China’s banks are the last big players in coal company financing

As the planet lurches toward catastrophic levels of warming, China’s biggest banks have been ratcheting up their financing of the dirtiest fossil fuel of all: coal.

China is by far the world’s largest emitter of carbon dioxide, responsible for 31 per cent of the global total in 2020, and more than twice that of the US, the second-biggest polluter.While HSBC Holdings and other global banks have said they’ll no longer finance new coal plants, China continues to expand existing projects, part of a campaign to increase domestic supply and curb imports.

Global financial firms have also backed off coal loans. As recently as 2017, only one Chinese bank was among the top 10 providers, a list dominated by banking giants including Credit Suisse Group and JPMorgan ChaseCo. This year, Chinese institutions are the only lenders, led by Shanghai Pudong Development Bank.China is by far the world’s largest emitter of carbon dioxide, responsible for 31 per cent of the global total in 2020, and more than twice that of the US, the second-biggest polluter.

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