Banks and coal infrastructure
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Banks and coal infrastructure

Coal has the highest climate and environmental impact of all conventional fossil fuels. Unlike oil and gas, coal is a solid that cannot flow through a pipeline and thus needs a vast amount of infrastructure to extract and transport coal to power plants. The dirtiest type of coal, lignite, has a low energy density and is therefore not economically viable to transport over long distances. This is why lignite is often burned close to the lignite mine, as is the case for the massive lignite mines in, for example, Germany and Poland. Regular coal, however, has a more global character and is shipped to wherever demand is highest. Often, ports need to be constructed or expanded to load coal onto ships or to supply nearby coal power plants with vast quantities of coal. Examples of this include the construction of the Adani Abbot Point Terminal, which is built to ship Adani’s coal, and the Payra Port coal terminal, which will supply the nearby coal power plants. Coal is also often transported via rail lines from coal mines or ports to coal power plants. Major coal infrastructure projects like these are essential in supplying coal to power plants around the globe. Coal infrastructure is therefore an integral part of the coal sector, just like coal mining and coal power.

Banks and coal infrastructure

The severity of the climate crisis requires that banks must urgently take steps to disengage from financing business activities and projects that continue the world's reliance on fossil fuels. Banks must therefore end support for all new coal infrastructure projects and implement a full phase-out for financing coal infrastructure projects, in line with the Paris Climate Agreement.

Bank policies on coal infrastructure are often a part of policies on coal mining and/or coal power. At this point, French banks Crédit Agricole, Crédit Mutuel, Société Générale and the Italian bank UniCredit are the only banks that have made strong commitments regarding coal infrastructure. 

Bank policy scores on coal infrastructure

BankLast update
Country
Score
Ranking
Details
ABN AMRO
2020-03-01
NLD
0
Laggard
Agricultural Bank of China
2021-03-24
CHN
0
Laggard
ANZ
2021-03-24
AUS
3
Laggard
Bank of America
2021-03-24
USA
0
Laggard
Bank of China
2021-03-24
CHN
0
Laggard
Bank of Communications
2021-03-24
CHN
0
Laggard
Bank of Montreal (BMO)
2021-03-24
CAN
0
Laggard
Barclays
2021-03-24
GBR
0
Laggard
BBVA
2021-03-24
ESP
0
Laggard
BNP Paribas
2021-03-24
FRA
11
Front runner
Canadian Imperial Bank of Commerce (CIBC)
2021-03-24
CAN
0
Laggard
China CITIC Bank
2021-03-24
CHN
0
Laggard
China Construction Bank
2021-03-24
CHN
0
Laggard
China Everbright Bank
2021-03-24
CHN
0
Laggard
China Merchants Bank
2021-03-24
CHN
0
Laggard
China Minsheng Bank
2021-03-24
CHN
0
Laggard
Citi
2021-03-24
USA
0
Laggard
Commerzbank AG
2021-03-24
DEU
0
Laggard
Commonwealth Bank of Australia
2021-03-24
AUS
0
Laggard
Crédit Agricole
2021-03-24
FRA
13
Leader
Crédit Mutuel
2021-03-24
FRA
15
Leader
Credit Suisse Group
2021-03-24
CHE
0
Laggard
Danske Bank
2021-03-24
DNK
0
Laggard
DBS Bank
2020-03-01
SGP
0
Laggard
Deutsche Bank
2021-03-24
DEU
1
Laggard
DNB
2021-02-01
NOR
0
Laggard
DZ Bank
2021-03-24
DEU
0
Laggard
Goldman Sachs
2021-03-24
USA
0
Laggard
HSBC
2021-03-24
GBR
1
Laggard
Industrial and Commercial Bank of China (ICBC)
2021-03-24
CHN
0
Laggard
Industrial Bank of China
2021-03-24
CHN
0
Laggard
ING
2021-03-24
NLD
5
Follower
Intesa Sanpaolo
2021-03-24
ITA
0
Laggard
JPMorgan Chase
2021-03-24
USA
0
Laggard
Jyske Bank
2021-02-01
DNK
0
Laggard
Lloyds Banking Group
2021-03-24
GBR
0
Laggard
Mitsubishi UFJ Financial Group (MUFG)
2021-03-24
JPN
0
Laggard
Mizuho
2021-03-24
JPN
0
Laggard
Morgan Stanley
2021-03-24
USA
0
Laggard
National Australia Bank
2021-03-24
AUS
0
Laggard
Natixis
2021-03-24
FRA
1
Laggard
NatWest
2021-03-24
GBR
0
Laggard
Nedbank Group
2021-04-22
ZAF
0
Laggard
Nordea
2021-09-09
FIN
0
Laggard
Nykredit
2021-02-01
DNK
0
Laggard
OCBC
2020-03-01
SGP
0
Laggard
Ping An Bank
2021-03-24
CHN
0
Laggard
PNC Bank
2020-03-01
USA
0
Laggard
Postal Savings Bank of China
2021-03-24
CHN
0
Laggard
Rabobank
2021-03-24
NLD
3
Laggard
Royal Bank of Canada (RBC)
2021-03-24
CAN
0
Laggard
Santander
2021-03-24
ESP
3
Laggard
Sberbank
2021-03-24
RUS
0
Laggard
Scotiabank
2021-03-24
CAN
0
Laggard
Shanghai Pudong Development Bank
2021-03-24
CHN
0
Laggard
Shinhan Financial Group
2021-03-24
KOR
0
Laggard
Skandinaviska Enskilda Banken (SEB)
2021-02-01
SWE
3
Laggard
Société Générale
2021-03-24
FRA
13
Leader
Sparebank 1 SR-Bank
2021-02-01
NOR
0
Laggard
Standard Chartered
2021-03-24
GBR
0
Laggard
State Bank of India
2021-03-24
IND
0
Laggard
Sumitomo Mitsui Banking Corporation (SMBC)
2021-03-24
JPN
0
Laggard
Sumitomo Mitsui Trust Holdings
2021-03-24
JPN
0
Laggard
Svenska Handelsbanken
2021-03-24
SWE
0
Laggard
Swedbank
2021-02-01
SWE
0
Laggard
Sydbank
2021-02-01
DNK
0
Laggard
TD
2021-03-24
CAN
0
Laggard
Truist Financial Corporation
2021-03-24
USA
0
Laggard
UBS
2021-03-24
CHE
0
Laggard
UniCredit Group
2021-03-24
ITA
15
Leader
United Overseas Bank
2020-03-01
SGP
0
Laggard
US Bancorp
2021-03-24
USA
3
Laggard
Wells Fargo
2021-03-24
USA
0
Laggard
Westpac
2021-03-24
AUS
1
Laggard
Explanation

