Big European banks face call to end funding for firms building coal-fired plants

reuters.com Environmental Protection,  International,  Thermal Power 2019-12-06 13:51:13

Some of Europe's biggest banks are being challenged by environmental groups to sever all lending to utilities which they say are still developing new coal-fired power plants.


The call comes as some 190 countries meet in Madrid to assess progress on the 2015 Paris Climate Agreement, which demands a virtual end to coal power by 2050.


A United Nations report last year said almost all coal-fired power plants would need to close by the middle of this century to curb a rise in global temperatures to 1.5 degrees Celsius, in line with the level scientists say is needed to stave off the worst effects of climate change.


"Some banks have pledged to not directly finance new coal plants but they are providing general finance to companies which are building new plants," Katrin Ganswindt of German environmental pressure group Urgewald told Reuters.


Urgewald and BankTrack, an NGO focused on banks and the activities they finance, said an analysis of the 10 most active European lenders to companies which are still planning or developing new coal plants indicated total debt funding had risen to $56 billion between 2017 and the end of September 2019.a


This compared with a calculation of $48 billion for the period 2014 to 2016, the pressure groups said in a report provided to Reuters on December 5.


The 10 banks were Barclays, BNP Paribas, Credit Agricole, Credit Suisse, Deutsche Bank, HSBC, ING, Nordea, Standard Chartered and UniCredit.


Most of those named said the report did not reflect their efforts to stop funding coal plant development or a commitment to lowering carbon emissions. Credit Suisse declined to comment.


Britain's Barclays said it no longer provides project finance to any new coal-fired power plants or expansions of existing ones and disagreed with some of the data:


"The report misrepresents and does not differentiate cases where Barclays finances a subsidiary investing in renewable energy, when its parent company may have other subsidiaries involved in coal, which have no relationship with Barclays."


(Writing by Emma Yang  Editing by Jessie Jia)
For any questions, please contact us by inquiry@fwenergy.com or +86-351-7219322.

Share this article
Connect with us

Editors Recommendations

1 China' daily crude steel output falls 2.68% in early Feb amid virus 2020-02-17

Daily crude steel output at China's key steel mills fell by 2.68% from ten days ago to 1.94 million tonnes in early February, according to data from the China Iron and Steel Association (CISA).

2 China's import thermal coal outlook clouded by recovering supply 2020-02-17

China's import thermal coal market outlook was clouded by quickened resumption of domestic coal production, which could dent buying demand for overseas coal while vessels from China face 14-day quaran

3 Coal mines speeding up to reopen, virus impacts on supply abates, NEA 2020-02-17

A quick comeback of coal mines has been seen last week from suspension amid the virus outbreak, according to sources with the National Energy Administration. Impacts by restrictions against the virus

4 Chinese thermal coal traders concerned about price drops on supply recovery 2020-02-17

Chinese thermal coal traders were concerned that prices of the fossil fuel may lose ground at northern transfer ports in the near term, with more coal mines restarting operation in key production area

5 China Coal Daily Track (Feb 17) 2020-02-17

Thermal coal Production area While many mines have restarted operations in Ordos, Inner Mongolia, most of them were still unable to reach normal production because returning workers are still i

6 Ordos brings 75 coal mines back into operation 2020-02-17

Production had been restarted at 75 coal mines in Ordos city, one leading coal hub in northern China's Inner Mongolia, as of February 13, with yearly capacity totaling 380 million tonnes, said the loc

7 Guangdong carbon market closes higher 2020-02-17

Carbon emissions allowances closed at 29.23 yuan/t ($4.19/t) on February 14, 2.53% up from a day earlier, at the China Emissions Exchange (Guangzhou), the largest local carbon market in China.

8 China iron ore futures hit bottom 2020-02-14

China's iron ore futures have hit the bottom and bearish sentiment arising from coronavirus outbreak seemed fading away, along with production resumption at downstream plants and construction sector.

9 China Coal Daily Track (Feb 14) 2020-02-14

Thermal coal Production area Yulin saw coal mines running at low operating rates, and a few large local miners that were operating mainly secured supply to their own firms. Coal supply remai

10 MEC halts coal exports to China after border shut 2020-02-14

Mongolia Energy Corporation (MEC) said it had to suspend coal exports to China until early next month, as the government had decided to close all border crossings with China to prevent the novel coron

Most Read Articles

1 Indonesian thermal coal solid on robust Chinese demand 2020-02-11

Indonesian thermal coal prices maintained an upward pace in the Chinese seaborne import market, as Chinese utilities released firm demand amid domestic supply woe caused by the ongoing coronavirus out

2 China's transport curbs add to thermal coal supply woes at N ports 2020-02-11

Transport curbs that were imposed by some provinces to avert virus spread are adding to thermal coal supply woes at northern China ports, raising upbeat prospects for further price rises in the follow

3 Chinese coal traders hunt for short-term buys amid virus disruption 2020-02-12

Chinese coal traders and small coal-fired utilities are scrambling to lock in supplies of fuel from miners, worried about the prospects of market tightness as downstream users return to work after an

4 China coking coal supply sinks amid mines' slow resumption 2020-02-11

Coking coal supply kept sinking in China's main production areas on February 10, due mainly to slow production resumption at many mines alongside nationwide efforts to ward off novel coronavirus.

5 China's spot thermal coal rallies to 4-mth high on undersupply 2020-02-13

Chinese spot thermal coal rallied to a four-month high on the back of long-standing undersupply at northern transfer ports, and the winning streak is likely to be sustained in the short term.

6 CHN Energy adjusts up Feb term contract coal prices, sources 2020-02-11

China's top coal producer CHN Energy, usually called Shenhua by Chinese coal industry insiders, increased its monthly contract thermal coal prices for February shipments, sources said. Th

7 Over half of China's coal mines resume production, top planner 2020-02-12

Production had been resumed at 57.8% of the coal mines in China as of February 10, according to a news briefing held by the country's top economic planner on February 11. Further recovery

8 Indonesia 2019 coal exports hit multi-yr high 2020-02-13

Indonesia exported 456 million tonnes of coal in 2019, hitting a new high at least since 2015, official data showed. The 2019 exports were up 6.43% compared with a year ago, according to

9 QHD port coal stocks slump to three-yr-plus trough on reduced supply 2020-02-12

Qinhuangdao port, a leading coal transfer hub in North China, saw coal stockpiles plummet to a three-year-plus low in early February amid China's coronavirus-interrupted coal supply. Inve

10 Mongolia shuts freight through border crossings on coronavirus fears 2020-02-11

Mongolia on February 9 announced to temporarily shut down road freight via border crossings with China on fears of the novel coronavirus epidemic, Mongolian media reported. The movement c

Scan to download sxcoal.com mobile APP

X