{"id":35347,"date":"2024-12-20T01:00:50","date_gmt":"2024-12-20T00:00:50","guid":{"rendered":"https:\/\/reclaimfinance.org\/site\/?p=35347"},"modified":"2025-01-13T17:14:18","modified_gmt":"2025-01-13T16:14:18","slug":"beyond-thermal-europes-financial-institutions-must-act-on-metallurgical-coal","status":"publish","type":"post","link":"https:\/\/reclaimfinance.org\/site\/en\/2024\/12\/20\/beyond-thermal-europes-financial-institutions-must-act-on-metallurgical-coal\/","title":{"rendered":"Beyond thermal: Europe\u2019s financial institutions must act on metallurgical coal"},"content":{"rendered":"<p><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 fusion-flex-container has-pattern-background has-mask-background nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-margin-bottom:20px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"max-width:1216.8px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-1\" style=\"--awb-content-alignment:justify;--awb-text-color:var(--awb-color4);--awb-text-font-family:&quot;Montserrat&quot;;--awb-text-font-style:normal;--awb-text-font-weight:700;\"><p>National Australia Bank (NAB) recently joined the short list of financial institutions that have committed to refusing financing to some new metallurgical coal mines. (1) By becoming the third major Australian bank with a commitment on metallurgical coal, NAB takes a step forward to align its practices with global climate goals. Historically, European financial institutions have been the first to lead on coal-related policies, particularly with thermal coal. However, their efforts are still falling short of the urgency required regarding metallurgical coal. Reclaim Finance calls major European financial institutions to lead the way either by adopting strong commitments on metallurgical coal, or improving their existing ones.<\/p>\n<\/div><div class=\"fusion-text fusion-text-2\" style=\"--awb-content-alignment:justify;\"><p>The steel sector has the potential to become coal-free in the early 2040s, driven by innovative technologies and a growing push for decarbonization. (2) The International Energy Agency (IEA) has emphasized the need to halt the expansion of metallurgical coal, (3) pointing to a declining demand for met coal (4) as the industry shifts towards cleaner alternatives. For financial institutions, continuing to finance metallurgical coal expansion is not only misaligned with climate goals but also a risky bet in a market transitioning away from coal dependence.<\/p>\n<\/div><div class=\"fusion-title title fusion-title-1 fusion-title-text fusion-title-size-two\" style=\"--awb-text-color:var(--awb-color4);--awb-margin-top:15px;--awb-margin-bottom:15px;--awb-font-size:16px;\"><div class=\"title-sep-container title-sep-container-left fusion-no-large-visibility fusion-no-medium-visibility fusion-no-small-visibility\"><div class=\"title-sep sep- sep-solid\" style=\"border-color:#3e3e3e;\"><\/div><\/div><span class=\"awb-title-spacer fusion-no-large-visibility fusion-no-medium-visibility fusion-no-small-visibility\"><\/span><h2 class=\"fusion-title-heading title-heading-left fusion-responsive-typography-calculated\" style=\"font-family:&quot;Montserrat&quot;;font-style:normal;font-weight:700;margin:0;font-size:1em;--fontSize:16;--minFontSize:16;line-height:1.5;\">European financial institutions need to move faster on met coal<\/h2><span class=\"awb-title-spacer\"><\/span><div class=\"title-sep-container title-sep-container-right\"><div class=\"title-sep sep- sep-solid\" style=\"border-color:#3e3e3e;\"><\/div><\/div><\/div><div class=\"fusion-text fusion-text-3\" style=\"--awb-content-alignment:justify;\"><p><span style=\"font-weight: 400;\">While some financial institutions have taken the lead by including met coal in their policies, others are lagging far behind their peers in the decarbonization race. So far, only <\/span><span style=\"text-decoration: underline;\"><a href=\"https:\/\/coalpolicytool.org\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">10 major European financial institutions have adopted policies that cover metallurgical