Home News Environmental, Social and Governance

Coal is still raising trillions of dollars despite green shift

Bloomberg2/14/2022 11:03 PM GMT+08  • 2 min read
Coal is still raising trillions of dollars despite green shift
2022 could be a year of backsliding for some climate initiatives.
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

The dirtiest fossil fuel is still raising trillions of dollars of funding, despite finance industry pledges to back net zero carbon targets by the middle of the century.

Commercial banks have channelled more than US$1.5 trillion across the coal supply chain since the start of 2019, according to a report from German researcher Urgewald and its partners. The findings come just over three months after dozens of banks joined Mark Carney’s global alliance to achieve net-zero emissions from finance.

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, Barclays, Citigroup and JPMorgan Chase & Co, the study showed. Chinese banks dominated underwriting of capital raised by the coal industry.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.
Unlock unlimited access to premium articles with less than $9 per month. Subscribe Now