{"id":9091,"date":"2021-02-25T06:01:49","date_gmt":"2021-02-25T05:01:49","guid":{"rendered":"https:\/\/reclaimfinance.org\/site\/?p=9091"},"modified":"2023-02-28T17:51:06","modified_gmt":"2023-02-28T16:51:06","slug":"financier-initiatives-coal-support-under-spotlight","status":"publish","type":"post","link":"https:\/\/reclaimfinance.org\/site\/en\/2021\/02\/25\/financier-initiatives-coal-support-under-spotlight\/","title":{"rendered":"Financier initiatives&rsquo; coal support under the spotlight"},"content":{"rendered":"<p><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 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\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;--awb-margin-bottom:0px;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-1\"><p style=\"text-align: justify; color: #8ac56b;\"><b><span class=\"TextRun SCXW200983245 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW200983245 BCX0\"><span class=\"TextRun SCXW65051672 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW65051672 BCX0\"><span class=\"TextRun SCXW250786218 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW250786218 BCX0\">Net-zero commitments aren&rsquo;t worth the paper they\u2019re written on. This is one of the main findings of g<\/span><\/span><span class=\"TextRun SCXW250786218 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW250786218 BCX0\">roundbreaking <\/span><\/span><span class=\"TextRun SCXW250786218 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW250786218 BCX0\">NGO <\/span><\/span><span class=\"TextRun SCXW250786218 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW250786218 BCX0\">research<\/span><\/span> <span class=\"TextRun SCXW250786218 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW250786218 BCX0\">which reveal<\/span><\/span><span class=\"TextRun SCXW250786218 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW250786218 BCX0\">s<\/span><\/span><span class=\"TextRun SCXW250786218 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW250786218 BCX0\"> the names of the financiers and investors <\/span><\/span><span class=\"TextRun SCXW250786218 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW250786218 BCX0\">propping up <\/span><\/span><span class=\"TextRun SCXW250786218 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW250786218 BCX0\">the entire global coal industry \u2013 the 935 companies on the Global Coal Exit List (GCEL).<\/span><\/span> <\/span><\/span><\/span><\/span><\/b><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"auto\">The research, published by <\/span><span data-contrast=\"auto\">Urgewald<\/span><span data-contrast=\"auto\">, Reclaim Finance, Rainforest Action Network, 350.org Japan and 25 further NGO partners, <\/span><span data-contrast=\"auto\">shows <\/span><span data-contrast=\"auto\">that ev<\/span><span data-contrast=\"auto\">en some of the financial institutions which committed to <\/span><span data-contrast=\"auto\">go<\/span><span data-contrast=\"auto\"> net<\/span><span data-contrast=\"auto\">&#8211;<\/span><span data-contrast=\"auto\">zero by 2050<\/span><span data-contrast=\"auto\">, or to align with the Paris Agreement climate targets,<\/span><span data-contrast=\"auto\"> still have a long way to go <\/span><span data-contrast=\"auto\">when it comes to their stance<\/span><span data-contrast=\"auto\"> on coal.<\/span><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"auto\">Indeed, a<\/span><span data-contrast=\"auto\">lmost half of the asset owners which signed on the <\/span><span data-contrast=\"auto\"><u><a href=\"https:\/\/www.unepfi.org\/net-zero-alliance\/\" target=\"_blank\" rel=\"noopener noreferrer\">Net Zero Asset Owner Alliance<\/a><\/u><\/span><span data-contrast=\"auto\"> have no or very poor coal policies, as can be seen in the <\/span><span data-contrast=\"auto\"><u><a href=\"https:\/\/coalpolicytool.org\/?key=eyJvbCI6W10sInRyaSI6MCwiZmx0IjpbeyJpIjoyLCJ2IjoiI1Q0In1dfQequalsignequalsign\" target=\"_blank\" rel=\"noopener noreferrer\">Coal Policy Tool<\/a><\/u><\/span><span data-contrast=\"auto\">. CalPERS, the Californian pension fund, not only has a poor coal policy only covering coal mining pure players, but it features in the \u201cDirty Thirty\u201d list<\/span><span data-contrast=\"auto\"> of the top 30 biggest global investors in the companies listed on the Global Coal Exit List with US$ 7\u202f989 million invested.