coal<\/span><\/a><\/span><span style=\"font-weight: 400;\">. This includes seven banks &#8211; BNP Paribas, CaixaBank, Cr\u00e9dit Agricole, HSBC, ING, Lloyds Banking Group, Soci\u00e9t\u00e9 G\u00e9n\u00e9rale &#8211; two investors &#8211; Eurazeo and Nordea AM &#8211; and only one insurer &#8211; Zurich. This leaves at least 20 <\/span><span style=\"text-decoration: underline;\"><a href=\"https:\/\/reclaimfinance.org\/site\/en\/2023\/11\/23\/metallurgical-coal-financing-time-to-call-it-off\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">major financial institutions that have supported met coal companies in the past<\/span><\/a><\/span><span style=\"font-weight: 400;\"> with no commitment whatsoever regarding met coal expansion. (5) <\/span><\/p>\n<\/div><iframe width=\"100%\" height=\"1200px\" scrolling=\"no\" style=\"background-color:#e5e3e3;\" src=\"https:\/\/www.adelvema.com\/rcf\/v2\/start.html?tool=cp&lng=tt&share&root=coalpolicy-tool.org&key=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\">\n<\/iframe><div class=\"fusion-text fusion-text-4\" style=\"--awb-content-alignment:justify;--awb-margin-top:20px;\"><p>Major laggards include:<\/p>\n<ul>\n<li>In France, BPCE is the only bank that still does not cover metallurgical coal in its coal policy. Since 2016, the bank has been involved in transactions to support coal giant Glencore, which acquired a majority stake in the met coal operations of Teck Resources. (6)<\/li>\n<li>In the UK, Natwest, Barclays and Standard Chartered still fail to include met coal in their policies, unlike HSBC and Lloyds Banking Group. Standard Chartered, as one of the few signatories of the Sustainable Steel Principles (SSP) (7) &#8211; a disclosure framework whose signatories could show leadership in decarbonizing the entire steel value chain &#8211; might have been expected to be among the first to act on metallurgical coal. Unicredit is the only other European bank that has signed the SSP but still has not adopted a met coal exclusion policy.<\/li>\n<li>In Germany, Deutsche Bank does not have a met coal policy and appears to still view met coal as a worthy investment, since it was the only European bank involved in the US$2.1 billion bridge loan that helped Peabody Energy Corp. acquire the extremely methane-intensive (8) met coal mines of Anglo American Plc in Australia. (9)<\/li>\n<\/ul>\n<\/div><div class=\"fusion-title title fusion-title-2 fusion-title-text fusion-title-size-two\" style=\"--awb-text-color:var(--awb-color4);--awb-margin-top:15px;--awb-margin-bottom:15px;--awb-font-size:16px;\"><div class=\"title-sep-container title-sep-container-left fusion-no-large-visibility fusion-no-medium-visibility fusion-no-small-visibility\"><div class=\"title-sep sep- sep-solid\" style=\"border-color:#3e3e3e;\"><\/div><\/div><span class=\"awb-title-spacer fusion-no-large-visibility fusion-no-medium-visibility fusion-no-small-visibility\"><\/span><h2 class=\"fusion-title-heading title-heading-left fusion-responsive-typography-calculated\" style=\"font-family:&quot;Montserrat&quot;;font-style:normal;font-weight:700;margin:0;font-size:1em;--fontSize:16;--minFontSize:16;line-height:1.5;\">Even the first movers don\u2019t do enough<\/h2><span class=\"awb-title-spacer\"><\/span><div class=\"title-sep-container title-sep-container-right\"><div class=\"title-sep sep- sep-solid\" style=\"border-color:#3e3e3e;\"><\/div><\/div><\/div><div class=\"fusion-text fusion-text-5\" style=\"--awb-content-alignment:justify;\"><p><span style=\"font-weight: 400;\">The largest financial institutions that have adopted restrictions for met coal expansion are banks. Among these, almost all merely have restrictions at the project level, therefore only restricting direct project financing. However, our research indicates that <\/span><span style=\"text-decoration: underline;\"><a href=\"https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2023\/11\/Reclaim_Finance_Metallurgical_Coal_November_2023.