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Banking on Climate Change report 2021 - Fossil fuel expansion. Photo: Rainforest Action Network (RAN)

Go to fossil fuel expansion policy table Go to fossil fuel expansion exclusion table

Fossil fuel expansion

The Paris Climate Agreement, which was signed in 2015, aims to “avoid dangerous climate change by limiting global warming to well below 2°C and pursuing efforts to limit it to 1.5°C”. The scientific basis for limiting global warming to 1.5°C instead of 2°C was further strengthened in 2018 by the IPCC’s special report on global warming of 1.5°C. This report clearly showed that all negative effects of global warming such as sea level rise, water and food insecurity, damage to ecosystems and ocean acidification are less severe at warming of 1.5°C compared to 2°C. 

To estimate the amount of carbon dioxide that still can be emitted until reaching a certain temperature threshold, like 1.5°C of warming, climate scientists work with ‘carbon budgets’. Analysis by Oil Change International shows that the currently developed fossil fuel reserves for gas, oil and coal are already double the remaining carbon budget for a 50% chance of staying below 1.5°C of global warming. In the beginning of 2021, the International Energy Agency came to the same conclusion and stated that there was 'no need for more fossil fuels' in their Net Zero by 2050 Roadmap.

Based on this analysis, it can be concluded that all fossil fuel expansion is incompatible with the goals agreed upon in the Paris Climate Agreement. (Fossil fuel expansion encompasses all development of untapped fossil fuel sources and building the infrastructure to bring these fossil fuels to the market.) In this context, any further exploration for new reserves and the construction of new fossil fuel infrastructure is indefensible and should not be pursued by any government or company, or financed by any bank. Unfortunately, many banks continue to finance fossil fuel expansion, while the policies of most banks to limit or stop their finance for expansion remain weak or often even non-existent.

Banks and fossil fuel expansion

The severity of the climate crisis requires that banks must urgently take steps to disengage from financing all business activities and projects that continue the world's reliance on fossil fuels. Banks must therefore immediately end support for expansion of fossil fuel extraction or infrastructure, whether through project finance or general corporate support.

The world’s top three financiers of fossil fuel expansion are all based in the United States. JPMorgan Chase is the number one, having financed fossil fuel expansion with a total of USD 116.6 billion since the signing of the Paris Climate Agreement (2016-2021). JPMorgan Chase is followed by Citi (USD 104.4 billion) and Bank of America (USD 81 billion).

Bank policies on coal power are assessed below. These assessments follow the methodology of our Banking on Climate Chaos 2022 report, published in March 2022. The details section in the table contains further detail on the exact scoring per bank, as well as an overview of relevant policies.

See here for banks' exposure to fossil fuel expanders during 2016-2021.

Bank policy scores on fossil fuel expansion

BankLast update
Country
Score
Ranking
Details
Agricultural Bank of China
2021-03-24
CHN
0
Laggard

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0
China
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 82

See: Policy scores Excel sheet

Bank of America
2021-03-24
USA
14
Laggard

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0
United States
Profile
Score
Laggard
14
20210324
Last update: 2021-03-24
Explanation

Total: 14 points out of 82

2 points for a moderate exclusion of Arctic oil and gas projects: Bank of America prohibits direct financing of petroleum exploration or production activities in the Arctic, including both oil and gas development. The prohibition does not cover Arctic oil and gas-related infrastructure.

6 points for a strong exclusion of coal mining projects: Bank of America prohibits direct financing for new thermal coal mines or the expansion of existing mines.

6 points for a strong exclusion of coal power projects: Bank of America prohibits direct financing of the construction or expansion of new coal-fired power plants, unless technology is meployed that is focused on complete or near elimination of atmospheric carbon emissions.

See: Policy scores Excel sheet

Relevant policies
csr policiesprivate
2021-02-05 00:00:00

Environmental and social risk policy framework out of date

2021-02-05 00:00:00
csr policiesprivate
2019-04-18 00:00:00

Coal Policy out of date

2019-04-18 00:00:00
Bank of China
2021-03-24
CHN
0
Laggard

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0
China
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 82

See: Policy scores Excel sheet

Bank of Communications
2021-03-24
CHN
0
Laggard

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0
China
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 82

See: Policy scores Excel sheet

Bank of Montreal (BMO)
2021-03-24
CAN
5
Laggard

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0
Canada
Profile
Score
Laggard
5
20210324
Last update: 2021-03-24
Explanation

Total: 5 points out of 82

1 point for a weak exclusion of Arctic oil and gas projects: BMO intends to exclude direct finance for exploration and development projects in the Arctic National Wildlife Refuge (ANWR). It does not mention infrastructure, the policy is restricted to the ANWR and the bank only expressed its "intention" to exclude project finance which makes it a weak policy.

2 points for a weak exclusion of coal mining projects: Bank of Montreal prohibits lending for new greenfield coal mines or significant expansions.

2 points for a weak exclusion of coal power projects: Bank of Montreal prohibits lending for new greenfield coal-fired power plants or significant expansions, with potential exceptions for plants using CCS.

See: Policy scores Excel sheet

Relevant policies
csr policies
2020-03-09 00:00:00

Responsible lending policies

[Date listed represents date as accessed on website]
2020-03-09 00:00:00
References
2020-10-22

GTC and VGG respond to BMO policy update: Bank of Montreal will not finance drilling in the Arctic National Wildlife Refuge

2020-10-22 | Gwich'in Tribal Council
Barclays
2021-03-24
GBR
15
Laggard

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0
United Kingdom
Profile
Score
Laggard
15
20210324
Last update: 2021-03-24
Explanation

Total: 15 points out of 82

2 points for a moderate exclusion of Arctic oil and gas projects: Barclays will not directly finance oil and gas projects in the Arctic Circle, including but not limited to the ANWR. The policy does not mention infrastructure.

1 points for a weak exclusion of fracking projects: Barclays will not finance projects involving fracking in Europe, including the UK.

6 points for a strong exclusion of coal mining projects: Barclays does not provide project finance for the development of greenfield thermal coal mines anywhere in the world. It also does not provide general corporate financing that is specified as being for new or expanded coal mining development.

6 points for a strong exclusion of coal power projects: Barclays prohibits financing for coal-fired power plants around the world.

See: Policy scores Excel sheet

Relevant policies
csr policiesprivate
2019-01-14 00:00:00

Energy and Climate Change Statement out of date

2019-01-14 00:00:00
csr policiesprivate
2020-04-30 00:00:00

Position on climate change out of date

2020-04-30 00:00:00
BBVA
2021-03-24
ESP
14
Laggard

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0
Spain
Profile
Score
Laggard
14
20210324
Last update: 2021-03-24
Explanation

Total: 14 points out of 82

3 points for a strong exclusion of tar sands projects: BBVA prohibits financing for tar sands exploration, production, and transport projects.

3 points for a strong exclusion of Arctic oil and gas projects: BBVA prohibits financing for Arctic oil and gas exploration, production and transportation projects.

4 points for a moderate exclusion of coal mining projects: BBVA prohibits direct financing for new coal mines and coal mine expansions, including MTR mines, but allows exceptions for countries with high levels of imported energy.

4 points for a moderate exclusion of coal power projects: BBVA prohibits direct financing for new coal plants and coal plant expansions, but allows exceptions for countries with high levels of imported energy.

See: Policy scores Excel sheet

BNP Paribas
2021-03-24
FRA
46.5
Front runner

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0
France
Profile
Score
Front runner
46.5
20210324
Last update: 2021-03-24
Explanation

Total: 46.5 points out of 82

3 points for a strong exclusion of tar sands projects: BNP Paribas prohibits financing for tar sands exploration, production and pipeline projects.

3 points for a strong exclusion of Arctic oil and gas projects: BNP Paribas prohibits financing for offshore Arctic oil and gas exploration and production projects, as well as pipelines and LNG terminals related to offshore Arctic oil and gas only.

3 points for a strong exclusion of fracked oil and gas projects: BNP Paribas prohibits financing for fracked oil and gas exploration and production projects, and pipelines.

1 point for a weak exclusion of LNG projects: BNP Paribas prohibits financing for LNG terminals that are supplied by fracked gas.

1.5 points for a weak exclusion of other/conventional oil and gas projects: BNP Paribas excludes from its trading activities the seaborne exports of oil from the Esmeraldas region in Ecuador.

6 points for a strong exclusion of coal mining projects: BNP Paribas prohibits financing for thermal coal mining projects.

8 points for a strong exclusion of companies expanding coal mining (coal mine developers): BNP Paribas does not provide any financial products or services for companies that develop or are planning to develop thermal coal extraction capacities (new mines or expansion of existing ones).

6 points for a strong exclusion of coal power projects: BNP Paribas prohibits financing for coal-fired power plant projects, regardless of location.

8 points for a strong exclusion of companies expanding coal power (coal power developers): BNP Paribas will not provide financial products and services to power generation companies that add operational coal-fired power generation to its power portfolio.

3 points for a strong exclusion of coal infrastructure projects: BNP Paribas will not provide any financial product or services to infrastructure projects that are dedicated to thermal coal such as harbors or terminals of existing harbors, transportation of thermal coal by rail or road, storage of coal (warehouses).

4 points for a strong exclusion of companies expanding coal infrastructure: BNP Paribas prohibits financing for companies planning coal infrastructure.

See: Policy scores Excel sheet

Relevant policies
csr policies
2020-07-22 00:00:00

Coal mining - sector policy

2020-07-22 00:00:00
csr policies
2020-07-01 00:00:00

Coal-fired power generation - sector policy

2020-07-01 00:00:00
csr policies
2017-12-19 00:00:00

Unconventional Oil and Gas - Sector Policy

2017-12-19 00:00:00
References
2021-1-25

BNP Paribas, Credit Suisse, ING to exclude exports of Ecuadorian Amazon oil from trading activities

2021-1-25 | Amazon Watch and stand.earth
Canadian Imperial Bank of Commerce (CIBC)
2021-03-24
CAN
1
Laggard

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0
Canada
Profile
Score
Laggard
1
20210324
Last update: 2021-03-24
Explanation

Total: 1 point out of 82

1 points for a weak exclusion of Arctic oil and gas projects: CIBC prohibits direct financing for "exploration or development related to oil and gas in the Arctic National Wildlife Refuge (ANWR)."

See: Policy scores Excel sheet

China CITIC Bank
2021-03-24
CHN
0
Laggard

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0
China
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 82

See: Policy scores Excel sheet

China Construction Bank
2021-03-24
CHN
0
Laggard

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0
China
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 82

See: Policy scores Excel sheet

China Everbright Bank
2021-03-24
CHN
0
Laggard

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0
China
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 82

See: Policy scores Excel sheet

China Merchants Bank
2021-03-24
CHN
0
Laggard

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0
China
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 82

See: Policy scores Excel sheet

China Minsheng Bank
2021-03-24
CHN
0
Laggard

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0
China
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 82

See: Policy scores Excel sheet

Citi
2021-03-24
USA
18
Laggard

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0
United States
Profile
Score
Laggard
18
20210324
Last update: 2021-03-24
Explanation

Total: 18 points out of 82

2 points for a moderate exclusion of Arctic oil and gas projects: Citigroup will not provide project-related financing for oil and gas exploration and production in the Arctic Circle. The policy does not mention infrastructure.

6 points for a strong exclusion of coal mining projects: Citigroup provides no project-related financing for new thermal coal mines or expansions of existing mines.

6 points for a strong exclusion of coal power projects: Citi prohibits project-related financial services for new coal-fired power plants or expansion of exisiting plants.

4 points for a weak exclusion of companies expanding coal power (coal power developers): Starting in 2022, Citi will "not onboard any new clients with ≥20% of power generation from coal-fired power plants" unless the clients are pursuing a low-carbon transition in alignment "with Paris Agreement decarbonization pathways by 2030 (for clients with power generation in OECD countries) and by 2040 (for clients with power generation in non-OECD countries)."

See: Policy scores Excel sheet

Relevant policies
csr policiesprivate
2021-03-15 00:00:00

Environmental and Social Policy Framework out of date

2021-03-15 00:00:00
References
2021-3-15

Citigroup first US bank to exclude companies expanding coal power

2021-3-15 | Sierra Club, RAN, BankTrack
Commerzbank AG
2021-03-24
DEU
12
Laggard

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0
Germany
Profile
Score
Laggard
12
20210324
Last update: 2021-03-24
Explanation

Total: 12 points out of 82

1 point for a weak exclusion of tar sands projects: Commerzbank prohibits project finance for tar sands extraction.

2 points for a moderate exclusion of Arctic oil and gas projects: Commerzbank prohibits project financing related to the extraction of oil and gas in the Arctic. The policy does not mention infrastructure.

1 point for a weak exclusion of fracked oil and gas projects: Commerzbank rules out project finance for fracked oil and gas. This does not include infrastructure and is therefore weak.

4 points for a moderate exclusion of coal mining projects: Commerzbank prohibits direct finance for new coal mines and mountaintop removal (MTR) mines.

4 points for a moderate exclusion of coal power projects: Commerzbank prohibits direct finance for new coal-fired power plants, with possible exceptions.