<\/span><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"auto\">The picture is even <\/span><span data-contrast=\"auto\">darker<\/span><span data-contrast=\"auto\"> on the asset management side. Only a third of the investors which signed on<\/span><span data-contrast=\"auto\">to<\/span><span data-contrast=\"auto\"> the <\/span><span data-contrast=\"auto\"><u><a href=\"https:\/\/www.netzeroassetmanagers.org\/\" target=\"_blank\" rel=\"noopener noreferrer\">Net Zero Asset Managers initiative<\/a><\/u><\/span><span data-contrast=\"auto\"> have <\/span><span data-contrast=\"auto\"><u><a href=\"https:\/\/coalpolicytool.org\/?key=eyJvbCI6W10sInRyaSI6MCwiZmx0IjpbeyJpIjoyLCJ2IjoiI1QzIn1dfQequalsignequalsign\" target=\"_blank\" rel=\"noopener noreferrer\">any kind of coal policy<\/a><\/u><\/span><span data-contrast=\"auto\">. Wellington Management and Legal &amp; General Invesment Management, two of the signatories, have no public coal policy at all and are also in the \u201cDirty Thirty\u201d list mentioned above, with respectively US$ 7\u202f580 million and US$ <\/span><span data-contrast=\"auto\">7 155<\/span><span data-contrast=\"auto\"> million invested at the group level in GCEL companies. <\/span><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"auto\">On the banking side, many global banks have signed on<\/span><span data-contrast=\"auto\">to<\/span><span data-contrast=\"auto\"> the <\/span><span data-contrast=\"auto\"><u><a href=\"https:\/\/www.unepfi.org\/banking\/bankingprinciples\/collective-commitment\/#:~:text=The%20Collective%20Commitment%20to%20Climate%20Action%20(CCCA)%20is%20the%20most,net%20zero%20economy%20by%202050.&amp;text=Drive%20and%20facilitate%20the%20necessary,client%20relationships%2C%20products%20and%20services.\" target=\"_blank\" rel=\"noopener noreferrer\">Collective Commitment for Climate Action<\/a><\/u><\/span><span data-contrast=\"auto\">, but many of them also <\/span><span data-contrast=\"auto\"><a href=\"https:\/\/coalpolicytool.org\/?key=eyJvbCI6W10sInRyaSI6MCwiZmx0IjpbeyJpIjoyLCJ2IjoiI1QyIn1dfQequalsignequalsign\">have <\/a><u><a href=\"https:\/\/coalpolicytool.org\/?key=eyJvbCI6W10sInRyaSI6MCwiZmx0IjpbeyJpIjoyLCJ2IjoiI1QyIn1dfQequalsignequalsign\" target=\"_blank\" rel=\"noopener noreferrer\">poor coal policies<\/a><\/u><\/span><span data-contrast=\"auto\">. The difference regarding banks lies in the fact that the three big French <\/span><span data-contrast=\"auto\">banks<\/span><span data-contrast=\"auto\"> &#8211;<\/span><span data-contrast=\"auto\"> BNP<\/span><span data-contrast=\"auto\"> Paribas, Cr\u00e9dit Agricole and Soci\u00e9t\u00e9 G\u00e9n\u00e9rale, which also feature among the top 30 lenders to GCEL companies<\/span><span data-contrast=\"auto\"> &#8211;<\/span><span data-contrast=\"auto\"> have all adopted in the past few months advanced coal policies which should have a<\/span><span data-contrast=\"auto\"> significant<\/span><span data-contrast=\"auto\"> impact on their coal portfolio in the coming months and years.<\/span><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"auto\">What is striking is that the vast majority of the signatories to these three initiatives have absolutely <\/span><span data-contrast=\"auto\"><u><a href=\"https:\/\/coalpolicytool.org\/?key=eyJvbCI6W10sInRyaSI6LTUsImZsdCI6W3siaSI6MiwidiI6IiNUMiJ9LHsiaSI6MiwidiI6IiNUMyJ9LHsiaSI6MiwidiI6IiNUNCJ9XX0equalsign\" target=\"_blank\" rel=\"noopener noreferrer\">no exclusion of any coal developers<\/a><\/u><\/span><span data-contrast=\"auto\">, those companies still planning to expand the coal industry. <\/span><b><span style=\"color: #8ac56b; font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); letter-spacing: var(--body_typography-letter-spacing);\"><span class=\"TextRun SCXW554436 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW554436 BCX0\"><span class=\"TextRun SCXW73882331 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW73882331 BCX0\"><span class=\"TextRun BCX0 SCXW238638278\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun BCX0 SCXW238638278\">These investors and bank platforms bear a high responsibility in securing climate action from their members. They should <\/span><\/span><span class=\"TextRun BCX0 SCXW238638278\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun BCX0 SCXW238638278\">quickly secure the <\/span><\/span><span class=\"TextRun BCX0 SCXW238638278\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun BCX0 SCXW238638278\">adoption of strong coal exit policy from their members, <\/span><\/span><span class=\"TextRun BCX0 SCXW238638278\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun BCX0 SCXW238638278\">or risk shredding <\/span><\/span><span class=\"TextRun BCX0 SCXW238638278\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun BCX0 SCXW238638278\">their<\/span><\/span><span class=\"TextRun BCX0 SCXW238638278\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun BCX0 SCXW238638278\"> credibility as science-based <\/span><\/span><span class=\"TextRun BCX0 SCXW238638278\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun BCX0 SCXW238638278\">and Paris-alignment <\/span><\/span><span class=\"TextRun BCX0 SCXW238638278\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun BCX0 SCXW238638278\">initiative<\/span><\/span><span class=\"TextRun BCX0 SCXW238638278\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun BCX0 SCXW238638278\">s<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/b><\/p>\n<\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-2 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\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-1 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-padding-top:10px;--awb-padding-right:10px;--awb-padding-left:10px;--awb-overflow:hidden;--awb-bg-size:cover;--awb-border-color:#59bc6d;--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;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-2\"><p><b><u>Find out more <\/u><\/b><\/p>\n<p><span data-contrast=\"auto\">Our <a href=\"https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2021\/02\/Embargoed-release-GCEL-finance-research.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><u>press release<\/u><\/a> with <\/span><span data-contrast=\"auto\">urgewald<\/span><span data-contrast=\"auto\">, Rainforest Action Network, 350.org<\/span><span data-ccp-props=\"{'201341983':0,'335559739':0,'335559740':240}\"> and others, containing the \u201cDirty Thirty\u201d list of the top 30 biggest global investors in the companies listed on the Global Coal Exit List.<\/span><\/p>\n<p><span data-contrast=\"auto\">Compare the financial exposure of banks and investors with their net-zero and coal policies on <u><a href=\"https:\/\/coalpolicytool.org\/\" target=\"_blank\" rel=\"noopener noreferrer\">coalpolicytool.org <\/a><\/u><\/span><\/p>\n<p><span data-contrast=\"auto\">Find <\/span><span data-contrast=\"auto\">the <\/span><span data-contrast=\"auto\">full<\/span><span data-contrast=\"auto\"> financial<\/span><span data-contrast=\"auto\"> data on <\/span><u><span data-contrast=\"auto\"><a href=\"https:\/\/coalexit.org\/finance-data\" target=\"_blank\" rel=\"noopener noreferrer\">www.coalexit.org<\/a><\/span> <\/u><\/p>\n<\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":28,"featured_media":2360,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[222],"tags":[257,549],"acteurs_financiers":[],"thematique":[2421,2423],"webinar_type":[],"programme":[],"class_list":["post-9091","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog_en","tag-coal-exit-plan","tag-paris-agreement","thematique-coal","thematique-fossil-fuels"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Financier initiatives&#039; 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