Coal is the worst climate killer on the planet. We have to exit it quickly. However, most coal companies are still producing and burning coal, as if there is no tomorrow. And, the banks are complicit.
Missing the Turn
Since 2016, after COP20 in Paris, world leaders agreed to limit Global Warming to 1.5 degrees.
In 2021, the International Energy Agency issued its Net Zero by 2050 scenario and called for a rapid transition out of coal. It was the year in which the Glasgow COP agreed to accelerate the phase-down of coal and in which commercial banks launched the Net Zero Banking Alliance.
2016 should have been a turning point; 2021 should have been a turning point, but the global banking industry missed both turns. Our data shows that banks are still injecting hundreds of billions of dollars into the coal industry, our climate’s worst enemy.