See: Policy scores Excel sheet

Relevant policies
csr policiesprivate
2020-02-29 00:00:00

Policy framework for handling environmental and social risks in its core business out of date

2020-02-29 00:00:00
csr policies
2016-07-22 00:00:00

Updated position on coal

2016-07-22 00:00:00
Commonwealth Bank of Australia
2021-03-24
AUS
3
Laggard

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0
Australia
Profile
Score
Laggard
3
20210324
Last update: 2021-03-24
Explanation

Total: 3 points out of 82

1 point for a weak exclusion of tar sands projects: Commonwealth Bank prohibits project finance for mining, exploration, or development of tar sands oil. There is no prohibition on pipelines or transportation.

2 points for a moderate exclusion of Arctic oil and gas projects: Commonwealth Bank prohibits project finance for oil and gas exploration and development in the Arctic. There is no prohibition on pipelines, LNG terminals in the Arctic, or other infrastructure.

See: Policy scores Excel sheet

Relevant policies
csr policiesprivate
2019-11-14 00:00:00

Environmental and Social Framework out of date

2019-11-14 00:00:00
Crédit Agricole
2021-03-24
FRA
38
Follower

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0
France
Profile
Score
Follower
38
20210324
Last update: 2021-03-24
Explanation

Total: 38 points out of 82

3 points for a strong exclusion of tar sands projects: Crédit Agricole prohibits the direct financing of oil sands projects, as well as pipeline projects mainly dedicated to the transportation of oil produced from oil sands.

2 points for a moderate exclusion of Arctic oil and gas projects: Crédit Agricole prohibits oil projects in the Arctic, but the exclusion does not cover gas.

6 points for a strong exclusion of coal mining projects: Crédit Agricole prohibits any support to thermal coal mines.

8 points for a strong exclusion of companies expanding coal mining (coal mine developers): Crédit Agricole prohibits financing to coal mine developers starting in 2021.

6 points for a strong exclusion of coal power projects: Crédit Agricole prohibits financing for new coal plants and existing coal plants.

8 points for a strong exclusion of companies expanding coal power (coal power developers): Crédit Agricole prohibits financing to coal plant developers starting in 2021.

1 points for a weak exclusion of coal infrastructure projects: Crédit Agricole excludes any financial support for infrastructure projects dedicated to thermal coal.

4 points for a strong exclusion of companies expanding coal infrastructure: Crédit Agricole prohibits financing to coal infrastructure developers starting in 2021.

See: Policy scores Excel sheet

Relevant policies
csr policiesprivate
2019-06-06 00:00:00

Climate strategy out of date

Document in English
2019-06-06 00:00:00
csr policiesprivate
2017-12-31 00:00:00

CSR Sector Policy - Oil & Gas out of date

2017-12-31 00:00:00
csr policies
2020-03-31 00:00:00

CSR sector policy coal-fired power plants

2020-03-31 00:00:00
Credit Suisse Group
2021-03-24
CHE
10.5
Laggard

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0
Switzerland
Profile
Score
Laggard
10.5
20210324
Last update: 2021-03-24
Explanation

Total: 10.5 points out of 82

3 points for a strong exclusion of Arctil oil and gas projects: Credit Suisse will not finance offshore or onshore oil or gas projects in the Arctic region. This includes upstream exploration, development and production, as well as midstream and downstream operations.

1.5 points for a weak exclusion of other/conventional oil and gas projects: Credit Suisse committed to the immediate exclusion of new Ecuadorian Amazon oil from their trading activities.

2 points for a weak exclusion of coal mining projects: Credit Suisse prohibits direct finance for new greenfield thermal coal mines, and mountaintop removal (MTR) projects. 

4 points for a moderate exclusion of coal power projects: Credit Suisse prohibits direct finance for new coal-fired power plants.

See: Policy scores Excel sheet

Relevant policies
csr policiesprivate
2020-08-01 00:00:00

Sector Policies and Guidelines out of date

2020-08-01 00:00:00
References
2021-1-25

BNP Paribas, Credit Suisse, ING to exclude exports of Ecuadorian Amazon oil from trading activities

2021-1-25 | Amazon Watch and stand.earth
Danske Bank
2021-03-25
DNK
29.5
Follower

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0
Denmark
Profile
Score
Follower
29.5
20210325
Last update: 2021-03-25
Explanation

Total: 33.5 points out of 82

1.5 points for a weak exclusion of other/conventional oil and gas projects: Danske Bank does not provide any project finance for expansion of oil and gas exploration and production.

6 points for a strong exclusion of coal mining projects: Danske Bank does not provide financing for projects expanding thermal coal mining.

8 points for a strong exclusion of companies expanding coal mining (coal mining developers): Danske Bank refrains from providing financial services to companies expanding thermal coal mining.

6 points for a strong exclusion of coal power projects: Danske Bank does not provide financing for projects expanding thermal coal power.

8 points for a strong exclusion of companies expanding coal power (coal power developers): Danske Bank refrains from providing financial services to companies expanding thermal coal power.

See: Policy scores Excel sheet

Relevant policies
csr policies
2021-03-25 00:00:00

Position Statement on Fossil Fuels

2021-03-25 00:00:00
DBS Bank
2020-03-01
SGP
6
Laggard

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0
Singapore
Profile
Score
Laggard
6
20200301
Last update: 2020-03-01
Explanation

Total: 6 points out of 82

2 points for a weak exclusion of coal mining projects: DBS prohibits financing for greenfield thermal coal mines.

4 points for a moderate exclusion of coal power projects: DBS prohibits financing for new coal-fired power plants.

See: Policy scores Excel sheet

Deutsche Bank
2021-03-24
DEU
19
Laggard

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0
Germany
Profile
Score
Laggard
19
20210324
Last update: 2021-03-24
Explanation

Total: 19 points out of 82

3 points for a strong exclusion of tar sands projects: Deutsche Bank prohibits financing new projects and material expansions involving exploration, production, transport/processing of tar sands.

2 points for a moderate exclusion of Arctic oil and gas projects: Deutsche Bank will not finance new oil and gas projects in the Arctic region (Arctic region being defined based on a 10°C July Isotherm boundary, meaning the area does not experience temperatures above 10° C).

1 point for a weak exclusion of fracked oil and gas projects: Deutsche Bank will not finance oil and gas projects via hydraulic fracturing in countries with extremely high water stress.

6 points for a strong exclusion of coal mining projects: Deutsche Bank will not provide financing for new coal mines or material expansions.

6 points for a strong exclusion of coal power projects: Deutsche Bank prohibits financing for new coal-fired power plants and the expansion of existing plants, regardless of location.

1 point for a weak exclusion of coal infrastructure projects: Deutsche Bank prohibits financing for new greenfield coal-related infrastructure related to new or existing mines or plants.

See: Policy scores Excel sheet

Relevant policies
csr policies
2020-07-27 00:00:00

Environmental and Social Policy Framework

2020-07-27 00:00:00
References
2020-7-27

Deutsche Bank’s new policies: much needed movement, still a long way to Paris

2020-7-27 | urgewald
DNB
2021-02-01
NOR
7.5
Laggard

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0
Norway
Profile
Score
Laggard
7.5
20210201
Last update: 2021-02-01
Explanation

Total: 7.5 points out of 82

1 point for a weak exclusion of tar sands projects: DNB does not finance upstream open pit mining in oil sand.

0.5 point for a MTR mine exclusion: DNB does not finance mountaintop removal activities.

6 points for a strong exclusion of coal power projects: DNB does not finance coal-fired power plants.

See: Policy scores Excel sheet

Relevant policies
csr policies
2016-12-31 00:00:00

CSR-ESG sector guidance - metals and mining

2016-12-31 00:00:00
csr policies
2016-08-31 00:00:00

CSR-ESG sector guidance energy

2016-08-31 00:00:00
DZ Bank
2021-03-24
DEU
14
Laggard

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0
Germany
Profile
Score
Laggard
14
20210324
Last update: 2021-03-24
Explanation

Total: 14 points out of 82

1 point for a weak exclusion of tar sands projects: DZ Bank prohibits financing for tar sands projects. This does not include infrastructure.

1 point for a weak exclusion of fracked oil and gas projects: DZ Bank prohibits financing for fracked oil and gas projects. This does not include infrastructure.

6 points for a strong exclusion of coal mining projects: DZ Bank prohibits financing for coal mines, including mountain top removal mining.

6 points for a strong exclusion of coal power projects: DZ Bank prohibits financing for coal-fired power plants.

See: Policy scores Excel sheet

Relevant policies
csr policies
2021-03-15 00:00:00

Sustainable lending policy

2021-03-15 00:00:00
Goldman Sachs
2021-03-24
USA
14
Laggard

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0
United States
Profile
Score
Laggard
14
20210324
Last update: 2021-03-24
Explanation

Total: 14 points out of 82

2 points for a moderate exclusion of Arctic oil and gas projects: Goldman Sachs prohibits financing for new Arctic oil projects onshore and offshore, including exploration. Financing for gas projects, as well as for infrastructure related to Arctic oil and gas, are not covered by this policy.

6 points for a strong exclusion of coal mining projects: Goldman Sachs's prohibition on financing for "new thermal coal mine development" covers both new mines and expansions of existing mines.

6 points for a strong exclusion of coal power projects: Goldman Sachs's prohibition on financing for "new coal fired power generation" covers both new plants and expansions of existing plants.

See: Policy scores Excel sheet

Relevant policies
csr policies
2022-01-25 00:00:00

Sector Guidelines: General Industries, Agriculture/Soft Commodities, Metals & Mining, Oil & Gas, Power Generation

Date listed represents date as accessed on website
2022-01-25 00:00:00
HSBC
2021-03-24
GBR
14
Laggard

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0
United Kingdom
Profile
Score
Laggard
14
20210324
Last update: 2021-03-24
Explanation

Total: 14 points out of 82

2 points for a moderate exclusion of tar sands projects: HSBC prohibits direct finance for greenfield tar sands extraction projects and pipelines.

2 points for a moderate exclusion of Arctic oil and gas projects: HSBC prohibits direct finance for new offshore Arctic oil and gas projects.

4 points for a moderate exclusion of coal mining projects: HSBC prohibits financing for new thermal coal mines.

6 points for a strong exclusion of coal power projects: HSBC will not finance any new coal-fired power plants anywhere globally, including expansions of existing plants.

See: Policy scores Excel sheet

Relevant policies
csr policiesprivate
2020-04-23 00:00:00

Energy policy out of date

2020-04-23 00:00:00
csr policies
2020-02-15 00:00:00

Minings & metals policy

2020-02-15 00:00:00
Industrial and Commercial Bank of China (ICBC)
2021-03-24
CHN
0
Laggard

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0
China
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 82

See: Policy scores Excel sheet

Industrial Bank of China
2021-03-24
CHN
0
Laggard

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0
China
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 82

See: Policy scores Excel sheet

Intesa Sanpaolo
2021-07-29
ITA
18
Laggard

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0
Italy
Profile
Score
Laggard
18
20210729
Last update: 2021-07-29
Explanation

Total: 10 points out of 82

2 points for a moderate exclusion for tar sands projects: Intesa Sanpaolo will not provide financial products and services to projects aimed at the development, construction and expansion of exploration and extraction activities relating to tar sands, as well as activities relating to transport infrastructures solely linked to exploration and extraction of tar sands. The exclusion only applies to lending, not underwriting.

2 points for a weak exclusion threshold for tar sands: Intesa Sanpaolo excludes "companies with significant revenues from unconventional resources". The exclusion only applies to lending, not underwriting.

2 points for a moderate exclusion for Arctic oil & gas projects: Intesa Sanpaolo will not provide financial products and services to projects aimed at the development, construction and expansion of exploration and extraction activities relating to Arctic oil & gas (onshore and offshore), as well as activities relating to transport infrastructures solely linked to exploration and extraction of Arctic oil & gas. The exclusion only applies to lending, not underwriting.

2 points for a weak exclusion threshold for Arctic oil & gas: Intesa Sanpaolo excludes "companies with significant revenues from unconventional resources". The exclusion only applies to lending, not underwriting.

2 points for a weak exclusion of coal mining projects: Intesa Sanpaolo will not provide financial products and services to projects aimed at the construction or expansion of new coal mines (Greenfield Projects) or the purchase of companies operating in the coal mining sector. The exclusion only applies to lending, not underwriting.

4 points for a moderate exclusion of coal power projects: Intesa Sanpaolo will not provide financial products and services to projects aimed at the construction of new coal-fired power plants, the purchase or expansion of coal-fired power plants that are already in operation. However this only applies to lending, not underwriting.

4 points for a weak exclusion of companies expanding coal power: Intesa Sanpaolo excludes companies that have plans to expand coal-fueled installed capacity or are engaged in the construction of new coal-fired power plants. However, this only applies to lending, not underwriting.