The point-based policy ranking assesses bank policies in four ways:

1) Restriction on direct financing for coal infrastructure projects.

  • None (0), weak exclusion (1), strong exclusion (3)

2) Restriction on financing for companies that expand coal infrastructure.

  • None (0), weak exclusion (2), strong exclusion (4)

3) The bank’s commitment to phase-out financing for coal infrastructure.

  • None (0), exposure reduction (1), weak phase-out (2), strong phase-out (4)

4) The bank’s commitment to exclude companies active in coal infrastructure above a certain threshold.

  • None (0), enhanced due diligence (0.5), weak exclusion threshold (2), strong exclusion threshold (4), full exclusion (5)

A bank can obtain a total of 16 policy points for its coal infrastructure policy. Based on this score banks are then classified as laggards (0-4 points), followers (4.5-8 points), front runners (8.5-12 points) or leaders (12.5-16 points)

Laggard
Follower
Front runner
Leader
0 - 4 points
4.5 - 8 points
8.5 - 12 points
12.5 - 16 points

 

Banks excluding finance for coal infrastructure

A number of banks have already taken steps to fully or partially exclude coal infrastructure or companies involved in coal infrastructure operations from their investments. The table below lists banks that have taken such steps. 

Exclusion table coal infrastructure

BankLast update
Country
Project
Company
Details
ANZ
2020-10-29
AUS
BNP Paribas
2021-03-24
FRA
Crédit Agricole
2021-03-24
FRA
Crédit Mutuel
2021-03-24
FRA
Deutsche Bank
2021-03-24
DEU
HSBC
2021-03-24
GBR
ING
2021-03-24
NLD
Natixis
2021-03-24
FRA
Rabobank
2021-03-24
NLD
Santander
2021-03-24
ESP
Skandinaviska Enskilda Banken (SEB)
2021-02-01
SWE
Société Générale
2021-03-24
FRA
UniCredit Group
2021-03-24
ITA
US Bancorp
2021-03-24
USA
Westpac
2021-03-24
AUS
Explanation

This table lists banks that have adopted a full ( ) or partial ( ) exclusion policy for coal infrastructure projects and/or companies. Click on 'Details' for the rationale of this assessment for each bank.

