JPMorgan Chase, Citi, RBS, Barclays, the China Construction Bank, and Bank of America lead the World Development Movement’s list of the 20 banks with the largest investments in the coal industry.
“According to the report, last year 92 leading banks provided at least €66 billion to the industry, a record year for financial support to the top 65 coal companies in the coal mining and power sectors,” Thorpe writes.
Like this story? Subscribe to The Energy Mix and never miss an edition of our free e-digest.
“The new BankTrack research accompanies the launch of the Banks: Quit Coal campaign that aims to pressure commercial banks to cut their ties with the coal industry and instead divert capital to clean energy and energy efficiency.”
Coal production accounts for 44% of global fossil fuel emissions, has grown 69% since 2000, and currently totals 7.9 billion tons per year.