See: Policy scores Excel sheet

Relevant policies
csr policies
2021-07-29 00:00:00

Rules for lending operations in the coal sector

2021-07-29 00:00:00
csr policies
2021-07-29 00:00:00

Rules for lending operations in the unconventional oil&gas sector

2021-07-29 00:00:00
JPMorgan Chase
2021-03-24
USA
9
Laggard

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0
United States
Profile
Score
Laggard
9
20210324
Last update: 2021-03-24
Explanation

Total: 9 points out of 82

3 points for a strong exclusion of Arctic oil and gas projects: JPMorgan Chase prohibits financing for "upstream, midstream or downstream greenfield oil and gas development in the Arctic."

2 points for a weak exclusion of coal mining projects: JPMorgan Chase prohibits financing for new greenfield coal mines only.

4 points for a moderate exclusion of coal power projects: JPMorgan Chase prohibits direct financing for the new coal power plants or refinancing of existing coal plants, with potential exceptions for plants that use CCS.

See: Policy scores Excel sheet

Relevant policies
csr policiesprivate
2020-02-25 00:00:00

Environmental and social policy framework out of date

2020-02-25 00:00:00
Jyske Bank
2021-02-01
DNK
0
Laggard

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0
Denmark
Profile
Score
Laggard
0
20210201
Last update: 2021-02-01
Explanation

Total: 0 points out of 82

See: Policy scores Excel sheet

Lloyds Banking Group
2021-03-24
GBR
17
Laggard

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0
United Kingdom
Profile
Score
Laggard
17
20210324
Last update: 2021-03-24
Explanation

Total: 17 points out of 82

2 points for a moderate exclusion of tar sands projects: Lloyds Banking Group does not finance the exploration, extraction or production of oil from tar sands. It also does not finance projects exclusively dedicated to the transport or storage of oil from tar sands.

2 points for a moderate exclusion of Arctic oil and gas projects: Lloyds Banking Group does not finance oil or gas exploration and production projects in the Arctic (including the Arctic National Wildlife Refuge) region or Antarctic territories.

1 point for a weak exclusion of fracked oil and gas projects: Lloyds Banking Group does not finance onshore shale fracking.

6 points for a strong exclusion of coal mining projects: Lloyds Banking Group does not finance thermal coal mines.

6 points for a strong exclusion of coal power projects: Lloyds Banking Group does not finance new or existing UK coal-fired power stations by the end of 2022. The banks also does not support project finance in coal power operations of diversified utility companies elsewhere, unless the finance is "used to decommission the coal power generation or convert to renewable power generation".

See: Policy scores Excel sheet

Mitsubishi UFJ Financial Group (MUFG)
2021-04-28
JPN
4.5
Laggard

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0
Japan
Profile
Score
Laggard
4.5
20210428
Last update: 2021-04-28
Explanation

Total: 4.5 points out of 82

0.5 point for a mountaintop removal mine exclusion: MUFG prohibits financing for MTR coal mining projects.

4 points for a moderate exclusion of coal power projects: MUFG does not finance new coal power projects or expansions of existing coal power projects, unless these make use of "technologies necessary to achieve the Paris Agreement target".

See: Policy scores Excel sheet

Relevant policies
csr policies
2021-04-28 00:00:00

Revision of the MUFG Environmental and Social Policy Framework

2021-04-28 00:00:00
References
2021-4-27

Japan’s largest bank MUFG tightens coal power and forest sector policies - but far from aligned with Paris Agreement

2021-4-27 | 350.org Japan, Kiko Network, Market Forces & Rainforest Action Network
Mizuho
2021-03-24
JPN
2.5
Laggard

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0
Japan
Profile
Score
Laggard
2.5
20210324
Last update: 2021-03-24
Explanation

Total: 2.5 points out of 82

0.5 point for a mountaintop removal (MTR) mine exclusion: Mizuho will not provide financing or investment to coal mining projects employing the mountain top removal method.

2 points for a weak exclusion of coal power projects: Mizuho will not finance new coal power plants, except projects already committed to before June 2020; or replacements leading to CO2 reduction where it is also deemed necessary for stable energy supply in the host country.

See: Policy scores Excel sheet

Morgan Stanley
2021-03-24
USA
12
Laggard

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0
United States
Profile
Score
Laggard
12
20210324
Last update: 2021-03-24
Explanation

Total: 12 points out of 82

2 points for a moderate exclusion of Arctic oil and gas projects: Morgan Stanley will not directly finance new oil and gas exploration and development in the Arctic, including the Arctic National Wildlife Refuge (ANWR), but its policy does not mention infrastructure.

4 points for a moderate exclusion of coal mining projects: Morgan Stanley excludes direct finance for new coal mines. Expansion is not mentioned in this policy. Morgan Stanley will also not provide financing for mountain top removal coal mines.

6 points for a strong exclusion of coal power projects: Morgan Stanley will decline financing transactions globally that directly support the development of new or physical expansions of coal-fired power generation, unless there is carbon capture and storage or equivalent carbon emissions reduction technology.

See: Policy scores Excel sheet

Relevant policies
csr policies
2019-03-15 00:00:00

Coal and oil & gas policy statements

2019-03-15 00:00:00
Natixis
2021-03-24
FRA
35
Follower

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0
France
Profile
Score
Follower
35
20210324
Last update: 2021-03-24
Explanation

Total: 35 points out of 82

3 points for a strong exclusion of tar sands projects: BPCE/Natixis prohibits dedicated finance for tar sands exploration and production, or for pipeline and other midstream infrastructure supplied with 30% or more tar sands oil.

2 points for a moderate exclusion of Arctic oil and gas projects: Natixis prohibits direct finance for Arctic oil exploration and production.

1 point for a weak exclusion of fracking projects: BPCE/Natixis will no longer finance shale oil and gas exploration and production projects worldwide. No mention of infrastructure.

6 points for a strong exclusion of coal mining projects: BPCE/Natixis prohibits financing for greenfield or brownfield thermal coal mines.

8 points for a strong exclusion of companies expanding coal mining (coal mine developers): BPCE/Natixis will no longer support companies that develop new capacity in coal-powered electricity generation or thermal coal mining.

6 points for a strong exclusion of coal power projects: BPCE/Natixis prohibits financing for greenfield or brownfield coal-fired power plants, and restricts financing for the acquisition of coal-fired power plants.

8 points for a strong exclusion of companies expanding coal power (coal power developers): BPCE/Natixis will no longer support companies that develop new capacity in coal-powered electricity generation or thermal coal mining.

1 point for a weak exclusion of coal infrastructure projects: BPCE/Natixis prohibits financing for greenfield or brownfield infrastructure projects such as railway tracks, rail cars, and port facilities when these are primarily dedicated to thermal coal.

See: Policy scores Excel sheet

Relevant policies
csr policies
2020-10-27 00:00:00

CSR sector policy applicable to the coal industry

2020-10-27 00:00:00
csr policies
2018-11-23 00:00:00

ESR Sector Policy - Oil and Gas

2018-11-23 00:00:00
NatWest
2021-03-24
GBR
15.5
Laggard

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0
United Kingdom
Profile
Score
Laggard
15.5
20210324
Last update: 2021-03-24
Explanation

Total: 15.5 points out of 82

1 point for a weak exclusion for tar sands projects: NatWest does not finance projects involving the exploration and extraction of oil from oil sands.

2 points for a moderate exclusion of Arctic oil and gas projects: NatWest does not finance projects involving oil exploration and production operations in Arctic (including the Arctic National Wildlife Refuge) or Antarctic areas.

1 point for a weak exclusion of offshore oil and gas projects: NatWest does not finance proojects involving exploration for new oil and gas reserves, which includes offshore exploration projects.

2 points for a moderate exclusion of fracked oil and gas projects: NatWest does not finance projects involving hydraulic fracturing (‘fracking’) for oil and gas.

1.5 points for a weak exclusion of other/conventional oil and gas projects: NatWest does not finance projects involving exploration for new oil and gas reserves.

4 points for a moderate exclusion of coal mining projects: NatWest does not finance new thermal coal mines.

4 points for a moderate exclusion of coal power projects: NatWest does not finance new coal power plants.

See: Policy scores Excel sheet

Relevant policies
csr policies
2021-02-23 00:00:00

Approach to climate change

Date listed represents date as accessed on website
2021-02-23 00:00:00
csr policiesprivate
2020-07-31 00:00:00

Mining and metals sector policy out of date

2020-07-31 00:00:00
csr policies
2020-07-31 00:00:00

Oil & gas sector policy

2020-07-31 00:00:00
csr policiesprivate
2020-07-31 00:00:00

Power sector policy out of date

2020-07-31 00:00:00
Nedbank Group
2021-04-22
ZAF
13
Laggard

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0
South Africa
Profile
Score
Laggard
13
20210422
Last update: 2021-04-22
Explanation

Total: 13 points out of 82

4 points for a moderate exclusion of coal mining projects: Nedbank does not finance thermal coal mines outside of South Africa. From 2025 onwards, it does not finance new thermal coal mines regardless of jurisdiction.

4 points for a moderate exclusion of coal power plants: Nedbank does not finance any new coal power plants.

5 points for a strong exclusion of other/conventional oil and gas projects: Nedbank does not finance new oil and gas exploration projects anywhere. From 2035 onwards, the bank will not provide new financing for oil production anywhere. The bank will continue to finance natural gas production where it plays an essential role in facilitating the transition to a zero-carbon energy system by 2050. Nedbank will also not provide financing for new utility-scale or embedded oil-fired power generation, unless it is integrated as backup supply to renewable generation projects. Finally, Nedbank will from 2030 onwards not finance new utility-scale or embedded gas-fired power generation with some exceptions.

See: Policy scores Excel sheet

Relevant policies
csr policies
2021-04-22 00:00:00

Energy policy

2021-04-22 00:00:00
Nordea
2021-09-09
FIN
32
Follower

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0
Finland
Profile
Score
Follower
32
20210909
Last update: 2021-09-09
Explanation

Total: 2 points out of 82

6 points for a strong exclusion of coal mining projects: Nordea does not provide project financing dedicated to thermal coal mining or new thermal coal power plants.

8 points for a strong exclusion of companies expanding coal mining: Nordea does not finance or refinance companies with expansion plans for thermal coal or new and pre-construction phase thermal coal activities.

6 points for a strong exclusion of coal power projects: Nordea does not provide project financing dedicated to thermal coal mining or new thermal coal power plants.

8 points for a strong exclusion of companies expanding coal power: Nordea does not finance or refinance companies with expansion plans for thermal coal or new and pre-construction phase thermal coal activities.

2 point for a moderate exclusion of tar sands projects: Nordea does not finance or refinance new and pre-construction phase unconventional oil and gas extraction activities or pipelines. Nordea does not provide project financing dedicated to pipelines or the extraction of unconventional oil and gas.

2 points for a  moderate exclusion of fracked oil and gas projects: Nordea does not finance or refinance new and pre-construction phase unconventional oil and gas extraction activities or pipelines. Nordea does not provide project financing dedicated to pipelines or the extraction of unconventional oil and gas. 

See: Policy scores Excel sheet

Relevant policies
csr policiesprivate
2021-09-09 00:00:00

Sector Guideline for the Fossil Fuel based Industries out of date

2021-09-09 00:00:00
Nykredit
2021-02-01
DNK
0
Laggard

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0
Denmark
Profile
Score
Laggard
0
20210201
Last update: 2021-02-01
Explanation

Total: 0 points out of 82

See: Policy scores Excel sheet

OCBC
2020-03-01
SGP
8
Laggard

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0
Singapore
Profile
Score
Laggard
8
20200301
Last update: 2020-03-01
Explanation

Total: 8 points out of 82

2 points for a weak exclusion of coal mining projects: OCBC prohibits "new financing of Lignite Coal Mines" only.

6 points for a strong exclusion of coal power projects: OCBC prohibits new financing for all coal plants.

See: Policy scores Excel sheet

Relevant policies
csr policies
2019-12-18 00:00:00

Responsible financing

Date listed represents date as accessed on website
2019-12-18 00:00:00
Ping An Bank
2021-03-24
CHN
0
Laggard

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0
China
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 82

See: Policy scores Excel sheet

Postal Savings Bank of China
2021-03-24
CHN
0
Laggard

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0
China
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 82

See: Policy scores Excel sheet

Rabobank
2021-03-24
NLD
23
Follower

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0
Netherlands
Profile
Score
Follower
23
20210324
Last update: 2021-03-24
Explanation

Total: 23 points out of 82

3 points for a strong exclusion of tar sands projects: Rabobank prohibits financing for tar sands exploration, production, transport, processing, or refining projects.

1 point for a weak exclusion of Arctic oil and gas projects: Rabobank prohibits financing of offshore oil and gas exploration and production in the Arctic region, this does not include onshore exploration and production.

3 points for a strong exclusion of fracked oil and gas projects: Rabobank prohibits financing for shale oil and gas exploration, production, transport, processing, or refining projects.

1 point for a weak exclusion of LNG projects: Rabobank prohibits financing the exploration and production of LNG.

6 points for a strong exclusion of coal mining projects: Rabobank prohibits financing for all thermal coal mining projects.

6 points for a strong exclusion of coal power projects: Rabobank prohibits financing for new coal plants and existing coal plants.

3 points for a strong exclusion of coal infrastructure projects: Rabobank prohibits financing the transport up to the coal production unit, and the production, processing, or refining of coal products.

