Banks around the world opt to offload coal

The 100 global financial companies that have cut back on coal funding include 40 percent of the top 40 global banks and at least 20 globally significant insurers, with over $6 trillion (€5.4 trillion) of investments under management, or about 20 percent of the coal industry’s global assets, a new report says.

The report by the UK-based Institute for Energy Economics and Financial Analysis (IEEFA), noted that since 2018 there had been 34 new or significantly improved announcements from global financial institutions restricting coal.

Coal accounts for almost half of global energy-related CO2 emissions.

“Since 2013, coal exit announcements have occurred at a rate of over one per month from globally significant banks and insurers holding more than $10 billion worth of assets under management,” the IEEFA said in a statement.

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