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">project level financing represents an extremely small portion of financing received by companies with met coal expansion plans<\/span><\/a><\/span><span style=\"font-weight: 400;\">. (10) This means that in order to meaningfully halt met coal expansion, financial institutions must adopt robust policies to restrict financing for companies developing new met coal projects.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">BNP Paribas, CaixaBank, Cr\u00e9dit Agricole, HSBC and ING, which already have a policy at the project level, must move a step further and broaden their policy to restrict financing for companies developing new met coal projects. Lloyds Banking Group and Soci\u00e9t\u00e9 G\u00e9n\u00e9rale are the only banks that currently have restrictions at the corporate level. However, their restrictions are only for new clients, meaning that existing clients in their portfolio, like Glencore, could still be financed. They must therefore broaden their policy to cover all met coal developers. <\/span><\/p>\n<\/div><div class=\"fusion-title title fusion-title-3 fusion-title-text fusion-title-size-two\" style=\"--awb-text-color:var(--awb-color4);--awb-margin-top:15px;--awb-margin-bottom:15px;--awb-font-size:16px;\"><div class=\"title-sep-container title-sep-container-left fusion-no-large-visibility fusion-no-medium-visibility fusion-no-small-visibility\"><div class=\"title-sep sep- sep-solid\" style=\"border-color:#3e3e3e;\"><\/div><\/div><span class=\"awb-title-spacer fusion-no-large-visibility fusion-no-medium-visibility fusion-no-small-visibility\"><\/span><h2 class=\"fusion-title-heading title-heading-left fusion-responsive-typography-calculated\" style=\"font-family:&quot;Montserrat&quot;;font-style:normal;font-weight:700;margin:0;font-size:1em;--fontSize:16;--minFontSize:16;line-height:1.5;\">Met coal is a fuel of the past<\/h2><span class=\"awb-title-spacer\"><\/span><div class=\"title-sep-container title-sep-container-right\"><div class=\"title-sep sep- sep-solid\" style=\"border-color:#3e3e3e;\"><\/div><\/div><\/div><div class=\"fusion-text fusion-text-6\" style=\"--awb-content-alignment:justify;\"><p><span style=\"font-weight: 400;\">Initially, finance sector restrictions focused on thermal coal due to the technical challenges of decarbonizing steel production. But technologies to stop using coal to make steel now exist and must be deployed, meaning that <\/span><span style=\"text-decoration: underline;\"><a href=\"https:\/\/reclaimfinance.org\/site\/en\/2024\/09\/27\/debunking-10-steel-decarbonization-myths-insights-for-financial-institutions\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">this sector is no longer \u201chard-to-abate\u201d<\/span><\/a><\/span><span style=\"font-weight: 400;\">. In reality <\/span><span style=\"text-decoration: underline;\"><a href=\"https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2024\/09\/Reclaim_Finance_Steel_Myths_September_2024.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">the term \u201cmetallurgical coal\u201d covers many types of coal<\/span><\/a><\/span><span style=\"font-weight: 400;\">, including thermal grades of coal which only become metallurgical because they are sold to the steel market. In the end, coal is coal, and it needs to be phased out regardless of its end use. Furthermore, the climate impact of metallurgical coal is estimated to be even worse than that of thermal coal due to the methane intensity of underground mines.(11)\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Yet, <\/span><span style=\"text-decoration: underline;\"><a href=\"https:\/\/reclaimfinance.org\/site\/en\/2023\/11\/23\/metallurgical-coal-financing-time-to-call-it-off\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">too many met coal mines continue to be developed<\/span><\/a><\/span><span style=\"font-weight: 400;\"> by companies like Glencore, Whitehaven, BHP, and Mitsubishi, with the support of financial institutions. Financial institutions must refuse to believe these companies when they tell them that metallurgical coal is an essential component in the energy transition and a profitable investment. (12) A survey conducted by the Australasian