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Big banks are propping up the coal industry as it keeps on pumping out toxic emissions in some parts of the world

3 16 28
15.05.2021

It's been six years since the world's governments adopted the Paris Agreement. But in many parts of the world, including my country of Indonesia, the coal industry rampages on, aided and abetted by banks from around the world.

Coal is the single most significant source of global temperature increases to date. Scientists say if we want to meet the Paris Agreement's 1.5°C target, coal needs to be phased out globally by 2040.

As important as political action is on climate change, banks must end their financing of coal too. Through their lending and investing activities, many banks are funding companies opening new coal mines and building new coal power plants, despite the UN saying that all new coal projects should be cancelled immediately to meet climate goals. If financial institutions phased out funding for coal-dependent companies, the transition from polluting power to clean would be vastly accelerated.

In the UK, public and investor outcry on coal is mounting. Barclays has been targeted for the second year in a row by shareholder resolutions calling on the bank to phase out financing for fossil fuels. HSBC was recently forced into committing to a global........

© Business Insider


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