Coal Policy Tool

Our work partners at Reclaim Finance have developed this Coal Policy Tool to analyse the quality of coal policies of banks and other financial institutions, providing further detail on strengths and weaknesses of specific policies.

 

Feedback welcome

Our policy assessments are always a work in progress and we very much welcome any feedback, especially from banks included in them. You can of course also contact us for more information on specific scores and the latest policy changes. Please get in touch at climate@banktrack.org.

News

| |
Type:
Year:
blog
external news
our news

NGOs release the 2021 Global Coal Exit List: 1000 companies driving the world towards climate chaos

49% of the companies on the 2021 GCEL still developing new coal assets. Less than 5% of companies on the list have announced a coal exit date.
2021-10-07 | Berlin | urgewald
blog
external news
our news

The City of London, home of coal finance

Just six months before it hosts the crucial COP26 summit, the UK’s climate leadership has been called into question by a damning new report from Reclaim Finance
2021-05-04 | urgewald, Reclaim Finance
blog
external news
our news

Banking on Climate Chaos 2021: World’s 60 largest banks have poured USD 3.8 trillion into fossil fuels since Paris Agreement

Even amidst the global economic downturn, fossil fuel financing numbers were higher in 2020 than 2016
2021-03-24 | Nijmegen | BankTrack, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Reclaim Finance, Sierra Club
blog
external news
our news

Shareholder campaign secures HSBC coal phase-out

USD 2.4 trillion investor coalition led by ShareAction secures landmark climate commitments from HSBC
2021-03-11 | London | ShareAction
blog
external news
our news

Groundbreaking research reveals the financiers of the coal industry

Today, Urgewald & partners published an analysis of the financiers & investors behind the entire coal industry for the 1st time. One of the shocking results was that banks provide more money to coal than in 2016.
2021-02-25 | urgewald, Reclaim Finance
blog
external news
our news

NGOs release the 2020 Global Coal Exit List

935 companies that banks, investors and insurers need to avoid
2020-11-12 | Berlin | urgewald
blog
external news
our news

Natixis: one step forward, two steps back on coal

2020-10-28 | Reclaim Finance
blog
external news
our news

Société Générale releases a misleading coal phase out policy

(erratum added)
2020-07-31 | Reclaim Finance
blog
external news
our news

Will China continue to bank on coal?

2020-06-01 | Dry Cargo International
blog
external news
our news

Banking on Climate Change – Fossil Fuel Finance Report Card 2019

World's top banks have poured $1.9 trillion into fossil fuel financing since the Paris Agreement was adopted, with financing on the rise each year
2019-03-20 | Nijmegen, the Netherlands | BankTrack, Honor the Earth, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Sierra Club
blog
external news
our news

Every two weeks a bank, insurer or lender announces new coal restrictions

Major financial institutions restricting coal funding tops 100
2019-02-27 | IEEFA
blog
external news
our news

Under Trump Administration, Big Banks Are Investing More Money Into Coal

2018-03-28 | kuer.org
blog
external news
our news

Umweltschützer: Bankensektor entfernt sich vom Kohleausstieg

2018-03-28 | energate messenger
blog
external news
our news

Danske Invest makes huge expansion in exclusion efforts

2018-02-28 | Citywire Selektor
blog
external news
our news

One Planet Summit: A round up of new fossil fuel policy announcements

2017-12-21 | Yann Louvel – BankTrack
blog
external news
our news

Comment: Vietnam’s coal decision is the Paris Agreement in action

2016-01-15 | Unearthed
blog
external news
our news

Banks invest record €66bn in coal sector

2014-10-30 | RTCC - Responding To Climate Change
blog
external news
our news

Rabobank, Storebrand Dump Fossil Fuel Companies

2013-07-08 | Environmental Leader
blog
external news
our news

Norwegian pension fund divests from ‘financially worthless’ fossil fuel firms

2013-07-05 | Blue and Green Tomorrow
blog
external news
our news

Bankrolling Climate Change

NGOs present groundbreaking research on banks’ involvement in coal financing
2011-11-30 | Durban | urgewald, Earthlife, BankTrack and groundWork

