banking on coal
NGOs reveal top 20 international banks financing the coal mining industry
Coal is the single greatest source of carbon emissions endangering our climate. Yet never before has so much coal been mined on the planet as today. Since 2000, global coal production has grown by 70% and has now reached a staggering 7.9 billion tons annually. And what’s more, the industry is still expanding. Who on earth is financing the enormous production increases of the world’s dirtiest fossil fuel?
The study “Banking on Coal,” published by the German environmental NGO urgewald, the Polish Green Network, the international NGO network BankTrack and the CEE Bankwatch Network answers this question. From 2005 to mid-2013, 89 commercial banks poured a total of 118 billion euro into the coal mining industry. The lion’s share of finance – 71% – was, however, provided by only 20 banks. Together, these banks financed enormous coal mine expansions around the world. And among them are Britain’s RBS, Barclays, HSBC and Standard Chartered.