Banks Haven’t Quit Coal. Study Says Commercial Lenders Have Channeled $1.5 Trillion To The Industry
A report from Urgewald and Reclaim Finance says banks have channeled more than $1.5 trillion across the coal supply chain since the start of 2019.
Financial institutions from just six countries — the U.S., China, Japan, India, Canada and the U.K. — were found to be responsible for over 80% of coal financing and investment between January 2019 and November last year.
Most agree it’s necessary to fight rising temperatures, yet few major global banks are willing to shun profitable fossil-fuel clients. The biggest coal lenders included Mizuho Financial Group Inc., Barclays Plc, Citigroup Inc. and JPMorgan Chase & Co., the study showed. Chinese banks dominated underwriting of capital raised by the coal industry.