See: Policy scores Excel sheet

Relevant policies
csr policiesprivate
2019-08-27 00:00:00

Sustainability Policy Framework out of date

2019-08-27 00:00:00
Royal Bank of Canada (RBC)
2021-03-24
CAN
7
Laggard

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0
Canada
Profile
Score
Laggard
7
20210324
Last update: 2021-03-24
Explanation

Total: 7 points out of 82

1 point for a weak exclusion of Arctic oil and gas projects: RBC will not provide direct financing for any project or transaction that involves exploration or development in the Arctic National Wildlife Refuge (ANWR). RBC does not mention infrastructure in its policy, and does not rule out financing projects in the rest of the Arctic region. 

2 points for a weak exclusion of coal mining projects: RBC will not finance transactions where the proceeds will be primarily used to develop a new greenfield thermal coal mine or Mountain Top Removal coal mining projects. In this policy, greenfield refers to new plants or mines on land not previously used for that purpose.

4 points for a moderate exclusion of coal power projects: RBC will not finance transactions where the proceeds will be primarily used to develop a new greenfield coal-fired power plant. 

See: Policy scores Excel sheet

Relevant policies
csr policies
2020-09-14 00:00:00

Policy guidelines for sensitive sectors and activitities

2020-09-14 00:00:00
Santander
2021-03-24
ESP
24
Follower

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0
Spain
Profile
Score
Follower
24
20210324
Last update: 2021-03-24
Explanation

Total: 24 points out of 82

3 points for a strong exclusion of tar sands projects: Santander prohibits financing for new and expanding tar sands projects, including extraction, refining, and transportation.

3 points for a strong exclusion of Arctic oil and gas projects: Santander prohibits financing for all Arctic oil and gas production and infrastructure projects, onshore and offshore.

3 points for a strong exclusion of fracked oil and gas projects: Santander prohibits financing for new and expanding fracking projects, including extraction, refining, and transportation.

6 points for a strong exclusion of coal mining projects: Santander prohibits financing for new, or the expansion of, thermal coal mines.

6 points for a strong exclusion of coal power projects: Santander prohibits financing for coal-fired power plants projects worldwide, or for the expansion of existing coal-fired plants.

3 points for a strong exclusion of coal infrastructure projects: Santander probits financing for the construction or expansion of infrastructure supporting coal mines or coal power plants.

See: Policy scores Excel sheet

Relevant policies
csr policiesprivate
2020-01-21 00:00:00

Energy sector policy out of date

2020-01-21 00:00:00
Sberbank
2021-03-24
RUS
0
Laggard

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0
Russian Federation
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 82

See: Policy scores Excel sheet

Scotiabank
2021-03-24
CAN
2
Laggard

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0
Canada
Profile
Score
Laggard
2
20210324
Last update: 2021-03-24
Explanation

Total: 2 points out of 82

2 points for a moderate exclusion of Arctic oil and gas projects: Scotiabank excludes "direct financing or project-specific financial and advisory services for activities that are directly related to the exploration, development or production of oil and gas within the Arctic Circle, including the Arctic National Wildlife Refuge". The policy does not mention infrastructure.

See: Policy scores Excel sheet

Shanghai Pudong Development Bank
2021-03-24
CHN
0
Laggard

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0
China
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 82

See: Policy scores Excel sheet

Shinhan Financial Group
2021-03-24
KOR
4
Laggard

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0
South Korea
Profile
Score
Laggard
4
20210324
Last update: 2021-03-24
Explanation

Total: 4 points out of 82

4 points for a moderate exclusion of coal power projects: Shinhan subsidiary Shinan Bank prohibits financing (including underwriting) for coal plants worldwide.

See: Policy scores Excel sheet

Skandinaviska Enskilda Banken (SEB)
2021-02-01
SWE
28.5
Follower

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0
Sweden
Profile
Score
Follower
28.5
20210201
Last update: 2021-02-01
Explanation

Total: 32.5 points out of 82

3 points for a strong exclusion of tar sands projects: SEB does not provide finance to new or expanding unconventional oil and gas projects, which includes tar sands.

3 points for a strong exclusion of Arctic oil and gas projects: SEB will not provide finance for exploration or production of Arctic oil and gas.

3 points for a strong exclusion of offshore oil and gas projects: SEB will not provide financial services to offshore related fossil assets (drilling rigs, seismic equipment and dedicated fossil extraction offshore support vessels) where revenue from these assets represents more than 5% of an owners' revenue.

3 points for a strong exclusion of fracked oil and gas projects: SEB will not provide financial services to any new or expanding unconventional oil and gas projects, including shale/fracked oil and gas.

1.5 points for a weak exclusion of other/conventional oil and gas projects: SEB does not finance seismic fossil exploration, new refineries for transportation fuel, new oil-fired power plants, and new combined cycle gas fired power plants.

6 points for a strong exclusion of coal mining projects: SEB will not provide financial services to new and existing thermal coal mines.

6 points for a strong exclusion of coal power projects: SEB will not provide financial services to new and existing coal-fired power plants.

3 points for a strong exclusion of coal infrastructure projects: SEB will not finance infrastructure projects that are dedicated to thermal coal "such as harbours or terminals of existing harbours, transportation of thermal coal by rail or road, storage of coal (warehouses)."

See: Policy scores Excel sheet

Relevant policies
csr policies
2021-02-23 00:00:00

Sector Policy on Fossil Fuels

2021-02-23 00:00:00
Société Générale
2021-03-24
FRA
30
Follower

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0
France
Profile
Score
Follower
30
20210324
Last update: 2021-03-24
Explanation

Total: 30 points out of 82

2 points for a moderate exclusion of tar sands projects: Société Générale prohibits financing for all tar sands exploration and production projects, as well as for "infrastructures exclusively dedicated to the transport or storage of oil from oil sands." Expanding the latter to prohibit financing for infrastructure with any relation to tar sands would move this assessment to "strong exclusion."

2 points for a moderate exclusion of Arctic oil and gas projects: Société Générale prohibits financing for all Arctic oil exploration and production projects, as well as for "infrastructures exclusively dedicated to the transport or storage of... Arctic oil." This policy does not cover Arctic gas.

1 point for a weak exclusion of fracked oil and gas projects: Société Générale will cease to provide financing to onshore upstream oil & gas in the US.

6 points for a strong exclusion of coal mining projects: Société Générale prohibits financing for all thermal coal mining projects.

4 points for a weak exclusion of companies expanding coal mining (coal mine developers): Société Générale will not finance new companies developing, or planning to develop, new thermal coal mines. From the end of 2021 onwards, Société Générale will refrain from financing any company developing, or planning to develop, new thermal coal mines. Société Générale will also refrain from financing 'Corporate Entities' of the thermal coal mining sector (which are defined as corporate entities directly operating or owning thermal coal mining assets) that are developing or planning to develop thermal coal mining capacity. However, these commitments only apply to majority owners of the asset.

6 points for a strong exclusion of coal power projects: Société Générale prohibits financing for all coal power plants.

4 points for a strong exclusion of companies expanding coal power (coal power developers): Société Générale will refrain from providing finance to companies of the thermal coal sector developing, or planning to develop, new thermal coal mines, new coal-fuelled power capacities strictly above 300 MW or new transportation projects dedicated to thermal coal. For this policy commitment, the majority owners of the asset are considered.

3 points for a strong exclusion of coal infrastructure projects: Société Générale prohibits financing for all other thermal coal power projects, including transport and infrastructure associated with coal mining and coal power.

2 points for a strong exclusion of coal companies expanding coal infrastructure: Société Générale will not finance companies of the thermal coal sector developing or planning to develop new transportation projects dedicated to thermal coal. For this policy commitment, the majority owners of the asset are considered.

See: Policy scores Excel sheet

Relevant policies
csr policies
2020-10-28 00:00:00

Climate strategy

2020-10-28 00:00:00
csr policies
2020-07-31 00:00:00

Thermal coal sector policy

2020-07-31 00:00:00
csr policiesprivate
2018-05-18 00:00:00

Sector policy oil and gas out of date

2018-05-18 00:00:00
References
2020-7-1

An Accelerated Exit from the Coal Sector

2020-7-1 | Société Générale
2020-7-31

Société Générale releases a misleading coal phase out policy

2020-7-31 | Reclaim Finance
Sparebank 1 SR-Bank
2021-02-01
NOR
14
Laggard

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0
Norway
Profile
Score
Laggard
14
20210201
Last update: 2021-02-01
Explanation

Total: 14 points out of 82

1 point for a weak exclusion of tar sands projects: SpareBank 1 SR-Bank will not finance the extraction of tar sands.

1 point for a weak exclusion of fracked oil and gas projects: SpareBank 1 SR-Bank does not finance the extraction of shale gas and shale oil.

6 points for a strong exclusion of coal mining projects: SpareBank 1 SR-Bank does not finance coal mining projects.

6 points for a strong exclusion of coal power projects: SpareBank 1 SR-Bank does not finance coal power projects.

See: Policy scores Excel sheet

Relevant policies
csr policies
2020-09-30 00:00:00

Baerekraft i SpareBank 1 SR-Bank

2020-09-30 00:00:00
State Bank of India
2021-03-24
IND
0
Laggard

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0
India
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 82

See: Policy scores Excel sheet

Sumitomo Mitsui Banking Corporation (SMBC)
2021-06-01
JPN
4.5
Laggard

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0
Japan
Profile
Score
Laggard
4.5
20210601
Last update: 2021-06-01
Explanation

Total: 4.5 points out of 82

0.5 point for a mountaintop removal (MTR) mine exclusion: SMBC does not provide support for coal mining projects that are conducting the MTR method.

4 points for a moderate exclusion of coal power projects: SMBC does not finance new coal power projects or expansions of existing coal power projects, unless these "(projects) will contribute to the transition to decarbonization, such as CCUS and ammonia / biomass mixed combustion."

See: Policy scores Excel sheet

Relevant policies
csr policies
2020-04-16 00:00:00

Revision of ESG financing policies

2020-04-16 00:00:00
Sumitomo Mitsui Trust Holdings
2021-03-24
JPN
2
Laggard

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0
Japan
Profile
Score
Laggard
2
20210324
Last update: 2021-03-24
Explanation

Total: 2 points out of 82

2 points for a weak exclusion of coal power projects: SuMi TRUST prohibits direct ifnnaicng for new coal plants, but "may make exceptions by carefully and comprehensively considering the background, attributes, and other factors of each individual project if it meets strict environmental standards."

See: Policy scores Excel sheet

Svenska Handelsbanken
2021-02-01
SWE
8
Laggard

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0
Sweden
Profile
Score
Laggard
8
20210201
Last update: 2021-02-01
Explanation

Total: 8 points out of 82

4 points for a moderate exclusion of coal mining projects: Svenska Handelsbanken does not directly finance new mining of coal.

4 points for a moderate exclusion of coal power projects: Svenska Handelsbanken does not directly finance new coal power plants.

See: Policy scores Excel sheet

Relevant policies
csr policiesprivate
2020-05-11 00:00:00

Environment and climate change guidelines out of date

2020-05-11 00:00:00
Swedbank
2021-02-01
SWE
10.5
Laggard

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0
Sweden
Profile
Score
Laggard
10.5
20210201
Last update: 2021-02-01
Explanation

Total: 10.5 points out of 82

1 point for a weak exclusion of tar sands projects: Swedbank will not directly finance unconventional fossil fuel production such as oil sand.

1 point for a weak exclusion of Arctic oil and gas projects: Swedbank will not directly finance unconventional fossil fuel production such as Arctic oil and gas.

1 point for a weak exclusion of fracked oil and gas projects: Swedbank will not directly finance unconventional fossil fuel production such as shale oil and gas.

1.5 points for a weak exclusion of other/conventional oil and gas projects: Swedbank will not directly finance exploration of new oil or gas fields, but makes an exception for clients with such activities if their business strategy is aligned with the Paris Agreement.

6 points for a strong exclusion of coal power projects: Swedbank does not finance coal power projects.

See: Policy scores Excel sheet

Relevant policies
csr policiesprivate
2021-01-26 00:00:00

Position Statement Climate Change out of date

2021-01-26 00:00:00
Sydbank
2021-02-01
DNK
0
Laggard

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0
Denmark
Profile
Score
Laggard
0
20210201
Last update: 2021-02-01
Explanation

Total: 0 points out of 82

See: Policy scores Excel sheet

TD
2021-03-24
CAN
2.5
Laggard

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0
Canada
Profile
Score
Laggard
2.5
20210324
Last update: 2021-03-24
Explanation

Total: 2.5 point out of 82

2 points for a moderate exclusion of Arctic oil and gas projects: TD will not provide new project-specific financial services for exploration, development, or production of oil and gas within the Arctic Circle. It does not mention infrastructure.

0.5 point for a mountaintop removal (MTR) mine exclusion: TD prohibits financing for transactions related to mountaintop-removal coal mining only.

