Home

Translate

en English af Afrikaans sq Albanian ar Arabic hy Armenian az Azerbaijani eu Basque be Belarusian bg Bulgarian ca Catalan zh-CN Chinese (Simplified) zh-TW Chinese (Traditional) hr Croatian cs Czech da Danish nl Dutch et Estonian tl Filipino fi Finnish fr French gl Galician ka Georgian de German el Greek ht Haitian Creole iw Hebrew hi Hindi hu Hungarian is Icelandic id Indonesian ga Irish it Italian ja Japanese ko Korean lv Latvian lt Lithuanian mk Macedonian ms Malay mt Maltese no Norwegian fa Persian pl Polish pt Portuguese ro Romanian ru Russian sr Serbian sk Slovak sl Slovenian es Spanish sw Swahili sv Swedish th Thai tr Turkish uk Ukrainian ur Urdu vi Vietnamese cy Welsh yi Yiddish
Open Translation
 
LONDON: Six months before the UK hosts COP26 in Glasgow, a report from NGOs Reclaim Finance and Urgewald says Britain’s largest banks - Barclays, HSBC, Standard Chartered, NatWest and Lloyds Banking Group - provided US$56 billion to companies on Urgewald’s Global Coal Exit List (GCEL) between October 2018 and October 2020.

The GCEL provides key statistics on over 900 parent companies and 1,800 subsidiaries operating along the thermal coal value chain. Investors representing over US$ 14 trillion in assets use its divestment criteria to screen coal companies out of their portfolios.

Acknowledging the challenge involved in closing 6,600 coal-fired power stations worldwide by 2040 to stay within the Paris Agreement boundary, the ‘City of Coal’ report makes 10 recommendations to achieve it:

• With immediate effect, no direct support should be given to new or existing coal mining, power plants and infrastructure projects.

• From now on, divest from and exclude from all financial services those companies that are developing new projects in mining, power plants and coal infrastructure.

• With immediate effect, put a moratorium on the provision of financial services to companies that sell equipment for the construction of new coal projects or purchase existing coal assets, and lift it only after commitments emerge from these companies to cease these activities.

• Divestment from and exclusion from all financial services of companies which derive more than 20 percent of their revenues or electricity production from coal, which produce more than 10 million tonnes of coal per year or which operate coal- red power plants with a capacity exceeding five gigawatts.

• Commit to no further provision of financial services and to reducing the exposure of financing, investment and insurance portfolios to the thermal coal industry to zero by 2030 at the latest in EU/OECD countries and by 2040 elsewhere.

• Require all companies to adopt within a year a plan for the gradual closure of their coal assets, including a detailed timetable aligned with the objectives of the Paris Agreement and the dates indicated above. Suspend all financial services in the event of default and exclude the company one year later if the problem is not resolved.

• Require all companies to undertake to close (not sell) their coal assets in anticipation of employee retraining and, conversely, not to buy back existing assets. Suspend all financial services in the absence of a commitment and exclude companies in the event of a transaction of a coal asset without a commitment by the buyer to close the asset on a pre-identified date, as indicated above.

• Use the GCEL to identify companies’ exposure and development plans in the coal sector.

• Apply the policy across all financial services and all branches of the financial institution.

• Do not compromise the policy with exceptions. Only companies meeting the criteria indicated in point six could be exempted and receive services that are signposted and traceable to renewable energy infrastructure. The number of companies subject to such an exception must be publicly disclosed.

The report says Barclays, whose AGM was on May 05, provided over US$27 billion of lending and underwriting to GCEL companies over the last two years.