Center for Corporate Responsibility (13) found that 68% of investors foresee a transition away from metallurgical coal in steelmaking, and 80% believe metallurgical coal\u2019s risk profile will increase in the next decade. <\/span><\/p>\n<\/div><div class=\"fusion-text fusion-text-7\" style=\"--awb-content-alignment:justify;\"><p><strong>The timeframe to decarbonize the steel sector is now, (14) meaning that there is an urgent need to include metallurgical coal in all restrictions from the financial sector. Financial institutions that still have no commitments on met coal &#8211; BPCE, Natwest, Barclays, Standard Chartered, Unicredit and Deutsche Bank &#8211; must immediately include met coal in their coal policies. Those that have already done so &#8211; BNP Paribas, CaixaBank, Cr\u00e9dit Agricole, HSBC, ING, Lloyds Banking Group and Soci\u00e9t\u00e9 G\u00e9n\u00e9rale &#8211; must broaden their policy to the corporate level and make it robust by refusing to finance all met coal developers.<\/strong><\/p>\n<\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-1 fusion_builder_column_1_1 1_1 fusion-flex-column fusion-column-no-min-height\" style=\"--awb-padding-top:20px;--awb-padding-right:10px;--awb-padding-bottom:20px;--awb-padding-left:10px;--awb-overflow:hidden;--awb-bg-size:cover;--awb-border-color:var(--awb-color1);--awb-border-top:1px;--awb-border-right:1px;--awb-border-bottom:1px;--awb-border-left:1px;--awb-border-style:solid;--awb-border-radius:10px 10px 10px 10px;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-title title fusion-title-4 fusion-title-text fusion-title-size-three\" style=\"--awb-text-color:var(--awb-color1);--awb-margin-bottom:0px;--awb-font-size:16px;\"><div class=\"title-sep-container title-sep-container-left fusion-no-large-visibility fusion-no-medium-visibility fusion-no-small-visibility\"><div class=\"title-sep sep- sep-solid\" style=\"border-color:#3e3e3e;\"><\/div><\/div><span class=\"awb-title-spacer fusion-no-large-visibility fusion-no-medium-visibility fusion-no-small-visibility\"><\/span><h3 class=\"fusion-title-heading title-heading-left fusion-responsive-typography-calculated\" style=\"font-family:&quot;Montserrat&quot;;font-style:normal;font-weight:700;margin:0;font-size:1em;--fontSize:16;--minFontSize:16;line-height:1.5;\"><p>Notes:<\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">According to this new policy, \u201cThe Group will not provide project finance for a greenfield metallurgical coal mine.\u201d<\/span>\u00a0National Australia Bank, <span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.nab.com.au\/content\/dam\/nab\/documents\/reports\/corporate\/2024-climate-report.pdf\" target=\"_blank\" rel=\"noopener\">2024 Climate Report<\/a><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Agora Industry, <span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.agora-industry.org\/publications\/15-insights-on-the-global-steel-transformation\" target=\"_blank\" rel=\"noopener\">15 insights on the global steel transformation<\/a><\/span>, June 2024<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The IEA also establishes that even though demand for coking coal should fall at a slightly slower rate than for thermal coal, \u201cexisting sources of production are sufficient to cover demand through to 2050.\u201d <\/span>IEA, <span style=\"text-decoration: underline;\"><a href=\"https:\/\/iea.blob.core.windows.net\/assets\/deebef5d-0c34-4539-9d0c-10b13d840027\/NetZeroby2050-ARoadmapfortheGlobalEnergySector_CORR.pdf\" target=\"_blank\" rel=\"noopener\">Net Zero by 2050<\/a><\/span>, May 2021<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The International Energy Agency\u2019s (IEA) World Energy Outlook shows that under current policy conditions, coking coal production and demand are expected to drop from 941 Mtce (million tonnes of coal equivalent) in 2021, to 691 Mtce in 2050. <\/span>IEA, <span style=\"text-decoration: underline;\"><a href=\"https:\/\/iea.blob.core.windows.net\/assets\/86ede39e-4436-42d7-ba2a-edf61467e070\/WorldEnergyOutlook2023.pdf\" target=\"_blank\" rel=\"noopener\">World