Report: Financial Institutions Globally Accelerate Move Away from Coal
17:56 JST, May 31, 2023
MELBOURNE (Reuters) — Banks and insurers are more frequently adding coal exclusion policies to their investments while those with existing policies are toughening them up despite record profits in the sector, according to a report on May 4.
More than 200 financial institutions globally have policies restricting coal investment, double the number seen in April 2019, suggesting climate action is gathering steam, according to the Institute for Energy Economics and Financial Analysis (IEEFA).
IEEFA reviewed the formal coal exit policies of financial institutions including commercial banks, global asset managers, insurance and reinsurance companies, pension funds, central banks, development lenders and others.
The increase in restrictions comes amid record profits at coal miners over the past year, partly driven by the policies that have curbed available capital for new projects, increasing regulation, as well as by the war in Ukraine.
Asia has shown a big increase in the number of financial institutions barring coal, climbing to 41 from 10 across 2013-2019. European lenders and insurers meanwhile are setting down stricter policies than those in other regions, IEEFA said.
Most financial institutions restrict investments in coal-fired power plants and thermal coal mining, however increasingly tougher restrictions target all financial services and products.
"Science & Nature" POPULAR ARTICLE
-
Gigantic Ichthyosaur’s Fossils Found by British Girl, Father
-
Auroras May be Visible in Hokkaido within Days from Friday Night as Sun is Extremely Active; GPS, Aircraft Communications Disruption Feared
-
Jellyfish Invade Venezuelan Waters, Worrying Fishermen
-
JAXA Plans to Develop Demonstration Plant for Tech to Produce Spacecraft Fuel on Moon; Agency to Partner with Government, Private Sector, Academia
-
Fossils of Colossal Snake Vasuki Unearthed in India
JN ACCESS RANKING
- Weakening Yen Adds Complexity to BOJ’s Rate Hike Decisions; Rising Commodity Prices may Impact ‘Virtuous Cycle’ Efforts
- Japanese Seafood Exports to China Sink 57% in FY23; U.S. Becomes Largest Seafood Export Destination
- 70% of Japan Companies to Raise Pay Scales in FY 2024
- 48.6% of Global Patent Applications Related to All-Solid-State Batteries Came from Japanese Firms; Panasonic Tops List
- Core Consumer Prices Rise 2.8% in Fiscal 2023