UK banks are world’s third biggest coal funders, report claims
Protesters have previously demanded that the City stop financing coal (Insurance Rebellion/PA)
The biggest banks in the UK have lent and underwritten more to global coal companies than nearly any other country in the world, a new report claims.
The top five banks in the UK provided around 56 billion US dollars (£40 billion) in loans and underwriting in the two years to October last year.
Only banks on Wall Street and in Tokyo have provided more support to the coal industry than the City of London over the period, analysis from Reclaim Finance and Urgewald found.
Coal phase-out group is ‘a smokescreen’, says NGO
The Powering Past Coal Alliance (PPCA), led by the UK and Canada, is being used as a “greenwashing engine” for financial institutions, according to a new report from Reclaim Finance.
by Becca Challis
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Not fit for purpose : Powering Past Coal Alliance slammed by NGOs as smokescreen for greenwashing
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UK is failing to lead by example as PPCA co-chair it mulls a brand new coal mine in Cumbria, while financial institutions in group are not acting fast enough to cut ties with sector, report warns
Campaigners have today accused the Powering Past Coal Alliance, the global coalition of governments, states, and businesses focused on accelerating the phase out of unabated coal-fired power, of being a smokescreen for members greenwashing after publishing findings that reveal the overwhelming majority of its financial members are not on track to exit coal investments.
We cannot drink oil : campaigners condemn east African pipeline project-547492 daily-sun.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from daily-sun.com Daily Mail and Mail on Sunday newspapers.
Last modified on Wed 14 Apr 2021 07.16 EDT
Activists have accused French and Chinese oil firms of ignoring huge environmental risks after the signing of accords on the controversial construction of a £2.5bn oil pipeline.
Uganda, Tanzania and the oil companies Total and CNOOC signed three key agreements on Sunday that pave the way for construction to start on the planned east African crude oil pipeline (EACOP). But on Tuesday a letter signed by 38 civil society organisations across both east African countries said the parties had failed to address environmental concerns over the pipeline and had steamrollered over court and parliamentary processes.