Energy Outlook 2023<\/a><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">This includes the following European financial institutions that were in the top 50 financiers highlighted in the research of the following report: Reclaim Finance, <\/span><span style=\"text-decoration: underline;\"><a href=\"https:\/\/reclaimfinance.org\/site\/en\/2023\/11\/23\/metallurgical-coal-financing-time-to-call-it-off\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Metallurgical coal financing: time to call it off<\/span><\/a><\/span><span style=\"font-weight: 400;\">, November 2023. <\/span>This includes 15 banks: Deutsche Bank, BPCE, Santander, Barclays, UBS, Standard Chartered, Unicredit, ABN Amro, Commerzbank, BBVA, Rabobank, Intesa Sanpaolo, Natwest, SEB, DZ Bank. Five investors: Schroders, Aviva, Abrnd, Groupe BPCE, UBS.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Glencore, <\/span><span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.glencore.com\/media-and-insights\/news\/acquisition-of-a-77-percent-interest-in-tecks-steelmaking-coal-business-for-USd6-93-bn\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Acquisition of a 77% interest in Teck\u2019s steelmaking coal business for US$6.93 bn<\/span><\/a><\/span><span style=\"font-weight: 400;\">, November 2023<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u00a0See <\/span><span style=\"text-decoration: underline;\"><a href=\"https:\/\/steelprinciples.org\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">https:\/\/steelprinciples.org\/<\/span><\/a><\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">IEEFA, <\/span><span style=\"text-decoration: underline;\"><a href=\"https:\/\/ieefa.org\/resources\/anglo-sale-puts-queensland-coal-mine-emissions-spotlight-and-wall-streets-hands\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Anglo sale puts Queensland coal mine emissions in the spotlight \u2013 and in Wall Street\u2019s hands<\/span><\/a><\/span><span style=\"font-weight: 400;\">, November 2024<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Bloomberg, <\/span><span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-12-02\/deutsche-bank-cuts-a-lonely-figure-in-2-1-billion-peabody-loan\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Deutsche Bank Sticks Out Among Financiers of Peabody Loan<\/span><\/a><\/span><span style=\"font-weight: 400;\">, December 2024<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Research for the report <\/span><span style=\"text-decoration: underline;\"><a href=\"https:\/\/reclaimfinance.org\/site\/en\/2023\/11\/23\/metallurgical-coal-financing-time-to-call-it-off\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Metallurgical coal financing: time to call it off<\/span><\/a><\/span><span style=\"font-weight: 400;\"> found that only 1.4% of financing was dedicated project finance.\u00a0\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ember, <\/span><span style=\"text-decoration: underline;\"><a href=\"https:\/\/ember-energy.org\/latest-insights\/why-the-steel-industry-needs-to-tackle-coal-mine-methane\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Why the steel industry needs to tackle coal mine methane<\/span><\/a><\/span><span style=\"font-weight: 400;\">, January 2023<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">ACCR, <\/span><span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.accr.org.au\/research\/ahead-of-the-game-investor-sentiment-on-steel-decarbonisation\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Ahead of the game: investor sentiment on steel decarbonisation<\/span><\/a><\/span><span style=\"font-weight: 400;\">, July 2024. <\/span><span style=\"font-weight: 400;\">IEEFA,<\/span><span style=\"text-decoration: underline;\"><a href=\"https:\/\/ieefa.org\/sites\/default\/files\/2024-09\/fact-sheet-met-coal.