Top UK banks Barclays, HSBC, Standard Chartered, and RBS have collectively backed the global coal industry to the tune of almost £25bn since 2015, according to data released today by Greenpeace. The campaign group slammed the four banks for “adding fuel to an existential catastrophe”, arguing that the data shows that between 2016 to September 2019 they provided £24.7bn to companies with plans to build new coal plants.
Business Green 5th Dec 2019 read more »
Independent 5th Dec 2019 read more »
It’s rapidly running out of friends in the financial world: coal is now too hot for many big insurers to want anything more to do with it. The burning of coal is one of the key factors behind rising emissions of climate-changing greenhouse gases. Now insurance companies, which play a vital role in the financing of coal plants, are announcing plans to withdraw from the sector, saying that backing organisations seeking to expand coal operations is incompatible with the 2015 Paris Agreement on climate change. AXA, the French insurance and financial services conglomerate, is the latest to announce its withdrawal from coal projects, though this divesting programme will in some cases be phased in over a number of years.
Climate News Network 5th Dec 2019 read more »