Reclaim Finance is composed of former and current campaigners and directors of European non-profit organisations. All of them specialise in financial and climate issues. Founded in 1992, Urgewald is a German environment and human rights NGO with a goal to establish strong environmental and social standards for the international finance industry.
Story Type: News

Vote for my Story

Our Rating: 9% - 1 votes

1000 Characters left


Latest News

June 23, 2021
Default Image
Emissions Editor

“It’s complete bullshit, of course, but it makes for good PR”

SAN FRANCISCO: Climate and environmental scientist Jonathan Foley is executive director of Project Drawdown. He says while governments and businesses are looking to lead on climate change, too many of their commitments are built on flawed net zero frameworks…
June 22, 2021
Food Editor

OECD says food subsidies don't help and cost US$720 billion a year

PARIS: The OECD says governments provided an average US$720 billion in annual agriculture subsidies between 2018-20, including US$338 billion that was market distorting, inequitable and harmful to both the environment and global food security. Of 54 countries…
June 22, 2021
Transportation Editor

Hapag-Lloyd orders six more green financed containerships

HAMBURG: Hapag-Lloyd has ordered six more 23,500+ TEU containerships from the South Korean shipyard Daewoo Shipbuilding & Marine Engineering for delivery beginning 2024. Like a previous order placed at the end of 2020, the six additional ships have been…
June 22, 2021
People Editor

Bolloré Logistics wins platinum CSR rating

PUTEAUX, France: Bolloré Logistics has been awarded a Platinum level by Sustainable rating organisation EcoVadis with an overall score of 76/100. This tier recognises the company’s sustainable development and places Bolloré in the top one percent of over…
June 18, 2021
Energy Editor

Green light for European hydrogen pipeline network

MACLEAN, VA: The European Hydrogen Backbone (EHB) initiative, launched in 2020, has released an analysis of the future demand, supply and transport of hydrogen across Europe. The report estimates demand for 2,300 TWh in the EU and the UK by 2050, or 20-25…
June 18, 2021
Transportation Editor

DB Schenker backs emission-free freighter drone

BERLIN: DB Schenker and drone pioneer Volocopter used Germany’s 2nd National Aviation Conference this week to introduce politicians and industry executives to their electric-powered VoloDrone with a payload of 200 kilos and range of 40 kilometres. Schenker…
June 18, 2021
Technology Editor

First SAF production from Swedish forests by 2026

AMSTELVEEN, The Netherlands: The Swedish Energy Agency has awarded €500,000 to a Dutch-Swedish consortium including KLM to continue R&D into developing Sustainable Aviation Fuel (SAF). The consortium also includes forestry group Södra, fossil-free energy…
June 17, 2021
Energy Editor

Rolls Royce to make all new aero engines net-zero compatible by 2030

LONDON: Rolls Royce Holdings has announced it will make all new products “compatible with net-zero” by 2030 and all products currently in operation compatible by 2050. To help achieve these targets it will increase R&D spending on net-zero carbon technologies…
June 17, 2021
Circular Economy Editor

Bangladesh to save US$500 million annually with circular garment economy

COPENHAGEN/DHACA, Bangladesh: Analysis by the Circular Fashion Partnership suggests the country could save US$500 million a year on imported cotton if it recycled 250,000 tonnes of cotton waste from existing garment manufacturing. In 2019 Bangladesh imported…
June 17, 2021
Circular Economy Editor

US consortium plans circular economy for plastic by 2025

ASHEVILLE, NC: The U.S. Plastics Pact, a consortium led by The Recycling Partnership and World Wildlife Fund (WWF), has launched a circular economy roadmap for plastic by 2025. The U.S. Pact, part of the Ellen MacArthur Foundation’s global Plastics Pact…
June 17, 2021
People Editor

Seven barriers to US corporate climate leadership

WASHINGTON, DC: Amy Meyer is Program manager–Corporate Climate Advocacy at the World Resource Institute. Together with WRI director of Sustainable Business & Innovation Eliot Metzger, she has authored a working paper identifying seven key barriers to climate…
June 16, 2021
People Editor

“There’s boldness and power behind the spirit and movement of sustainability”

ATLANTA: Jim Hartzfeld is head of Sustainability, North America for Brambles. His career also includes two decades at carpet manufacturer Interface, working with the legendary CEO Ray Anderson to ensure the company would reach net-zero at a time when 99.99…

We are using cookies

By continuing you are agreeing to our use of cookies

I understand