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\"> Fact Sheet: Mythbusting: Metallurgical Coal<\/span><\/a><\/span><span style=\"font-weight: 400;\">, September 2024. <\/span><span style=\"font-weight: 400;\">IEEFA, <\/span><span style=\"text-decoration: underline;\"><a href=\"https:\/\/ieefa.org\/resources\/dont-believe-spin-coal-no-longer-essential-produce-steel\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Don\u2019t believe the spin: Coal is no longer essential to produce steel<\/span><\/a><\/span><span style=\"font-weight: 400;\">, March 2024<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u00a0ACCR, <\/span><span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.accr.org.au\/research\/ahead-of-the-game-investor-sentiment-on-steel-decarbonisation\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Ahead of the game: investor sentiment on steel decarbonisation<\/span><\/a><\/span><span style=\"font-weight: 400;\">, July 2024\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Agora Industry, <\/span><span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.agora-industry.org\/publications\/15-insights-on-the-global-steel-transformation\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">15 insights on the global steel transformation<\/span><\/a><\/span><span style=\"font-weight: 400;\">, June 2024<\/span><\/li>\n<\/ol><\/h3><span class=\"awb-title-spacer\"><\/span><div class=\"title-sep-container title-sep-container-right\"><div class=\"title-sep sep- sep-solid\" style=\"border-color:#3e3e3e;\"><\/div><\/div><\/div><\/div><\/div><\/div><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-2 fusion-flex-container has-pattern-background has-mask-background nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"max-width:1216.8px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-2 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-title title fusion-title-5 fusion-sep-none fusion-title-text fusion-title-size-two\" style=\"--awb-text-color:var(--awb-color1);--awb-margin-bottom:0px;\"><h2 class=\"fusion-title-heading title-heading-left fusion-responsive-typography-calculated\" style=\"margin:0;text-transform:uppercase;--fontSize:33;line-height:1.5;\">Read also<\/h2><\/div><div class=\"fusion-separator\" style=\"align-self: flex-start;margin-right:auto;margin-top:25px;margin-bottom:35px;width:100%;max-width:100px;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;--awb-sep-color:var(--awb-color4);border-color:var(--awb-color4);border-top-width:10px;\"><\/div><\/div><div class=\"fusion-blog-shortcode fusion-blog-shortcode-1 fusion-blog-archive fusion-blog-layout-grid-wrapper fusion-blog-no\" style=\"--awb-title-font-size:18px;\"><style type=\"text\/css\">.fusion-blog-shortcode-1 .fusion-blog-layout-grid .fusion-post-grid{padding:15px;}.fusion-blog-shortcode-1 .fusion-posts-container{margin-left: -15px !important; margin-right:-15px !important;}<\/style><div class=\"fusion-posts-container fusion-posts-container-no fusion-blog-rollover fusion-blog-layout-grid fusion-blog-layout-grid-3 isotope fusion-blog-equal-heights\" data-pages=\"175\" data-grid-col-space=\"30\" style=\"margin: -15px -15px 0;min-height:500px;\"><article id=\"blog-1-post-39386\" class=\"fusion-post-grid post-39386 post type-post status-publish format-standard has-post-thumbnail hentry category-blog_en acteurs_financiers-banks thematique-gas-en thematique-oil-and-gas-en programme-program-1\">\n<div class=\"fusion-post-wrapper\" style=\"background-color:rgba(255,255,255,0);border:1px solid #2a2b3d;border-bottom-width:3px;\">\n\n\t\t\t<div class=\"fusion-flexslider flexslider fusion-flexslider-loading fusion-post-slideshow\" style=\"border-color:#2a2b3d;\">\n\t\t<ul class=\"slides\">\n\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li><div  class=\"fusion-image-wrapper\" aria-haspopup=\"true\">\n\t\t\t\t<img decoding=\"async\" width=\"900\" height=\"400\" src=\"https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2024\/09\/LNG-terminal-mozambique-lng-TotalEnergies.jpg\" class=\"attachment-full size-full wp-post-image\" alt=\"\" srcset=\"https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2024\/09\/LNG-terminal-mozambique-lng-TotalEnergies-200x89.jpg 200w, https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2024\/09\/LNG-terminal-mozambique-lng-TotalEnergies-400x178.jpg 