International Banks Continue to Back Coal Projects, Contrary to Policy Commitments

first_img FacebookTwitterLinkedInEmailPrint分享Financial Times:Between January 2014 and September 2017 international banks channeled $630bn to the top 120 companies planning to build new coal plants around the world.The researchers highlighted Beijing-based Industrial and Commercial Bank of China as the biggest underwriter for bond and share issues of coal plant developers, providing more than $33bn over that period.The researchers also found that nine western banks increased their financing of coal plant developers in 2016: Citi, UBS, Barclays, Société Générale, BNP Paribas, ING, JPMorgan, Standard Chartered and Crédit Agricole.The campaign groups said the figures were startling against the backdrop of the two-year anniversary of the Paris accord, where 195 countries agreed to fight global warming.The top two lenders to coal plant developers since January 2014 were Japanese banks Mizuho Financial and Mitsubishi UFJ Financial, providing $11.5bn and $10.2bn respectively.The figures will raise questions over the seriousness of banks’ public claims to want to help tackle climate change. Many have vowed to help reduce global warming by supporting green financing initiatives.More: Banks criticised for funding coal deals despite Paris agreement International Banks Continue to Back Coal Projects, Contrary to Policy Commitmentslast_img

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