Major institutions provided $2 trillion to coal industry from 2019 to 2021: Research

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 on Monday .

"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.The study said banks from six countries - China, the United States, Japan, India, Britain and Canada - were responsible for 86 per cent of global coal financing over the period.

Institutional investments in coal firms over the period amounted to US$469 billion, with BlackRock at the top of the list with US$34 billion. The US asset manager did not respond to a request for comment.

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Major institutions provided $1.5 trillion to coal industry from 2019 to 2021 - researchSHANGHAI : 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. Reducing coal use is a key part of global
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Major institutions provided $1.5 trillion to coal industry from 2019 to 2021 - researchSHANGHAI : 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. Reducing coal use is a key part of global
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