Documents

Type:
Year:
ngo documents

City of Coal

The Climate Crimes of UK Finance
2021-05-04 00:00:00 | Reclaim Finance and Urgewald
csr policies

Garanti BBVA will stop financing coal in Turkey in 2040

2021-03-26 00:00:00 | Garanti BBVA
our publications

Banking on Climate Chaos 2021

Fossil Fuel Finance Report
2021-03-24 00:00:00 | BankTrack, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Reclaim Finance & Sierra Club
bank documents

Santander Group sets ambition to be net zero by 2050, supported by first decarbonization targets

2021-02-22 00:00:00 | Banco Santander
other documents

Coal 2020

Analysis and forecast to 2025
2020-12-22 00:00:00 | International Energy Agency (IEA)
ngo documents

Pollution of land, surface and groundwater near the slag and ash disposal site of Tuzla thermal power plant

2020-12-18 00:00:00 | CEE Bankwatch Network and Europe Beyond Coal
our publications

Banking on Climate Change - Fossil Fuel Finance Report 2020

2020-03-18 00:00:00 | Rainforest Action Network, BankTrack, Indigenous Environmental Network, Oil Change International, Reclaim Finance, Sierra Club
other documents

Banking on Climate Change - Fossil Finance Report Card 2020 [Excel sheet]

Excel sheet with detailed bank policy scores
2020-03-18 00:00:00 | BankTrack, Rainforest Action Network, Indigenous Environmental Network, Oil Change International, Reclaim Finance, Sierra Club
our publications

The UK's dirty coal secret

$26 billion support from big four banks for international companies planning coal fleet 16 times the size of current UK capacity
2019-12-05 00:00:00 | BankTrack, urgewald, 350.org
our publications

Still Coughing Up For Coal

Big Banks After the Paris Agreement
2016-11-14 00:00:00 | BankTrack, Rainforest Action Network, Friends of the Earth France, urgewald, Market Forces
our publications

The Coal Test: Where Banks Stand on Climate at COP 21

2015-12-02 00:00:00 | Rainforest Action Network, BankTrack, Friends of the Earth-France, urgewald
our publications

Standard Chartered's involvement in the Carmichael coal mine would be 'non-standard' and 'unchartered', on the bank's own terms

2015-06-08 00:00:00 | BankTrack
our publications

Coal Market Update December 2014

Spinning off risky coal assets increasing in momentum
2014-12-16 00:00:00 | Greenpeace, BankTrack
our publications

Coal Market Update September 2014

Uncertain Markets as Corruption Stories Break Around the World
2014-09-23 00:00:00 | Greenpeace, BankTrack
our publications

Coal Market Update July 2014

Supply glut continues to weigh on prices
2014-07-11 00:00:00 | Greenpeace, BankTrack
our publications

Coal Market Update March 2014

Another chapter of Beijing air pollution saga; coal protests continue in India and Australia
2014-03-03 00:00:00 | Greenpeace, BankTrack
our publications

Coal Market Update November 2013

Britain and UN weigh in on coal debate in Warsaw
2013-11-21 00:00:00 | Greenpeace, BankTrack
our publications

Banking on Coal

2013-11-15 00:00:00 | urgewald, BankTrack, CEE Bankwatch Network, Polska Zielona Sieć
our publications

Coal Market Update September 2013

Governments and international financial institutions waking up to the dangers of coal investments
2013-09-23 00:00:00 | Greenpeace, BankTrack
our publications

Coal Market Update July 2013

Low prices take their toll on coal firms
2013-07-23 00:00:00 | Greenpeace, BankTrack
our publications

Coal Market Update May 2013

Coal market continues to underperform
2013-05-16 00:00:00 | Greenpeace, BankTrack
our publications

Coal Finance Report Card 2013

Extreme investments - US Banks and the Coal Industry
2013-04-29 00:00:00 | Rainforest Action Network, Sierra Club, BankTrack
ngo documents

Coal financing - what the KfW prefers to keep under wraps

2012-08-01 00:00:00 | urgewald
our publications

Bankrolling climate change

A look into the portfolios of the world`s largest banks
2011-11-30 00:00:00 | urgewald, BankTrack, Groundwork
ngo documents

Bank of America: Risking Public Health and the Climate

2011-11-15 00:00:00 | Rainforest Action Network
ngo documents

The dirty truth about clean coal

2007-07-12 00:00:00 | RAN