Saturday 18 January 2020
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business-standard - 1 month ago

Banks gave USD 745 billion to groups planning new coal power plants: NGOs

Financial institutions have channelled USD 745 billion over the past three years into companies planning new coal-fired power plants, according to a report by environmental groups, who are urging global banks to stop financing the sector. The report s release comes as world leaders met this week in Madrid for a 12-day UN climate summit, where they are expected to hammer out some of the details of the 2015 Paris agreement. They face increasing pressure to step up their commitments on fossil fuel reduction after a major UN report last year warned global warming must be capped at 1.5C and the global economy must be carbon neutral by 2050 to stay under that threshold. But the report released by environmental groups on Thursday cites more than 1,000 new coal power stations or units in the pipeline. The amount lent to companies planning new plants was calculated using data covering both lending and underwriting between January 2017 and September 2019 for all 258 coal plant developers ...


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