While global coal expansion appears to be slowing, the drop remains insufficient and is outweighed by new capacity in the pipeline. In fact, in 2024,<\/b> China and India accounted for over two-thirds of all new thermal coal proposals – enough to offset global retirements and stall overall progress.<\/b><\/a><\/span> The new Still Banking on Coal (SBoC) shows that major banks from across the world – including the US and Europe – continue to support the thermal coal sector, despite climate imperatives. (1) In total, 650 banks globally provided US$385 billion between 2022 and 2024, including US$130 billion in 2024 alone. Among leading financiers are CITIC, the Industrial and Commercial Bank of China (ICBC), Bank of America, JPMorgan Chase, and Deutsche Bank. Reclaim Finance calls on all banks to end support for coal power development and to urgently<\/b> adopt credible transition plans<\/b><\/a><\/span> aligned with a 1.5\u00b0C trajectory with low or no overshoot, involving the phaseout of existing coal plants and mines. <\/b><\/p>\n<\/div><\/div><\/div> 650 banks globally provided<\/b><\/p>\n<\/div> to the coal sector between 2022 and 2024.<\/strong><\/p>\n<\/div><\/div><\/div><\/div> The thermal coal industry remains immense: 606 parent companies run over 2,300 GW of coal power with plans for at least 586 GW more, while 440 mining companies still extract nearly 8 billion tonnes annually worldwide. (2) Over 90% of planned coal power expansion is concentrated in Asia, mainly in China, India, and Indonesia. Backed by banks, these coal developments lock in emissions for decades, financing entrenchment rather than transition and, critically, drifting away from the needed phase out of existing coal plants and mines by 2030 for European and OECD countries, and by 2040 globally – deadlines that 1.5\u00b0C aligned climate scenarios<\/a> make clear cannot be missed.<\/p>\n<\/div> Between 2022 and 2024, banks from five regions collectively accounted for 92% of the total $385 billion commercial banks directed toward the coal industry.<\/p>\n<\/div>