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.
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »