Big banks are channelling billions into the coal industry in spite of their own net zero targets, according to a new report from a group of 28 environmental campaign groups. They say financial institutions channeled US$ 1.5 trillion to the coal industry between January 2019 and November 2021, with those from the UK, US, China, Japan, India and Canada responsible for more than 86% of coal financing and investment.
Coal is the most polluting fossil fuel and phasing it out is a key part of global efforts to slash climate-heating pollution to stave off looming climate breakdown. 'Absolutely frightening' "It's absolutely frightening to see that pension funds, asset managers, mutual funds and other institutional investors are still betting on coal companies in the midst of an existential climate crisis," said Yann Louvel from Reclaim Finance, involved with the research.