See: Policy scores Excel sheet

Relevant policies
csr policies
2020-11-03 00:00:00

Non-Retail Environmental and Social Credit Risk Process

2020-11-03 00:00:00
csr policies
2019-06-24 00:00:00

Responsible Financing

Page 17 of TD's CSR report 2018
2019-06-24 00:00:00
References
2020-11-9

TD is Latest Financial Institution to Pledge Net-Zero Emissions by 2050

2020-11-9 | Sierra Club
Truist Financial Corporation
2021-03-24
USA
0
Laggard

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0
United States
Profile
Score
Laggard
0
20210324
Last update: 2021-03-24
Explanation

Total: 0 points out of 82

See: Policy scores Excel sheet

UBS
2020-03-24
CHE
12
Laggard

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0
Switzerland
Profile
Score
Laggard
12
20200324
Last update: 2020-03-24
Explanation

Total: 12 points out of 82

1 point for a weak exclusion of tar sands projects: UBS prohibits financing for greenfield oil sands projects.

1 point for a weak exclusion of Arctic oil and gas projects: UBS prohibits financing for "new offshore oil projects in the Arctic."

6 points for a strong exclusion of coal mining projects: UBS does not finance new or expansions of existing thermal coal mines.

4 points for a moderate exclusion of coal power projects: UBS prohibits financing for new coal plants globally.

See: Policy scores Excel sheet

Relevant policies
csr policies
2020-04-21 00:00:00

Climate-related standards in the enery and utilities sectors

Page 56 of the UBS' CSR report 2019
2020-04-21 00:00:00
UniCredit Group
2021-03-24
ITA
43
Front runner

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0
Italy
Profile
Score
Front runner
43
20210324
Last update: 2021-03-24
Explanation

Total: 43 points out of 82

2 points for a moderate exclusion of tar sands projects: UniCredit prohibits financing for tar sands extraction projects, as well as "pipelines and other infrastructure SOLELY related" to tar sands -- which does not necessarily include all tar sands pipelines.

2 points for a moderate exclusion of Arctic oil and gas projects: UniCredit prohibits financing for Arctic oil extraction projects, onshore and offshore, and Arctic offshore gas extraction projects only, as well as "pipelines and other infrastructure SOLELY related" to onshore and offshore Arctic oil or offshore Arctic gas.

1 point for a weak exclusion of offshore oil and gas projects: UniCredit prohibits financing for ultra-deepwater oil and gas extraction projects, as well as "pipelines and other infrastructure SOLELY related" to ultra-deepwater oil and gas.

2 points for a moderate exclusion of fracked oil and gas projects: UniCredit prohibits financing for shale oil and gas extraction projects (including the use of fracking to extract shale oil and gas), as well as "pipelines and other infrastructure SOLELY related" to shale oil and gas. This pipeline commitment is too narrow to merit "strong exclusion."

1 point for a weak exclusion of LNG projects: UniCredit prohibits financing for LNG projects that are fed by shale gas, ultra-deepwater gas, or Arctic offshore gas.

6 points for a strong exclusion of coal mining projects: UniCredit excludes all types of banking services aimed at a coal-related project activity, regardless of any other consideration. This includes finance for new coal mines, existing coal mines and the expansion of coal mines.

8 points for a strong exclusion of companies expanding coal mining (coal mine developers): UniCredit does not provide any financial services to coal-related subjects (defined as all the companies/subjects operating in coal-fired power generation area + the thermal coal mining area) that expand the coal business (e.g. by expanding existing coal capacity or buying/building new production sites).

6 points for a strong exclusion of coal power projects: UniCredit excludes all types of banking services aimed at a coal-related project activity, regardless of any other consideration. This includes finance for new coal plants, existing coal plants and the expansion of coal plants.

8 points for a strong exclusion of companies expanding coal power (coal power developers): UniCredit does not provide any financial services to coal-related subjects (defined as all the companies/subjects operating in coal-fired power generation area + the thermal coal mining area) that expand the coal business (e.g. by expanding existing coal capacity or buying/building new production sites).

3 points for a strong exclusion of coal infrastructure projects: UniCredit excludes all types of banking services aimed at coal-related project activities (including infrastructures), regardless of any other consideration.

4 points for a strong exclusion of companies expanding coal infrastructure: UniCredit does not provide any financial services to coal-related subjects (defined as all the companies/subjects operating in coal-fired power generation area + the thermal coal mining area) that expand the coal business (e.g. by expanding existing coal capacity or buying/building new production sites). This commitment includes distribution.

See: Policy scores Excel sheet

Relevant policies
csr policiesprivate
2019-11-27 00:00:00

Arctic and Non-Conventional Oil & Gas Industry Sector Policy out of date

2019-11-27 00:00:00
csr policiesprivate
2020-08-31 00:00:00

Coal sector global policy out of date

2020-08-31 00:00:00
References
2020-9-9

UniCredit becomes the first non-French financial institution to adopt a high-quality coal policy

2020-9-9 | Reclaim Finance
US Bancorp
2021-03-24
USA
22.5
Follower

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0
United States
Profile
Score
Follower
22.5
20210324
Last update: 2021-03-24
Explanation

Total: 22.5 points out of 82

2 points for a moderate exclusion of tar sands projects: US Bank does not provide project financing of long-term infrastructure or industrial projects, which would include tar sands extraction and pipelines. This prohibition does not appear to cover all forms of direct financing for these projects, and so is assessed as "moderate."

2 points for a moderate exclusion of Arctic oil and gas companies: US Bank does not provide project financing of long-term infrastructure or industrial projects, which would include Arctic oil and gas extraction and infrastructure. This prohibition does not appear to cover all forms of direct financing for these projects, and so is assessed as "moderate."

1 point for a weak exclusion of offshore oil and gas projects: U.S. Bank does not provide project financing of long-term infrastructure or industrial projects, which would include offshore oil and gas projects. This prohibition does not appear to cover all forms of direct financing for these projects, and so is assessed as "weak".

2 points for a moderate exclusion of fracked oil and gas projects: US Bank does not provide project financing of long-term infrastructure or industrial projects, which would include fracked oil and gas extraction and infrastructure. This prohibition does not appear to cover all forms of direct financing for these projects, and so is assessed as "moderate."

1 point for a weak exclusion of LNG projects: US Bank does not provide project financing of long-term infrastructure or industrial projects, which would include LNG projects. This prohibition does not appear to cover all forms of direct financing for these projects, and so is assessed as "weak".

1.5 points for a weak exclusion of other/conventional oil and gas projects: US Bank does not provide project financing of long-term infrastructure or industrial projects, which would include other oil and gas projects. This prohibition does not appear to cover all forms of direct financing for these projects, and so is assessed as "weak".

4 points for a moderate exclusion of coal mining projects: US Bank prohibits financing for new coal mines only.

6 points for a strong exclusion of coal power projects: US Bank prohibits financing for all coal plants.

3 points for a strong exclusion of coal infrastructure projects: US Bank does not provide project financing of long-term infrastructure or industrial projects, including coal infrastructure projects.

See: Policy scores Excel sheet

Relevant policies
csr policies
2020-02-11 00:00:00

Environmental responsibility policy

2020-02-11 00:00:00
Wells Fargo
2021-03-24
USA
13
Laggard

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0
United States
Profile
Score
Laggard
13
20210324
Last update: 2021-03-24
Explanation

Total: 13 points out of 82

1 point for a weak exclusion of Arctic oil and gas projects: Wells Fargo prohibits "Equator Principles in-scope transactions in the Alaskan Arctic region" only.

6 points for a strong exclusion of coal mining projects: Wells Fargo does not directly finance any project associated with the expansion of an existing or development of a new coal mine.

6 points for a strong exclusion of coal power projects: Wells Fargo does not directly finance any project associated with the expansion of an existing or development of a new coal power plant.

See: Policy scores Excel sheet

Relevant policies
csr policiesprivate
2018-06-30 00:00:00

Environmental and Social Risk Management Framework out of date

2018-06-30 00:00:00
Westpac
2021-03-24
AUS
7
Laggard

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0
Australia
Profile
Score
Laggard
7
20210324
Last update: 2021-03-24
Explanation

Total: 7 points out of 82

1 point for a weak exclusion of tar sands projects: Westpac does not provide project finance for oil sands development. This is a weak exclusion as it does not mention mining, exploration, pipelines or transportation.

1 point for a weak exclusion of Arctic oil and gas projects: Westpac does not provide project finance for oil and gas exploration in high risk frontier basins such as Arctic and Antarctic refuges. Only exploration mentioned in this policy.

2 points for a weak exclusion of coal mining projects: Westpac limits its support for thermal coal mines or projects to existing basins by maintaining the following quality criteria: average calorific value on a Gross As Received basis must be at least 5,700 kCal/kg for existing mines; and at least 6,300 kCal/kg Gross As Received for new mines.

2 points for a weak exclusion of coal power projects: Westpac prohibits financing for new power generation unless it reduces the emissions intensity of the grid in which the generator operates.

1 point for a weak exclusion of coal infrastructure projects: Westpac "limit[s] lending to any new thermal coal ... projects (including those of existing customers) to only existing coal producing basins."

See: Policy scores Excel sheet

Relevant policies
csr policiesprivate
2020-05-04 00:00:00

Climate Change Position Statement and 2023 Action Plan out of date

2020-05-04 00:00:00
Explanation

The scores for a bank's policies restricting expansion of fossil fuels - in each area, prohibitions against financing projects and/or companies expanding that area - are aggregated into a fossil fuel expansion policy score.

The point-based policy ranking for fossil fuel expansion consists of the following distribution:

  • Coal mining: 14 points​
  • Coal power: 14 points
  • Other coal: 7 points
  • Tar sands: 7 points
  • Arctic oil and gas: 7 points
  • Offshore oil and gas: 7 points
  • Fracked oil and gas: 7 points
  • LNG: 7 points
  • Other oil and gas: 12 points

A bank can obtain a total of 82 policy points for its fossil fuel expansion policy. Based on this score, banks are then classified as laggards, followers, front runners or leaders.

Laggard
Follower
Front runner
Leader
0 - 20.5 points
21 - 41 points
41.5 - 61.5 points
62 - 82 points

 

Banks excluding finance for fossil fuel expansion

A number of banks have already taken steps to fully or partially exclude financing fossil fuel expansion. The table below lists banks that have taken such steps. 

Exclusion table fossil fuel expansion

BankLast update
Country
Project
Company
Details
ANZ
2021-03-24
AUS
-10
Australia
Profile
Project
2
Company
20210324
Last update: 2021-03-24
Explanation

Prohibitions against financing projects:

-> ANZ prohibits direct financing for new and expanding coal mines where reserves or production are at least 35% thermal coal.

-> ANZ will not directly finance any new coal-fired power plants, or expansions.

See: Policy scores Excel sheet

Relevant policies
bank documents
2020-11-06 00:00:00

ANZ 2020 ESG Supplement

2020-11-06 00:00:00
csr policiesprivate
2019-11-30 00:00:00

Energy policy out of date

2019-11-30 00:00:00
References
2020-10-29

ANZ 2020 policy update analysis

2020-10-29 | Market Forces
Bank of America
2021-03-24
USA
-10
United States
Profile
Project
2
Company
20210324
Last update: 2021-03-24
Explanation

Prohibitions against financing projects:

-> Bank of America prohibits direct financing of petroleum exploration or production activities in the Arctic, including both oil and gas development. The prohibition does not cover Arctic oil and gas-related infrastructure.

-> Bank of America prohibits direct financing for new thermal coal mines or the expansion of existing mines.

-> Bank of America prohibits direct financing of the construction or expansion of new coal-fired power plants, unless technology is meployed that is focused on complete or near elimination of atmospheric carbon emissions.

See: Policy scores Excel sheet

Relevant policies
csr policiesprivate
2021-02-05 00:00:00

Environmental and social risk policy framework out of date

2021-02-05 00:00:00
csr policiesprivate
2019-04-18 00:00:00

Coal Policy out of date

2019-04-18 00:00:00
Bank of Montreal (BMO)
2021-03-24
CAN
-10
Canada
Profile
Project
Company
20210324
Last update: 2021-03-24
Explanation

Prohibitions against financing projects:

->  BMO intends to exclude direct finance for exploration and development projects in the Arctic National Wildlife Refuge (ANWR). It does not mention infrastructure, the policy is restricted to the ANWR and the bank only expressed its "intention" to exclude project finance which makes it a weak policy.

-> Bank of Montreal prohibits lending for new greenfield coal mines or significant expansions.

-> Bank of Montreal prohibits lending for new greenfield coal-fired power plants or significant expansions, with potential exceptions for plants using CCS.

See: Policy scores Excel sheet

Relevant policies
csr policies
2020-03-09 00:00:00

Responsible lending policies

[Date listed represents date as accessed on website]
2020-03-09 00:00:00
References
2020-10-22

GTC and VGG respond to BMO policy update: Bank of Montreal will not finance drilling in the Arctic National Wildlife Refuge

2020-10-22 | Gwich'in Tribal Council
Barclays
2021-03-24
GBR
-10
United Kingdom
Profile
Project
16.5
Company
20210324
Last update: 2021-03-24
Explanation

Prohibitions against financing projects:

-> Barclays will not directly finance oil and gas projects in the Arctic Circle, including but not limited to the ANWR. The policy does not mention infrastructure.

