Global financial institutions are turning a blind eye to and undermining the Paris Agreeement when it comes to phasing out coal-based energy production.
According to new research by Urgewald, BankTrack and 30 others, between January 2017 and September 2019, banks and other financial institutions have lent finance and provided underwriting services to 258 coal plant developers globally. According to Heffa Schuecking, Director of Urgewald, this has amounted to channelling of $745 billion.
The UN Secretary-General, the IPCC and climate scientists worldwide have called for a speedy phase-out of coal-based energy generation.
