A recent report released by 25 global climate organizations shows that by the end of 2020, there are still nearly 4500 international investment institutions in thermal coal projects, with a total investment of US $1.03 trillion.
It is understood that the study is based on the analysis of the global coal withdrawal list. The research results show that although the major investment institutions are turning to “green assets”, the global financial industry still pays more attention to coal assets.
According to the report, nearly 60% of global investors in coal assets are US investment institutions. In the past two years, 381 banks have lent $315 billion to the coal industry. In addition, commercial banks also help the coal industry raise $800 billion by issuing bonds and selling shares.
According to the report, the three largest investment institutions are all from Japan, while Citigroup and Barclays are ranked fourth and fifth respectively, with both lending more than $13bn to the coal industry.
According to the researchers, the actions of these banks and investment institutions are contrary to the objectives of the 2015 Paris climate agreement. The goal is to keep global warming below 2 degrees Celsius this century, and the key to achieving the goal is to significantly reduce the use of fossil fuels.