Some of the world's largest investment banks have provided billions of dollars to finance coal power companies in recent years, undermining one of the key objectives of the 2016 Paris Agreement - "making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development". During the period shown, Bank of China had provided more than 22.7 billion U.S. dollars to coal power companies. Of the leading financers, many are headquartered in China, which, in 2018, was the biggest producer of carbon dioxide emissions from coal combustion in the world. During the COVID-19 pandemic in 2020, China's demand for coal decreased during its national lockdown, which in turn reduced CO2 emissions. However, as lockdown measures loosened and demand recovered there was a surge in CO2 emissions produced by coal, with levels surpassing pre COVID levels in April and May.
Leading investment banks for coal power companies worldwide from 2016 to 2020
(in billion U.S. dollars)
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Rainforest Action Network. (April 3, 2021). Leading investment banks for coal power companies worldwide from 2016 to 2020 (in billion U.S. dollars) [Graph]. In Statista. Retrieved May 20, 2022, from https://www.statista.com/statistics/1130415/top-bankers-for-coal-power-companies-globally/
Rainforest Action Network. "Leading investment banks for coal power companies worldwide from 2016 to 2020 (in billion U.S. dollars)." Chart. April 3, 2021. Statista. Accessed May 20, 2022. https://www.statista.com/statistics/1130415/top-bankers-for-coal-power-companies-globally/
Rainforest Action Network. (2021). Leading investment banks for coal power companies worldwide from 2016 to 2020 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: May 20, 2022. https://www.statista.com/statistics/1130415/top-bankers-for-coal-power-companies-globally/
Rainforest Action Network. "Leading Investment Banks for Coal Power Companies Worldwide from 2016 to 2020 (in Billion U.S. Dollars)." Statista, Statista Inc., 3 Apr 2021, https://www.statista.com/statistics/1130415/top-bankers-for-coal-power-companies-globally/
Rainforest Action Network, Leading investment banks for coal power companies worldwide from 2016 to 2020 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/1130415/top-bankers-for-coal-power-companies-globally/ (last visited May 20, 2022)