-> Barclays will not finance projects involving fracking in Europe, including the UK.

-> Barclays does not provide project finance for the development of greenfield thermal coal mines anywhere in the world. It also does not provide general corporate financing that is specified as being for new or expanded coal mining development.

-> Barclays prohibits financing for coal-fired power plants around the world.

See: Policy scores Excel sheet

Relevant policies
csr policiesprivate
2019-01-14 00:00:00

Energy and Climate Change Statement out of date

2019-01-14 00:00:00
csr policiesprivate
2020-04-30 00:00:00

Position on climate change out of date

2020-04-30 00:00:00
BBVA
2021-03-24
ESP
-10
Spain
Profile
Project
17
Company
20210324
Last update: 2021-03-24
Explanation

Prohibitions against financing projects:

-> BBVA prohibits financing for tar sands exploration, production, and transport projects.

-> BBVA prohibits financing for Arctic oil and gas exploration, production and transportation projects.

-> BBVA prohibits direct financing for new coal mines and coal mine expansions, including MTR mines, but allows exceptions for countries with high levels of imported energy.

-> BBVA prohibits direct financing for new coal plants and coal plant expansions, but allows exceptions for countries with high levels of imported energy.

See: Policy scores Excel sheet

BNP Paribas
2021-03-24
FRA
-11
France
Profile
Project
Company
28.5
20210324
Last update: 2021-03-24
Explanation

Prohibitions against financing projects:

-> BNP Paribas prohibits financing for tar sands exploration, production and pipeline projects.

-> BNP Paribas prohibits financing for offshore Arctic oil and gas exploration and production projects, as well as pipelines and LNG terminals related to offshore Arctic oil and gas only.

-> BNP Paribas prohibits financing for fracked oil and gas exploration and production projects, and pipelines.

-> BNP Paribas prohibits financing for LNG terminals that are supplied by fracked gas.

-> BNP Paribas excludes from its trading activities the seaborne exports of oil from the Esmeraldas region in Ecuador.

-> BNP Paribas prohibits financing for thermal coal mining projects.

-> BNP Paribas prohibits financing for coal-fired power plant projects, regardless of location.

-> BNP Paribas prohibits financing for coal infrastructure projects.

Prohibitions against financing expansion companies:

-> BNP Paribas does not provide any financial products or services to coal mining companies that are planning to develop thermal coal extraction capacities (new mines or expansion of existing ones).

-> BNP Paribas will not provide financial products and services to power generation companies that add operational coal-fired power generation to its power portfolio.

-> BNP Paribas prohibits financing for companies planning coal infrastructure.

See: Policy scores Excel sheet

Relevant policies
csr policies
2020-07-22 00:00:00

Coal mining - sector policy

2020-07-22 00:00:00
csr policies
2020-07-01 00:00:00

Coal-fired power generation - sector policy

2020-07-01 00:00:00
csr policies
2017-12-19 00:00:00

Unconventional Oil and Gas - Sector Policy

2017-12-19 00:00:00
References
2020-7-22

BNP Paribas Close to Adopting Global Exit Policy

2020-7-22 | Reclaim Finance
2021-1-25

BNP Paribas, Credit Suisse, ING to exclude exports of Ecuadorian Amazon oil from trading activities

2021-1-25 | Amazon Watch and stand.earth
Canadian Imperial Bank of Commerce (CIBC)
2021-03-24
CAN
-10
Canada
Profile
Project
Company
20210324
Last update: 2021-03-24
Explanation

Prohibitions against financing projects:

-> CIBC prohibits direct financing for "exploration or development related to oil and gas in the Arctic National Wildlife Refuge (ANWR)."

See: Policy scores Excel sheet

Citi
2021-03-24
USA
-11
United States
Profile
Project
15
Company
20210324
Last update: 2021-03-24
Explanation

Prohibitions against financing projects:

-> Citigroup will not provide project-related financing for oil and gas exploration and production in the Arctic Circle. The policy does not mention infrastructure.

-> Citigroup provides no project-related financing for new thermal coal mines or expansions of existing mines.

-> Citigroup provides no project-related financing for new coal-fired power plants or expansions of existing plants.

Prohibitions against financing expansion companies:

-> Starting in 2022, Citi will "not onboard any new clients with ≥20% of power generation from coal-fired power plants" unless the clients are pursuing a low-carbon transition in alignment "with Paris Agreement decarbonization pathways by 2030 (for clients with power generation in OECD countries) and by 2040 (for clients with power generation in non-OECD countries)."

See: Policy scores Excel sheet

Relevant policies
csr policiesprivate
2021-03-15 00:00:00

Environmental and Social Policy Framework out of date

2021-03-15 00:00:00
References
2021-3-15

Citigroup first US bank to exclude companies expanding coal power

2021-3-15 | Sierra Club, RAN, BankTrack
Commerzbank AG
2021-03-24
DEU
-10
Germany
Profile
Project
19
Company
20210324
Last update: 2021-03-24
Explanation

Prohibitions against financing projects:

-> Commerzbank prohibits project finance for tar sands extraction.

-> Commerzbank prohibits project financing related to the extraction of oil and gas in the Arctic. The policy does not mention infrastructure.

-> Commerzbank rules out project finance for fracked oil and gas. This does not include infrastructure.

-> Commerzbank prohibits direct finance for new coal mines and mountaintop removal (MTR) mines.

-> Commerzbank prohibits direct finance for new coal-fired power plants, with possible exceptions.

See: Policy scores Excel sheet

Relevant policies
csr policiesprivate
2020-02-29 00:00:00

Policy framework for handling environmental and social risks in its core business out of date

2020-02-29 00:00:00
csr policies
2016-07-22 00:00:00

Updated position on coal

2016-07-22 00:00:00
Commonwealth Bank of Australia
2021-03-24
AUS
-10
Australia
Profile
Project
4.5
Company
20210324
Last update: 2021-03-24
Explanation

Prohibitions against financing projects:

-> Commonwealth Bank prohibits project finance for mining, exploration, or development of tar sands oil. There is no prohibition on pipelines or transportation.

-> Commonwealth Bank prohibits project finance for oil and gas exploration and development in the Arctic. There is no prohibition on pipelines, LNG terminals in the Arctic, or other infrastructure.

See: Policy scores Excel sheet

Relevant policies
csr policiesprivate
2019-11-14 00:00:00

Environmental and Social Framework out of date

2019-11-14 00:00:00
Crédit Agricole
2021-03-24
FRA
-11
France
Profile
Project
Company
40
20210324
Last update: 2021-03-24
Explanation

Prohibitions against financing projects:

-> Crédit Agricole prohibits the direct financing of oil sands projects, as well as pipeline projects mainly dedicated to the transportation of oil produced from oil sands.

-> Crédit Agricole prohibits oil projects in the Arctic, but the exclusion does not cover gas.

-> Crédit Agricole prohibits any support to thermal coal mines.

-> Crédit Agricole prohibits financing for new coal plants and existing coal plants.

-> Crédit Agricole excludes any financial support for coal infrastructure projects.

Prohibitions against financing expansion companies:

-> Crédit Agricole prohibits financing to coal mine developers starting in 2021.

-> Crédit Agricole prohibits financing to coal plant developers starting in 2021.

-> Crédit Agricole prohibits financing to coal infrastructure developers starting in 2021.

See: Policy scores Excel sheet

Relevant policies
csr policiesprivate
2019-06-06 00:00:00

Climate strategy out of date

Document in English
2019-06-06 00:00:00
csr policiesprivate
2017-12-31 00:00:00

CSR Sector Policy - Oil & Gas out of date

2017-12-31 00:00:00
csr policies
2016-11-01 00:00:00

CSR Sector Policy - Coal-fired power plants

2016-11-01 00:00:00
Crédit Mutuel
2021-03-24
FRA
-11
France
Profile
Project
Company
20210324
Last update: 2021-03-24
Explanation

Prohibitions against financing projects:

-> Crédit Mutuel prohibits financing for tar sands exploration, production and exclusively dedicated pipeline projects.

-> Crédit Mutuel prohibits financing for the exploration, production, transport infrastructure of oil and gas extracted in the Arctic.

-> Crédit Mutuel prohibits financing for the exploration, production, transport infrastructure of deep sea oil.

-> Crédit Mutuel prohibits financing for the exploration, production, transport infrastructure exclusively dedicated to shale oil and shale gas.

-> Crédit Mutuel prohibits financing of the exploration, production, construction of transport infrastructures (oil and gas pipelines and storage units) and the transformation (oil refineries, gas liquefaction terminals) of shale oil or gas.

-> Crédit Mutuel prohibits financing for greenfield or brownfield thermal coal mines.

-> Crédit Mutuel prohibits financing for greenfield or brownfield coal-fired power plants.

-> Crédit Mutuel prohibits financing for greenfield or brownfield coal infrastructure projects.

Prohibitions against financing expansion companies:

-> Crédit Mutuel prohibits financing for all coal mine developers.

-> Crédit Mutuel prohibits financing for all coal plant developers.

-> Crédit Mutuel prohibits financing for all coal infrastructure developers.

See: Policy scores Excel sheet

Relevant policies
bank documents
2020-02-20 00:00:00

Climate strategy

2020-02-20 00:00:00
bank documents
2020-02-20 00:00:00

Credit Mutuel 2019 results

2020-02-20 00:00:00
csr policiesprivate
2019-05-10 00:00:00

Sector policy - Mining sector out of date

2019-05-10 00:00:00
Credit Suisse Group
2021-03-24
CHE
-10
Switzerland
Profile
Project
6
Company
20210324
Last update: 2021-03-24
Explanation

Prohibitions against financing projects:

->  Credit Suisse will not finance offshore or onshore oil or gas projects in the Arctic region. This includes upstream exploration, development and production, as well as midstream and downstream operations.

-> Credit Suisse committed to the immediate exclusion of new Ecuadorian Amazon oil from their trading activities.

-> Credit Suisse prohibits direct finance for new greenfield thermal coal mines, and mountaintop removal (MTR) projects. 

-> Credit Suisse prohibits direct finance for new coal-fired power plants.

See: Policy scores Excel sheet

Relevant policies
csr policiesprivate
2020-08-01 00:00:00

Sector Policies and Guidelines out of date

2020-08-01 00:00:00
References
2021-1-25

BNP Paribas, Credit Suisse, ING to exclude exports of Ecuadorian Amazon oil from trading activities

2021-1-25 | Amazon Watch and stand.earth
Danske Bank
2021-03-25
DNK
-11
Denmark
Profile
Project
Company
20210325
Last update: 2021-03-25
Explanation

Prohibitions against financing projects:

-> Danske Bank does not provide any project finance for expansion of oil and gas exploration and production.

-> Danske Bank does not provide financing for projects expanding thermal coal mining.

-> Danske Bank does not provide financing for projects expanding thermal coal power.

Prohibitions against financing expansion companies:

-> Danske Bank refrains from providing financial services to companies expanding thermal coal mining.

-> Danske Bank refrains from providing financial services to companies expanding thermal coal power.

See: Policy scores Excel sheet

Relevant policies
csr policies
2021-03-25 00:00:00

Position Statement on Fossil Fuels

2021-03-25 00:00:00
DBS Bank
2020-03-01
SGP
-10
Singapore
Profile
Project
6
Company
20200301
Last update: 2020-03-01
Explanation

Prohibitions against financing projects:

-> DBS prohibits financing for greenfield thermal coal mines.

-> DBS prohibits financing for new coal-fired power plants.

See: Policy scores Excel sheet

Deutsche Bank
2021-03-24
DEU
-10
Germany
Profile
Project
9
Company
20210324
Last update: 2021-03-24
Explanation

Prohibitions against financing projects:

-> Deutsche Bank prohibits financing new projects and material expansions involving exploration, production, transport/processing of tar sands.

-> Deutsche Bank will not finance new oil and gas projects in the Arctic region (Arctic region being defined based on a 10°C July Isotherm boundary, meaning the area does not experience temperatures above 10° C).

-> Deutsche Bank will not finance oil and gas projects via hydraulic fracturing in countries with extremely high water stress.

-> Deutsche Bank will not provide financing for new coal mines or material expansions.

-> Deutsche Bank prohibits financing for new coal-fired power plants and the expansion of existing plants, regardless of location.

-> Deutsche Bank prohibits financing for new greenfield coal-related infrastructure related to new or existing mines or plants.

See: Policy scores Excel sheet

Relevant policies
csr policies
2020-07-27 00:00:00

Environmental and Social Policy Framework

2020-07-27 00:00:00
References
2020-7-27

Deutsche Bank’s new policies: much needed movement, still a long way to Paris

2020-7-27 | urgewald
DNB
2021-02-01
NOR
-10
Norway
Profile
Project
Company
20210201
Last update: 2021-02-01
Explanation

Prohibitions against financing projects:

-> DNB does not finance upstream open pit mining in oil sand.

-> DNB does not finance mountaintop removal activities.

-> DNB does not finance coal-fired power plants.

