Many of the world’s leading financial institutions have pledged in recent years to slash their support for the coal and oil industries. But a new report has found that hundreds of billions of dollars are still being channeled into fossil fuels, and Asia’s banks are doing much of that business.
Globally, 380 commercial banks lent the coal industry 315 billion dollars over the past two years, according to the report, which was compiled by more than two dozen non-governmental organizations. The groups say their research is the first to analyze the financiers and investors supporting the entire coal industry.
The top three lenders to the coal industry were all Japanese: Mizuho, Sumitomo Mitsui Banking Corporation, and Mitsubishi UFJ Financial Group. Collectively, Japanese banks provided 75 billion dollars in loans between October 2018 and October 2020.
The United States ranks second, providing loans worth 68 billion dollars, or 22% of the total.