UK banks have supported companies building new coal plants with financing worth almost £25 billion since the Paris climate deal, according to data gathered by environmental organisations Urgewald and BankTrack and shared with Unearthed. In 2015, world leaders agreed to ensure finance reduced greenhouse gas emissions, but new data shows that HSBC, Standard Chartered, Barclays and Royal Bank of Scotland continued to support firms investing in coal. The data shows that those four banks supported companies with plans to build new coal plants to the tune of $31.8 billion or £24.7 billion between 2016 and 2019. Between them, these companies plan to build 174 gigawatts of new coal plants, equivalent to the total operating capacity of the EU and Australia put together. However, industry data is not yet sufficiently transparent to calculate how much of the money is used directly for coal plant construction. The plans include the Adani megamine in Australia, a controversial new coal plant in Germany and huge coal expansion in Indonesia.
Unearthed 5th Dec 2018 read more »
Major UK banks are “threatening” humanity by collectively propping up the global coal industry with almost £25bn in “life support”, new data has revealed. Data released by Greenpeace UK shows four banks have ignored international commitments to tackle climate change by giving £24.7bn between 2016 and September 2019 to finance companies with plans to build new coal plants.
Independent 5th Dec 2019 read more »