See: Policy scores Excel sheet

Relevant policies
csr policies
2016-12-31 00:00:00

CSR-ESG sector guidance - metals and mining

2016-12-31 00:00:00
csr policies
2016-08-31 00:00:00

CSR-ESG sector guidance energy

2016-08-31 00:00:00
DZ Bank
2021-03-24
DEU
-10
Germany
Profile
Project
Company
20210324
Last update: 2021-03-24
Explanation

Prohibitions against financing projects:

-> DZ Bank prohibits financing for tar sands projects. This does not include infrastructure.

-> DZ Bank prohibits financing for fracked oil and gas projects. This does not include infrastructure.

-> DZ Bank prohibits financing for coal mines, including mountain top removal mining.

-> DZ Bank prohibits financing for coal-fired power plants.

See: Policy scores Excel sheet

Relevant policies
csr policies
2021-03-15 00:00:00

Sustainable lending policy

2021-03-15 00:00:00
Goldman Sachs
2021-03-24
USA
-10
United States
Profile
Project
15
Company
20210324
Last update: 2021-03-24
Explanation

Prohibitions against financing projects:

-> Goldman Sachs prohibits financing for new Arctic oil projects onshore and offshore, including exploration. Financing for gas projects, as well as for infrastructure related to Arctic oil and gas, are not covered by this policy.

-> Goldman Sachs's prohibition on financing for "new thermal coal mine development" covers both new mines and expansions of existing mines.

-> Goldman Sachs's prohibition on financing for "new coal fired power generation" covers both new plants and expansions of existing plants.

See: Policy scores Excel sheet

Relevant policies
csr policies
2022-01-25 00:00:00

Sector Guidelines: General Industries, Agriculture/Soft Commodities, Metals & Mining, Oil & Gas, Power Generation

Date listed represents date as accessed on website
2022-01-25 00:00:00
HSBC
2021-03-24
GBR
-10
United Kingdom
Profile
Project
14
Company
20210324
Last update: 2021-03-24
Explanation

Prohibitions against financing projects:

-> HSBC prohibits direct finance for greenfield tar sands extraction projects and pipelines.

-> HSBC prohibits direct finance for new offshore Arctic oil and gas projects.

-> HSBC prohibits financing for new thermal coal mines.

-> HSBC will not finance any new coal-fired power plants anywhere globally, including expansions of existing plants.

See: Policy scores Excel sheet

Relevant policies
csr policiesprivate
2020-04-23 00:00:00

Energy policy out of date

2020-04-23 00:00:00
csr policies
2020-02-15 00:00:00

Minings & metals policy

2020-02-15 00:00:00
ING
2021-03-24
NLD
-10
Netherlands
Profile
Project
15.5
Company
20210324
Last update: 2021-03-24
Explanation

Prohibitions against financing projects:

-> ING prohibits direct financing for "mining, exploration and upgrading of oil sands, including pipeline infrastructure dedicated to the exclusive use of transporting oil from oil sands." The pipeline finance prohibition applies only to pipelines exclusively transporting tar sands.

-> ING prohibits financing for "Arctic offshore oil and gas exploration and production" projects, but not related infrastructure.

-> ING prohibits project financing for "mining, exploration and upgrading of shale gas in Europe."

-> ING committed to the immediate exclusion of new Ecuadorian Amazon oil from their trading activities.

-> ING prohibits financing for new thermal coal mines.

-> ING prohibits financing for new coal plants.

-> ING does not finance support infrastructure activities dedicated to thermal coal.

See: Policy scores Excel sheet

Relevant policies
csr policiesprivate
2019-07-01 00:00:00

Environmental and Social Risk Framework out of date

2019-07-01 00:00:00
References
2021-1-25

BNP Paribas, Credit Suisse, ING to exclude exports of Ecuadorian Amazon oil from trading activities

2021-1-25 | Amazon Watch and stand.earth
Intesa Sanpaolo
2021-07-29
ITA
-11
Italy
Profile
Project
12
Company
20210729
Last update: 2021-07-29
Explanation

Prohibitions against financing projects:

Intesa Sanpaolo will not provide floans to projects aimed at the construction or expansion of new coal mines (namely, "Greenfield Projects"). This applies only to lending, not underwriting.

Intesa Sanpaolo will not provide financial products and services to projects aimed at the construction of new coal-fired power plants, the purchase or expansion of coal-fired power plants that are already in operation. Underwriting is not covered by the policy.

Intesa Sanpaolo will not provide financial products and services to projects aimed at the development, construction and expansion of exploration and extraction activities relating to tar sands, as well as activities relating to transport infrastructures solely linked to exploration and extraction of tar sands. The exclusion only applies to lending, not underwriting.

Intesa Sanpaolo will not provide financial products and services to projects aimed at the development, construction and expansion of exploration and extraction activities relating to Arctic oil & gas (onshore and offshore), as well as activities relating to transport infrastructures solely linked to exploration and extraction of Arctic oil & gas. The exclusion only applies to lending, not underwriting.

Intesa Sanpaolo will not provide financial products and services to projects aimed at the development, construction and expansion of exploration and extraction activities relating to fracked oil & gas, as well as activities relating to transport infrastructures solely linked to exploration and extraction of fracked oil & gas. The exclusion only applies to lending, not underwriting.

Prohibitions against financing expansion companies:

Intesa Sanpaolo will not provide loans for the purchase of companies operating in the coal mining sector. This applies only to lending, not underwriting.

Intesa Sanpaolo will not increase its exposure relating to general purpose financial products and services towards companies having at least one of the following characteristics:
▪ operating in the electricity production from coal and that do not have a documented plan/strategy for the progressive reduction of greenhouse gas emissions;
▪ that do not document a maximum limit of 35% of the installed capacity deriving from coal by 2030;
▪ that have plans to expand coal-fuelled installed capacity or are engaged in the construction of new coal-fired power plants.
Underwriting is not covered by the policy.

Intesa Sanpaolo excludes companies with significant revenues from tar sands. It is unclear what is meant by 'significant'. The exclusion only applies to lending, not underwriting.

Intesa Sanpaolo excludes companies with significant revenues from Arctic oil & gas. The exclusion only applies to lending, not underwriting.

Intesa Sanpaolo excludes companies with significant revenues from fracked oil & gas. It is unclear what is meant by 'significant'. The exclusion only applies to lending, not underwriting.

See: Policy scores Excel sheet

Relevant policies
csr policies
2021-07-29 00:00:00

Rules for lending operations in the coal sector

2021-07-29 00:00:00
csr policies
2021-07-29 00:00:00

Rules for lending operations in the unconventional oil&gas sector

2021-07-29 00:00:00
JPMorgan Chase
2021-03-24
USA
-10
United States
Profile
Project
10
Company
20210324
Last update: 2021-03-24
Explanation

Prohibitions against financing projects:

-> JPMorgan Chase prohibits financing for "upstream, midstream or downstream greenfield oil and gas development in the Arctic."

-> JPMorgan Chase prohibits financing for new greenfield coal mines only.

-> JPMorgan Chase prohibits direct financing for the new coal power plants or refinancing of existing coal plants, with potential exceptions for plants that use CCS.

See: Policy scores Excel sheet

Relevant policies
csr policiesprivate
2020-02-25 00:00:00

Environmental and social policy framework out of date

2020-02-25 00:00:00
La Banque Postale
2022-03-14
FRA
-10
France
Profile
Project
Company
20220314
Last update: 2022-03-14
Explanation

La Banque Postal has committed to refrain (not exclude) from financing oil and gas energy projects; to no longer provide financial services (loans, account management, payment instruments, factoring, etc.) and managing legacy services and existing assets until 2030 and; to not invest in and gradually divest from these businesses until 2030. La Banque Postal states that it is not supporting businesses actively involved in lobbying on behalf of the oil and gas industry or those that slow or block efforts to exit these sectors by 2040. 

 

 

Relevant policies
csr policies
2021-10-14 00:00:00

Decarbonization strategy

(includes financing of oil & gas exit policy)
2021-10-14 00:00:00
Lloyds Banking Group
2021-03-24
GBR
-10
United Kingdom
Profile
Project
Company
20210324
Last update: 2021-03-24
Explanation

Prohibitions against financing projects:

-> Lloyds Banking Group does not finance the exploration, extraction or production of oil from tar sands. It also does not finance projects exclusively dedicated to the transport or storage of oil from tar sands.

-> Lloyds Banking Group does not finance oil or gas exploration and production projects in the Arctic (including the Arctic National Wildlife Refuge) region or Antarctic territories.

-> Lloyds Banking Group does not finance onshore shale fracking.

-> Lloyds Banking Group does not finance thermal coal mines.

-> Lloyds Banking Group does not finance new or existing UK coal-fired power stations by the end of 2022. The banks also does not support project finance in coal power operations of diversified utility companies elsewhere, unless the finance is "used to decommission the coal power generation or convert to renewable power generation".

See: Policy scores Excel sheet

Mitsubishi UFJ Financial Group (MUFG)
2021-04-28
JPN
-10
Japan
Profile
Project
2.5
Company
20210428
Last update: 2021-04-28
Explanation

Prohibitions against financing projects:

-> MUFG prohibits financing for MTR coal mining projects.

-> MUFG does not finance new coal power projects or expansions of existing coal power projects, unless these make use of "technologies necessary to achieve the Paris Agreement target".

See: Policy scores Excel sheet

Relevant policies
csr policies
2021-04-28 00:00:00

Revision of the MUFG Environmental and Social Policy Framework

2021-04-28 00:00:00
References
2021-4-27

Japan’s largest bank MUFG tightens coal power and forest sector policies - but far from aligned with Paris Agreement

2021-4-27 | 350.org Japan, Kiko Network, Market Forces & Rainforest Action Network
Mizuho
2021-03-24
JPN
-10
Japan
Profile
Project
2.5
Company
20210324
Last update: 2021-03-24
Explanation

Prohibitions against financing projects:

-> Mizuho will not provide financing or investment to coal mining projects employing the mountain top removal method.

-> Mizuho will not finance new coal power plants, except projects already committed to before June 2020; or replacements leading to CO2 reduction where it is also deemed necessary for stable energy supply in the host country.

See: Policy scores Excel sheet

Morgan Stanley
2021-03-24
USA
-10
United States
Profile
Project
11
Company
20210324
Last update: 2021-03-24
Explanation

Prohibitions against financing projects:

-> Morgan Stanley will not directly finance new oil and gas exploration and development in the Arctic, including the Arctic National Wildlife Refuge (ANWR), but its policy does not mention infrastructure.

-> Morgan Stanley excludes direct finance for new coal mines. Expansion is not mentioned in this policy. Morgan Stanley will also not provide financing for mountain top removal coal mines.

-> Morgan Stanley will decline financing transactions globally that directly support the development of new or physical expansions of coal-fired power generation, unless there is carbon capture and storage or equivalent carbon emissions reduction technology.

See: Policy scores Excel sheet

Relevant policies
csr policies
2019-03-15 00:00:00

Coal and oil & gas policy statements

2019-03-15 00:00:00
National Australia Bank (NAB)
2021-12-01
AUS
-10
Australia
Profile
Project
13
Company
20211201
Last update: 2021-12-01
Explanation

Prohibitions against financing projects:

-> NAB prohibits financing for tar sands extraction projects, but not pipelines or transportation.

-> NAB prohibits financing for "oil and gas projects within or impacting the Arctic National Wildlife Refuge."

-> NAB prohibits financing for new thermal coal mining projects. This policy commitment is assessed as a "weak exclusion" due to repeated breaches of the policy.

-> NAB prohibits direct financing for new or expansions of coal plants, "unless there is technology in place to materially reduce emissions." This large exception could permit financing of some ultra-supercritical coal plants and so is assessed as "weak exclusion."

>> NAB capped all oil and gas exposure to $2.4 billion and will reduce exposure from 2026-2050. NAB will consider directly financing greenfield gas extraction in Australia.

Relevant policies
csr policies
2021-12-01 00:00:00

Annual Review 2021

2021-12-01 00:00:00
Natixis
2021-03-24
FRA
-11
France
Profile
Project
Company
37.5
20210324
Last update: 2021-03-24
Explanation

Prohibitions against financing projects:

-> BPCE/Natixis prohibits dedicated finance for tar sands exploration and production, or for pipeline and other midstream infrastructure supplied with 30% or more tar sands oil.

-> BPCE/Natixis prohibits direct finance for Arctic oil exploration and production.

-> BPCE/Natixis will no longer finance shale oil and gas exploration and production projects worldwide. The policy does not mention infrastructure.

-> BPCE/Natixis prohibits financing for greenfield or brownfield thermal coal mines.

-> BPCE/Natixis prohibits financing for greenfield or brownfield coal-fired power plants, and restricts financing for the acquisition of coal-fired power plants.

-> BPCE/Natixis prohibits financing for greenfield or brownfield infrastructure projects such as railway tracks, rail cars, and port facilities when these are primarily dedicated to thermal coal.

Prohibitions against financing expansion companies:

-> BPCE/Natixis will no longer support companies that develop new capacity in coal-powered electricity generation.

-> BPCE/Natixis will no longer support companies that develop new capacity in thermal coal mining.

