The number of financial institutions globally that have committed to coal divestments has doubled in the past three years, but it remains negligible in China, according to a new study, reports the South China Morning Post.
While more than 200 “globally significant” companies now have formal policies restricting investment in coal mining or coal-fired power projects, just three financial institutions from China have established a formal coal policy, the Institute for Energy Economics and Financial Analysis (IEEFA) said in its “200 and Counting: Global Financial Institutions are Exiting Coal” report on Thursday.
It took almost six years until 2019 for the first 100 institutions, including banks, insurance companies, asset managers, pension funds, export credit agencies and multilateral development banks, to adopt coal exclusion policies, but since then the number has doubled in just over three years, the Ohio-based independent think tank said.
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