UK banks are Europe’s biggest coal financiers, report finds
A report by Urgewald reveals that UK banks, led by Barclays and HSBC, are the largest financiers of the global coal industry in Europe. Despite net-zero commitments, these banks have increased their coal-related financing since 2021.
Why it matters
This highlights a significant gap between corporate climate pledges and actual financial practices, impacting global efforts to phase out fossil fuels.
Urgewald tracked loans and underwriting from 744 commercial banks around the world to companies operating across the ‘coal value chain’. Photograph: Dan Himbrechts/AAP Urgewald tracked loans and underwriting from 744 commercial banks around the world to companies operating across the ‘coal value chain’. Photograph: Dan Himbrechts/AAP Coal UK banks are Europe’s biggest coal financiers, report finds Study says UK-based banks provided $8.3bn in coal financing in four years, with Barclays and HSBC leading rise
Prefer the Guardian on Google UK banks are Europe’s biggest financial backers of the global coal industry, providing billions of pounds in funding for the climate-wrecking fossil fuel in the past four years, according to a report.
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