400w, https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2024\/09\/LNG-terminal-mozambique-lng-TotalEnergies-600x267.jpg 600w, https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2024\/09\/LNG-terminal-mozambique-lng-TotalEnergies-800x356.jpg 800w, https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2024\/09\/LNG-terminal-mozambique-lng-TotalEnergies.jpg 900w\" sizes=\"(min-width: 2200px) 100vw, (min-width: 784px) 370px, (min-width: 712px) 555px, (min-width: 640px) 712px, \" \/><div class=\"fusion-rollover\">\n\t<div class=\"fusion-rollover-content\">\n\n\t\t\t\t\n\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\n\t\t\t\t\t\t<a class=\"fusion-link-wrapper\" href=\"https:\/\/reclaimfinance.org\/site\/en\/2026\/03\/16\/our-response-to-totalenergies-on-the-papua-lng-project\/\" aria-label=\"Our response to TotalEnergies on the Papua LNG project\"><\/a>\n\t<\/div>\n<\/div>\n<\/div>\n<\/li>\n\t\t\t\n\t\t\t\n\t\t\t\t\t\t\t\t<\/ul>\n\t<\/div>\n\t<div class=\"fusion-post-content-wrapper\" style=\"padding:30px 25px 20px 25px;\"><div class=\"fusion-post-content post-content\"><h3 class=\"blog-shortcode-post-title entry-title\"><a href=\"https:\/\/reclaimfinance.org\/site\/en\/2026\/03\/16\/our-response-to-totalenergies-on-the-papua-lng-project\/\">Our response to TotalEnergies on the Papua LNG project<\/a><\/h3><p class=\"fusion-single-line-meta\"><span class=\"vcard\" style=\"display: none;\"><span class=\"fn\"><a href=\"https:\/\/reclaimfinance.org\/site\/author\/abo\/\" title=\"Articles par Antoine Bouhey\" rel=\"author\">Antoine Bouhey<\/a><\/span><\/span><span class=\"updated\" style=\"display:none;\">2026-03-16T16:33:15+01:00<\/span><a href=\"https:\/\/reclaimfinance.org\/site\/en\/category\/blog_en\/\" rel=\"category tag\">Articles<\/a><span class=\"fusion-inline-sep\">|<\/span><\/p><\/div><\/div><div class=\"fusion-clearfix\"><\/div><\/div>\n<\/article>\n<article id=\"blog-1-post-39375\" class=\"fusion-post-grid post-39375 post type-post status-publish format-standard has-post-thumbnail hentry category-blog_en acteurs_financiers-asset-managers-en acteurs_financiers-asset-owners acteurs_financiers-investors thematique-coal thematique-oil-and-gas-en thematique-sustainable-finance programme-program-3\">\n<div class=\"fusion-post-wrapper\" style=\"background-color:rgba(255,255,255,0);border:1px solid #2a2b3d;border-bottom-width:3px;\">\n\n\t\t\t<div class=\"fusion-flexslider flexslider fusion-flexslider-loading fusion-post-slideshow\" style=\"border-color:#2a2b3d;\">\n\t\t<ul class=\"slides\">\n\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li><div  class=\"fusion-image-wrapper\" aria-haspopup=\"true\">\n\t\t\t\t<img decoding=\"async\" width=\"1125\" height=\"500\" src=\"https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2025\/07\/Retraite-investissements.png\" class=\"attachment-full size-full wp-post-image\" alt=\"\" srcset=\"https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2025\/07\/Retraite-investissements-200x89.png 200w, https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2025\/07\/Retraite-investissements-400x178.png 400w, https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2025\/07\/Retraite-investissements-600x267.png 600w, https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2025\/07\/Retraite-investissements-800x356.png 800w, https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2025\/07\/Retraite-investissements.png 1125w\" sizes=\"(min-width: 2200px) 100vw, (min-width: 784px) 370px, (min-width: 712px) 555px, (min-width: 640px) 712px, \" \/><div class=\"fusion-rollover\">\n\t<div class=\"fusion-rollover-content\">\n\n\t\t\t\t\n\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\n\t\t\t\t\t\t<a class=\"fusion-link-wrapper\" href=\"https:\/\/reclaimfinance.org\/site\/en\/2026\/03\/13\/when-some-asset-owners-lead-the-way-in-changing-asset-managers-climate-practices\/\" aria-label=\"When some asset owners lead the way in changing asset managers\u2019 climate practices\"><\/a>\n\t<\/div>\n<\/div>\n<\/div>\n<\/li>\n\t\t\t\n\t\t\t\n\t\t\t\t\t\t\t\t<\/ul>\n\t<\/div>\n\t<div