Groundbreaking research reveals the financiers of the coal industry

(Urgewald & Reclaim Finance, Berlin, 24 February 2021) urgewald, Reclaim Finance, Rainforest Action Network, Japan and 25 further NGO partners have published groundbreaking research on the financiers and investors behind the global coal industry. It was found that in January 2021, 4,488 institutional investors held investments totaling USD 1.03 trillion in companies operating along the thermal coal value chain. The top commercial bank lenders to the coal industry are Mizuho, SMBC, MUFG, Citigroup and Barclays. Scandinavian banks poured $67 billion into the fossil fuel industry since Paris. The Rainforest Action Network notes that while "welcom(ing) President Biden’s Executive Order to end public financing for fossil fuels abroad, the new administration must also address the role of Wall Street as a huge driver of climate pollution around the world - driving us ever deeper into a climate crisis".