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
-
Polish Families Pick through Debris after Floods Wash Away Homes
-
Ukraine’s Forests Devastated in Hellscape of War
-
Parkinson’s Patients to Receive Gut Bacteria Transplants, in Clinical 1st for Japan
-
CO2 Capture Technologies Advancing with Eye on Climate Change; New Technologies Include Absorption Coating Compound for Concrete
-
Osaka-Kansai Expo: Robot Avatars to be Operated by Online Visitors; Hopes to Show Barrier-free Future in Japan
JN ACCESS RANKING
- Streaming Services Boost Anime Popularity Overseas; Former ‘Geeky’ Interest More Beloved Among Gen Z than 3 Major U.S. Sports
- G20 Sees Soft Landing for Global Economy; Leaders Pledge to Resist Protectionism as Trump Calls for Imported Goods Flat Tariff
- 2024 POLLS: Ruling Camp Likely to Win Lower House Majority
- Chinese Rights Lawyer’s Wife Seeks Support in Japan; Sophie Luo Calls for Beijing to Free Ding Jiaxi, Xu Zhiyong
- Chinese Social Media Still Full of Anti-Japanese Posts 1 Month After Boy’s Fatal Stabbing; Malicious Videos Gain Large Number of Views