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Pandemic likely made 2020 another devastating year for world s forests
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Asian banks are failing on climate by channeling billions into coal, report says
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Updated
Feb 25, 2021
Banks And Investors Are Still Pouring Billions Into Coal Companies
New research reveals the scale of the money that continues to flow to the dirtiest fossil fuel, despite the accelerating climate crisis.
Coal is the number-one single source for increasing global temperatures, with coal-fired electricity generation accounting for 30% of the world’s carbon dioxide emissions. And yet, scores of banks and institutional investors continue to pump money into supporting and expanding this fossil fuel industry, new research finds.
As of January 2021, institutional investors such as pension funds, asset managers and insurance companies around the world held investments worth more than $1 trillion in coal, with U.S. investors collectively holding 58% of the institutional investment in the global coal industry.
World’s two largest asset managers have invested $170bn in coal
Institutional investors have maintained more than $1 trillion worth of investments in the thermal coal industry despite the sector’s significant contribution to climate change. (
Stock image.)
The world’s two largest money managers have built a combined $170 billion investment portfolio in coal using money from people’s private savings and pension contributions, despite a global push for carbon neutrality, a new report shows.
The eye-popping figure pales in comparison to the astronomical $1 trillion in coal investments held by 4,488 institutional investors as of January this year, a report by more than 25 green groups led by German non-profit Urgewald, reveals.
Source: Bloomberg
No energy restrictions
Last week, analysts at Bloomberg Intelligence (BI) published a research note about the banking industry aptly titled What Energy Restrictions? The research notes that JPMorgan provided nearly $250 billion of loans and bonds to fossil-fuel companies since the ratification of the Paris Agreement in December 2015, nearly 30% higher than its closest rival Wells Fargo (NYSE:WFC), which provided $193B over the timeframe.
Collectively, Wall Street s biggest six banks provided nearly $900B in loans and bonds to the oil and gas industry over the past five years alone.
Fossil fuel apologists contend that JPM s sheer size and the fact that it has its fingers in so many pies make it nearly impossible to avoid involvement with climate-unfriendly businesses.
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