class=\"fusion-post-content-wrapper\" style=\"padding:30px 25px 20px 25px;\"><div class=\"fusion-post-content post-content\"><h3 class=\"blog-shortcode-post-title entry-title\"><a href=\"https:\/\/reclaimfinance.org\/site\/en\/2026\/03\/13\/when-some-asset-owners-lead-the-way-in-changing-asset-managers-climate-practices\/\">When some asset owners lead the way in changing asset managers\u2019 climate practices<\/a><\/h3><p class=\"fusion-single-line-meta\"><span class=\"vcard\" style=\"display: none;\"><span class=\"fn\"><a href=\"https:\/\/reclaimfinance.org\/site\/author\/amas\/\" title=\"Articles par Agathe Masson\" rel=\"author\">Agathe Masson<\/a><\/span><\/span><span class=\"updated\" style=\"display:none;\">2026-04-01T17:34:19+02:00<\/span><a href=\"https:\/\/reclaimfinance.org\/site\/en\/category\/blog_en\/\" rel=\"category tag\">Articles<\/a><span class=\"fusion-inline-sep\">|<\/span><\/p><\/div><\/div><div class=\"fusion-clearfix\"><\/div><\/div>\n<\/article>\n<article id=\"blog-1-post-39255\" class=\"fusion-post-grid post-39255 post type-post status-publish format-standard has-post-thumbnail hentry category-blog_en acteurs_financiers-asset-managers-en acteurs_financiers-asset-owners thematique-fossil-fuels programme-program-1\">\n<div class=\"fusion-post-wrapper\" style=\"background-color:rgba(255,255,255,0);border:1px solid #2a2b3d;border-bottom-width:3px;\">\n\n\t\t\t<div class=\"fusion-flexslider flexslider fusion-flexslider-loading fusion-post-slideshow\" style=\"border-color:#2a2b3d;\">\n\t\t<ul class=\"slides\">\n\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li><div  class=\"fusion-image-wrapper\" aria-haspopup=\"true\">\n\t\t\t\t<img decoding=\"async\" width=\"1125\" height=\"500\" src=\"https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2026\/02\/ERAFP.png\" class=\"attachment-full size-full wp-post-image\" alt=\"\" \/><div class=\"fusion-rollover\">\n\t<div class=\"fusion-rollover-content\">\n\n\t\t\t\t\n\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\n\t\t\t\t\t\t<a class=\"fusion-link-wrapper\" href=\"https:\/\/reclaimfinance.org\/site\/en\/2026\/02\/17\/erafps-new-climate-commitments-progress-or-window-dressing\/\" aria-label=\"ERAFP&rsquo;s new climate commitments: progress or window dressing?\"><\/a>\n\t<\/div>\n<\/div>\n<\/div>\n<\/li>\n\t\t\t\n\t\t\t\n\t\t\t\t\t\t\t\t<\/ul>\n\t<\/div>\n\t<div class=\"fusion-post-content-wrapper\" style=\"padding:30px 25px 20px 25px;\"><div class=\"fusion-post-content post-content\"><h3 class=\"blog-shortcode-post-title entry-title\"><a href=\"https:\/\/reclaimfinance.org\/site\/en\/2026\/02\/17\/erafps-new-climate-commitments-progress-or-window-dressing\/\">ERAFP&rsquo;s new climate commitments: progress or window dressing?<\/a><\/h3><p class=\"fusion-single-line-meta\"><span class=\"vcard\" style=\"display: none;\"><span class=\"fn\"><a href=\"https:\/\/reclaimfinance.org\/site\/author\/aman\/\" title=\"Articles par Aatira\u00ef Manickawasagar\" rel=\"author\">Aatira\u00ef Manickawasagar<\/a><\/span><\/span><span class=\"updated\" style=\"display:none;\">2026-02-17T09:45:36+01:00<\/span><a href=\"https:\/\/reclaimfinance.org\/site\/en\/category\/blog_en\/\" rel=\"category tag\">Articles<\/a><span class=\"fusion-inline-sep\">|<\/span><\/p><\/div><\/div><div class=\"fusion-clearfix\"><\/div><\/div>\n<\/article>\n<div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":33,"featured_media":35357,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[222],"tags":[],"acteurs_financiers":[2442],"thematique":[2423,2482],"webinar_type":[],"programme":[],"class_list":["post-35347","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog_en","acteurs_financiers-banks","thematique-fossil-fuels","thematique-metallurgical-coal"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Beyond thermal: Europe\u2019s financial institutions must act on metallurgical coal - Reclaim Finance<\/title>\n<meta name=\"description\" content=\"NAB recently joined the short list of financial institutions that have committed to 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