- Climate finance experts reveal the major loopholes in hundreds of financial institutions’ coal policies;
- New online tool exposes banks, insurers, asset owners and asset managers with no restrictions on coal at all
- Weak policies could lead to the expansion of the coal industry and prevent the world from exiting coal on time if left unchecked.
Paris, September 8th, 2020, 09:00 CET – Reclaim Finance, in partnership with 27 other NGOs , is releasing the first online tool to identify, assess, and compare the policies adopted by financial institutions worldwide to restrict or end their financial services to the coal sector . The Coal Policy Tool rates the coal sector policies of 214 financial institutions on a consistent and transparent scoring grid built upon five key criteria; it also names the largest banks, re/insurers, asset owners and asset managers that have not begun taking steps on the coal policy road . The tool, which will be updated in real-time, spans 30 countries, from Australia to the United States. The Coal Policy Tool helps users to easily identify the good, the bad, and the in-between of policies adopted by financial institutions worldwide. It is accessible at coalpolicytool.org.
Media interviews : Lucie Pinson, Founder and Director of Reclaim Finance, firstname.lastname@example.org, +33 6 79 54 37 15.
 The Coal Policy Tool is launched in partnership with the following NGOs: 350; BankTrack; Both Ends; Centre for Financial Accountability; CEED – Center for Energy, Ecology, and Development; CLEAN; Ecologistas en Acción ; Fossil Free California; Foundation “Development YES – Open-Pit Mines NO”; Friends of the Earth US; Global Witness; Instituto Internacional de Derecho y Medio Ambiente; Jacses; Just Share; Kiko Network ; Les Amis de la Terre France; Maan ystävät – Friends of the Earth Finland; Rainforest Action Network; Re:Common; RESET; ShareAction; Solutions For Our Climate; Sierra Club; Urgewald. The NGO campaigns Europe Beyond Coal; Insure Our Future and BlackRock’s Big Problem also endorse the tool.