While the UK claims global leadership on climate change, Barclays ranks fourth in the report’s “dirty dozen” list, followed by US bank Citigroup
New research by a consortium of 28 environmental NGOs found that commercial banks from Japan, the UK, the US, China, India and Canada are responsible for 86 percent of global coal financing and investment.
While the UK claims global leadership on climate change, which it sought to boost with its hosting of the last UN climate change conference in October, UK bank Barclays ranks fourth in the “dirty dozen” list drawn up by the NGOs, followed by US bank Citigroup. Four other US banks make it to the top 12 list of coal lenders, while ten of them are also members of the Net Zero Banking Alliance.
Nearly 500 commercial banks have provided $1.2 trillion to companies on the GCEL through underwriting. The three Chinese financial institutions that top the list of the top 12 underwriters are the Industrial Commercial Bank of China, the China International Trust and Investment Corporation and the Shanghai Pudong Development Bank. US bank JPMorgan Chase is the only non-Chinese bank on the list.
More than 40 countries agreed to phase out coal, the dirtiest fossil fuel. The largest economies have pledged to do so in the 2030s, while the deadline for smaller economies still dependent on coal is a decade later.
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