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Banks have not quit coal, 8 years after the Paris Agreement
Banks in China dominate global coal financing; those in Indonesia are outliers in having increased finance for coal since 2016
Over 600 banks globally have poured $470 billion into the coal industry in the last three years. This represents a 20% decline in commercial finance for the industry since 2016, at which rate finance for coal will be phased out in 32 years. This is unacceptable. A “precipitous” drop in coal financing is needed instead. Unlike China and India, Indonesian banks are outliers in that their…