Major institutions provided $1.5 trillion to coal industry from 2019 to 2021 - research

SHANGHAI : Hundreds of financial institutions channelled $1.5 trillion into the coal industry in loans and underwriting from January 2019 to November 2021, even though many have made net-zero pledges, a report by a group of 28 non-government organisations showed.

"Banks like to argue that they want to help their coal clients transition, but the reality is that almost none of these companies are transitioning," said Katrin Ganswind, head of financial research at German environmental group Urgewald, which led the research."And they have little incentive to do so as long as bankers continue writing them blank checks."

Another $1.2 trillion was channelled to coal firms via underwriting. All of the top 10 underwriters were Chinese, with the Industrial Commercial Bank of China in first place, accounting for $57 billion. It did not respond to a request for comment.

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