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Banking on Coal - Report

Dodgy Deals

Banking on Coal (2013) is a research study produced by BankTrack, urgewald, CEE Bankwatch Network, and Polish Green Network. It presents an analysis of the portfolios of 100 leading commercial banks, particularly looking at their investments in the coal mining industry. It is a sequel of the Bankrolling Climate Change (2011) report which focused on both coal mining and coal power.

The following charts provide a general overview on some of the findings of the report.

For this report, we first identified the 9 main coal mining "hot spots" around the world, where 92% of global coal production was extracted in 2012. The first picture presents these 9 main coal mining "hot spots".

The second chart identifies the sources of finance of the 70 coal mining companies covered in the report. The majority of this funding is provided via investment banking (bond and share issues), but corporate loans (and revolving credit facilities) also play a significant role. Project financing was so small that it does not appear in this chart (2%).

The next chart illustrates the incredible growth curve of of banks' investments into the coal mining sector. For the 36 coal mining companies we have data back to 2005, the funding increased by close to 400% between 2005 and 2012. 

71% of the total 118 billion Euro financing comes from the 20 banks seen in the below chart, the world top 20 "coal mining banks". The three banks at top of the list are Citi (€7.29 billion), Morgan Stanley (€7.23 billion) and Bank of America (€6.56 billion). Also among the top 20 are Swiss, German, Chinese, British, French and Japanese banks. Thess figures are in stark contrast to the banks' rhetoric and alleged commitment to "combat climate change". Clearly the banks are not ‘putting their money where their mouth is.'

For the first time, we also calculated the amounts of financing by country of origin. The below chart shows that 57% of the total financing comes from banks from only 3 countries : the United States, China and the United Kingdom.

Hardcopies of the report are available for an amount of €5,- plus shipping. Please send an email to to order one.

                                                                                                                                                 Back to Banks and Coal

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Bank of America
Bank of America is an American multinational banking and financial services corporation and is the second largest bank holding company in the United States by assets, and…
Bank of China
Bank of China is one of China's Big Four joint-stock commercial banks. Bank of China offers commercial banking, investment banking, insurance, asset management, aircraft…
Bank of Tokyo-Mitsubishi UFG
Bank of Tokyo - Mitsubishi UFJ is the largest bank in Japan. It was established on January 1, 2006, with the merger of the Bank of Tokyo-Mitsubishi, Ltd. and UFJ Bank Ltd.…
Barclays is a major global financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management…
BNP Paribas
BNP Paribas is one of the main banks in Europe. It was created on 23 May 2000 through the merger of Banque Nationale de Paris (BNP) and Paribas.…
China Construction Bank
China Construction Bank (CCB) is a leading commercial bank in China providing a comprehensive range of commercial banking products and services. CCB's business consists of…
Citigroup Inc., doing business as Citi, is a major American financial services company based in New York, NY. Citigroup was formed from a merger between Citicorp and financial…
Crédit Agricole
The Crédit Agricole Group is a unified but decentralised group consisting of 39 Regional Banks, Crédit Agricole S.A. and many subsidiaries. It includes Crédit…
Credit Suisse
Credit Suisse Group was founded in 1856 and is headquartered in Zurich, Switzerland. It serves companies, institutional clients and high-net-worth private clients worldwide,…
Deutsche Bank
Deutsche Bank was founded in 1870 and is a leading global investment bank. It has operations throughout the world and has a strong presence in Germany and Europe. The bank´s…
Goldman Sachs
Goldman Sachs (NYSE: GS) was founded in 1869 and is a leading global financial services firm that is headquartered in New York. It provides an array of financing…
Headquartered in London, HSBC is one of the largest banking and financial services organisations in the world. HSBC operates from around 6,100 offices in 72 countries and…
ICBC (Industrial and Commercial Bank of China) is a joint-stock commercial bank based in the People's Republic of China.  Founded in 1984, ICBC overtook Citi to become…
JPMorgan Chase
JPMorgan Chase is one of the Big Four Banks of the United States (along with Bank of America, Citigroup and Wells Fargo). The firm was formed in…
Morgan Stanley
Morgan Stanley was one of the four investment banks that for decades ruled on Wall Street (with Lehman Brothers, Merril Lynch and JPMorgan Chase). The corporation, founded…
RBS was founded in 1727 and is one of the major UK banks. RBS has 40 million customers using the financial services of over 30 brands, including NatWest, Direct Line, Churchill,…
Standard Chartered
Despite its British base, Standard Chartered has few customers in the United Kingdom. Ninety percent of its profits come from Asia, Africa, and the Middle East. Its operations…
Modern UBS was formed through a merger of the Union Bank of Switzerland and the Swiss Bank Corporation in June 1998.  UBS is headquartered in Zurich and Basel and it…

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