India sees consecutive year-on-year decline in coal funding: Report
The third annual Coal vs Renewable Financial Analysis 2019 marks a second consecutive year-on-year decline in coal funding in India following a 90 per cent decrease in 2018.
The report, made public on Tuesday, finds a 126 per cent drop in funding from the commercial banks to coal compared to 2018.
There has also been a significant drop in the state-owned financing of coal projects. Lending to renewable energy projects saw a minor contraction of six per cent year on year although it received 95 per cent of the total lending to energy projects.
The report, prepared by the Centre for Financial Accountability (CFA) and Climate Trends, looked at 50 project finance loans across 43 coal-fired and renewable energy projects in India. Only projects that reached financial close between January 1, 2019, and December 31, 2019, were included in the analysis.
