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Finance

Coal Is Still Raising Trillions of Dollars Despite Green Shift

  • Banks, funds financing coal even after climate pledges
  • Report finds $1.5 trillion of coal finance since start of 2019
Coal Stockpiles at KCN Marunda Port As Export Ban Remains
Photographer: Dimas Ardian/Bloomberg

The dirtiest fossil fuel is still raising trillions of dollars of funding, despite finance industry pledges to back net zero carbon targets by the middle of the century. 

Commercial banks have channeled more than $1.5 trillion across the coal supply chain since the start of 2019, according to a report from German researcher Urgewald and its partners. The findings come just over three months after dozens of banks joined Mark Carney’s global alliance to achieve net-zero emissions from finance.