{"id":37560,"date":"2025-09-01T09:32:15","date_gmt":"2025-09-01T07:32:15","guid":{"rendered":"https:\/\/reclaimfinance.org\/site\/?p=37560"},"modified":"2025-09-02T10:45:54","modified_gmt":"2025-09-02T08:45:54","slug":"the-other-coal-problem-how-european-banks-keep-met-coal-expansion-alive","status":"publish","type":"post","link":"https:\/\/reclaimfinance.org\/site\/en\/2025\/09\/01\/the-other-coal-problem-how-european-banks-keep-met-coal-expansion-alive\/","title":{"rendered":"The other coal problem: How European banks keep met coal expansion alive"},"content":{"rendered":"

New data from the 2025 edition of the Banking on Climate Chaos report<\/span><\/a> (1) reveals that 54 of the 65 largest global banks have supported metallurgical coal (met coal) developers between 2021 and 2024, with European banks among the most significant contributors. While some European banks are globally stepping back from coal, others – including for instance BNP Paribas and Standard Chartered – remain deeply entangled in met coal expansion, undermining global climate objectives and exposing a massive loophole in their coal policies. Whether it is burned in a power plant <\/span>or in a blast furnace, coal must be phased out. The first step for banks is clear: they must immediately end support for companies pursuing any new coal mining project.<\/p>\n<\/div>

The International Energy Agency states that achieving net zero emissions by 2050 requires no new coal mines or extensions, including met coal (2) – which encompasses different types of coal used for steelmaking. (3) Yet, despite climate goals and the steel sector\u2019s ongoing transition, (4) European banks still finance companies planning new met coal mine expansions worldwide.<\/p>\n<\/div>

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European banks: met coal expansion champions<\/h2><\/span>
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Out of the world\u2019s 65 biggest banks, 54 have financed met coal developers since 2021, with European banks being among the most numerous. Indeed, this includes 20 European banks, 19 Asian banks, 11 North American banks, and 4 Australian banks.<\/p>\n<\/div><\/div><\/div>