Reducing coal use is a key part of global efforts to slash climate-warming greenhouse gases.
- Banks continue to fund 1,032 firms involved in mining, trading, transportation and utilization of coal, research showed.
- The study said banks from six countries were responsible for 86% of global coal financing over the period, report showed.
- It said China, the U.S., Japan, India, Britain and Canada were responsible for 85% of funding of coal in the period of January 2019-November 2021.