Banking on coal – Undermining our climate
Study | 15 November 2013
Coal is the single greatest source of carbon emissions endangering our climate. Yet never before has so much coal been mined on the planet as today. Since 2000, global coal production has grown by 70% and has now reached a staggering 7.9 billion tons annually. And what’s more, the industry is still expanding. Who on earth is financing the enormous production increases of the world’s dirtiest fossil fuel? ‘Banking on Coal’ answers this question with a focus on commercial banks.
From 2005 to mid-2013, 89 commercial banks poured a total of 118 billion euro into the coal mining industry. The lion’s share of finance – 71% – was, however, provided by only 20 banks. Together, these banks financed enormous coal mine expansions around the world.
Theme: Energy & climate