See: Policy scores Excel sheet

Relevant policies
csr policies
2020-10-27 00:00:00

CSR sector policy applicable to the coal industry

2020-10-27 00:00:00
csr policies
2018-11-23 00:00:00

ESR Sector Policy - Oil and Gas

2018-11-23 00:00:00
NatWest
2021-03-24
GBR
-10
United Kingdom
Profile
Project
15.5
Company
20210324
Last update: 2021-03-24
Explanation

Prohibitions against financing projects:

-> NatWest does not finance projects involving the exploration and extraction of oil from oil sands.

-> NatWest does not finance projects involving oil exploration and production operations in Arctic (including the Arctic National Wildlife Refuge) or Antarctic areas.

-> NatWest does not finance proojects involving exploration for new oil and gas reserves, which includes offshore exploration projects.

-> NatWest does not finance projects involving hydraulic fracturing (‘fracking’) for oil and gas.

-> NatWest does not finance projects involving exploration for new oil and gas reserves.

-> NatWest does not finance new thermal coal mines.

-> NatWest does not finance new coal power plants.

See: Policy scores Excel sheet

Relevant policies
csr policies
2021-02-23 00:00:00

Approach to climate change

Date listed represents date as accessed on website
2021-02-23 00:00:00
csr policiesprivate
2020-07-31 00:00:00

Mining and metals sector policy out of date

2020-07-31 00:00:00
csr policies
2020-07-31 00:00:00

Oil & gas sector policy

2020-07-31 00:00:00
csr policiesprivate
2020-07-31 00:00:00

Power sector policy out of date

2020-07-31 00:00:00
Nedbank Group
2021-04-22
ZAF
-10
South Africa
Profile
Project
Company
20210422
Last update: 2021-04-22
Explanation

Nedbank does not finance thermal coal mines outside of South Africa. From 2025 onwards, it does not finance new thermal coal mines regardless of jurisdiction.

Nedbank does not finance any new coal power plants.

Nedbank does not finance new oil and gas exploration projects anywhere. From 2035 onwards, the bank will not provide new financing for oil production anywhere. The bank will continue to finance natural gas production where it plays an essential role in facilitating the transition to a zero-carbon energy system by 2050. Nedbank will also not provide financing for new utility-scale or embedded oil-fired power generation, unless it is integrated as backup supply to renewable generation projects. Finally, Nedbank will from 2030 onwards not finance new utility-scale or embedded gas-fired power generation with some exceptions.

See: Policy scores Excel sheet

Relevant policies
csr policies
2021-04-22 00:00:00

Energy policy

2021-04-22 00:00:00
Nordea
2022-09-02
FIN
-11
Finland
Profile
Project
Company
20220902
Last update: 2022-09-02
Explanation

Prohibitions against financing projects:

-> Nordea does not provide project financing dedicated to the extraction of unconventional oil and gas, including tar sands.

-> Nordea does not provide project financing dedicated to expanding the exploration of new oil & gas fields.

-> Nordea does not provide project financing dedicated to the extraction of unconventional oil and gas, including fracked oil and gas.

-> Nordea does not provide project financing dedicated to thermal coal mining or new thermal coal power plants.

-> Nordea does not provide project financing to thermal coal transport infrastructure construction

-> Nordea does not finance or refinance new and pre-construction phase unconventional oil and gas extraction activities or pipelines. Nordea does not provide project financing dedicated to pipelines or the extraction of unconventional oil and gas.

Prohibitions against financing expansion companies:

Nordea does not finance or refinance companies with expansion plans for thermal coal or new and pre-construction phase thermal coal activities. And it excludes those who produce more than 10 Mt of coal per year.

Nordea will phase out customers that have not exited unconventional oil and gas extraction by 2026. Nordea will exclude existing clients that base more than 5% of their exploration & production volumes on unconventional oil and gas.

See: Policy scores Excel sheet

Relevant policies
csr policies
2022-06-30 00:00:00

Nordea Sector Guideline: The Fossil Fuel based Industries

2022-06-30 00:00:00
csr policiesprivate
2021-09-09 00:00:00

Sector Guideline for the Fossil Fuel based Industries out of date

2021-09-09 00:00:00
OCBC
2020-03-01
SGP
-10
Singapore
Profile
Project
8
Company
20200301
Last update: 2020-03-01
Explanation

Prohibitions against financing projects:

-> OCBC prohibits "new financing of Lignite Coal Mines".

-> OCBC prohibits new financing for all coal plants.

See: Policy scores Excel sheet

Relevant policies
csr policies
2019-12-18 00:00:00

Responsible financing

Date listed represents date as accessed on website
2019-12-18 00:00:00
Rabobank
2023-01-27
NLD
-10
Netherlands
Profile
Project
Company
20230127
Last update: 2023-01-27
Explanation

Rabobank prohibits new oil exploration and extraction, including new FPSOs (Floating Production Storage and Offloading units) for oil production;

Relevant policies
csr policies
2022-06-09 00:00:00

Global Standard on Sustainable Development

2022-06-09 00:00:00
Royal Bank of Canada (RBC)
2021-03-24
CAN
-10
Canada
Profile
Project
Company
20210324
Last update: 2021-03-24
Explanation

Prohibitions against financing projects:

-> RBC will not provide direct financing for any project or transaction that involves exploration or development in the Arctic National Wildlife Refuge (ANWR). RBC does not mention infrastructure in its policy, and does not rule out financing projects in the rest of the Arctic region. 

-> RBC will not finance transactions where the proceeds will be primarily used to develop a new greenfield thermal coal mine or Mountain Top Removal coal mining projects. In this policy, greenfield refers to new plants or mines on land not previously used for that purpose.

-> RBC will not finance transactions where the proceeds will be primarily used to develop a new greenfield coal power plants. 

See: Policy scores Excel sheet

Relevant policies
csr policies
2020-09-14 00:00:00

Policy guidelines for sensitive sectors and activitities

2020-09-14 00:00:00
Santander
2021-03-24
ESP
-11
Spain
Profile
Project
12
Company
20210324
Last update: 2021-03-24
Explanation

Prohibitions against financing projects:

-> Santander prohibits financing for new and expanding tar sands projects, including extraction, refining, and transportation.

-> Santander prohibits financing for all Arctic oil and gas production and infrastructure projects, onshore and offshore.

-> Santander prohibits financing for new and expanding fracking projects, including extraction, refining, and transportation.

-> Santander prohibits financing for new, or the expansion of, thermal coal mines.

-> Santander prohibits financing for coal-fired power plants projects worldwide, or for the expansion of existing coal-fired plants.

-> Santander probits financing for the construction or expansion of infrastructure supporting coal mines or coal power plants.

See: Policy scores Excel sheet

Relevant policies
csr policiesprivate
2020-01-21 00:00:00

Energy sector policy out of date

2020-01-21 00:00:00
Scotiabank
2021-03-24
CAN
-10
Canada
Profile
Project
Company
20210324
Last update: 2021-03-24
Explanation

Prohibitions against financing projects:

-> Scotiabank excludes "direct financing or project-specific financial and advisory services for activities that are directly related to the exploration, development or production of oil and gas within the Arctic Circle, including the Arctic National Wildlife Refuge". The policy does not mention infrastructure.

See: Policy scores Excel sheet

Shinhan Financial Group
2021-03-24
KOR
-10
South Korea
Profile
Project
Company
20210324
Last update: 2021-03-24
Explanation

Prohibitions against financing projects:

-> Shinhan subsidiary Shinan Bank prohibits financing (including underwriting) for coal plants worldwide.

See: Policy scores Excel sheet

Skandinaviska Enskilda Banken (SEB)
2021-02-01
SWE
-10
Sweden
Profile
Project
Company
20210201
Last update: 2021-02-01
Explanation

Prohibitions against financing projects:

-> SEB does not provide finance to new or expanding unconventional oil and gas projects, which includes tar sands.

-> SEB will not provide finance for exploration or production of Arctic oil and gas.

-> SEB will not provide financial services to offshore related fossil assets (drilling rigs, seismic equipment and dedicated fossil extraction offshore support vessels) where revenue from these assets represents more than 5% of an owners' revenue.

-> SEB will not provide financial services to any new or expanding unconventional oil and gas projects, including shale/fracked oil and gas.

-> SEB does not finance seismic fossil exploration, new refineries for transportation fuel, new oil-fired power plants, and new combined cycle gas fired power plants (other/conventional).

-> SEB will not provide financial services to new and existing thermal coal mines.

-> SEB will not provide financial services to new and existing coal-fired power plants.

-> SEB will not finance infrastructure projects that are dedicated to thermal coal "such as harbours or terminals of existing harbours, transportation of thermal coal by rail or road, storage of coal (warehouses)."

See: Policy scores Excel sheet

Relevant policies
csr policies
2021-02-23 00:00:00

Sector Policy on Fossil Fuels

2021-02-23 00:00:00
Société Générale
2021-03-24
FRA
-11
France
Profile
Project
Company
29
20210324
Last update: 2021-03-24
Explanation

Prohibitions against financing projects:

-> Société Générale prohibits financing for all tar sands exploration and production projects, as well as for "infrastructures exclusively dedicated to the transport or storage of oil from oil sands." Expanding the latter to prohibit financing for infrastructure with any relation to tar sands would move this assessment to "strong exclusion."

-> Société Générale prohibits financing for all Arctic oil exploration and production projects, as well as for "infrastructures exclusively dedicated to the transport or storage of... Arctic oil." This policy does not cover Arctic gas.

-> Société Générale will cease to provide financing to onshore upstream oil & gas in the US (fracked oil and gas).

-> Société Générale prohibits financing for all thermal coal mining projects.

-> Société Générale prohibits financing for all coal power plants.

-> Société Générale prohibits financing for all other coal projects, including transport and infrastructure associated with coal mining and coal power.

Prohibitions against financing expansion companies:

-> Société Générale will not finance new companies developing, or planning to develop, new thermal coal mines. From the end of 2021 onwards, Société Générale will refrain from financing any company developing, or planning to develop, new thermal coal mines. Société Générale will also refrain from financing 'Corporate Entities' of the thermal coal mining sector (which are defined as corporate entities directly operating or owning thermal coal mining assets) that are developing or planning to develop thermal coal mining capacity.

-> Société Générale will refrain from providing finance to companies of the thermal coal sector developing, or planning to develop, new coal-fuelled power capacities strictly above 300 MW. For this policy commitment, the majority owners of the asset are considered.

-> Société Générale will not finance companies of the thermal coal sector developing or planning to develop new transportation projects (coal infrastructure) dedicated to thermal coal. For this policy commitment, the majority owners of the asset are considered.

See: Policy scores Excel sheet

Relevant policies
csr policies
2020-10-28 00:00:00

Climate strategy

2020-10-28 00:00:00
csr policiesprivate
2018-05-18 00:00:00

Sector policy oil and gas out of date

2018-05-18 00:00:00
csr policies
2020-07-31 00:00:00

Thermal coal sector policy

2020-07-31 00:00:00
References
2020-7-1

An Accelerated Exit from the Coal Sector

2020-7-1 | Société Générale
2020-7-31

Société Générale releases a misleading coal phase out policy

2020-7-31 | Reclaim Finance
Sparebank 1 SR-Bank
2021-02-01
NOR
-10
Norway
Profile
Project
Company
20210201
Last update: 2021-02-01
Explanation

Prohibitions against financing projects:

-> SpareBank 1 SR-Bank will not finance the extraction of tar sands.

-> SpareBank 1 SR-Bank does not finance the extraction of shale gas and shale oil.

-> SpareBank 1 SR-Bank does not finance coal mining projects.

-> SpareBank 1 SR-Bank does not finance coal power projects.

See: Policy scores Excel sheet

Relevant policies
csr policies
2020-09-30 00:00:00

Baerekraft i SpareBank 1 SR-Bank

2020-09-30 00:00:00
Standard Chartered
2021-03-24
GBR
-10
United Kingdom
Profile
Project
18
Company
20210324
Last update: 2021-03-24
Explanation

Prohibitions against financing projects:

-> Standard Chartered's prohibition on direct financing for "new or existing tar sands exploration and/or production activities" also covers tar sands-related infrastructure.

-> Standard Chartered's prohibition on direct financing for "new or existing Arctic exploration and/or production activities" also covers Arctic-related infrastructure.

-> Standard Chartered prohibits financing for all new thermal coal mines.

-> Standard Chartered prohibits financing new coal plants and their expansions worldwide. This prohibition was recently extended to projects that had previously been "grandfathered" in and so were still eligible to receive financing.

See: Policy scores Excel sheet

Sumitomo Mitsui Banking Corporation (SMBC)
2021-06-01
JPN
-10
Japan
Profile
Project
2.5
Company
20210601
Last update: 2021-06-01
Explanation

Prohibitions against financing projects:

-> SMBC does not provide support for coal mining projects that are conducting the MTR method.

-> SMBC does not finance new coal power projects or expansions of existing coal power projects, unless these "(projects) will contribute to the transition to decarbonization, such as CCUS and ammonia / biomass mixed combustion."

See: Policy scores Excel sheet

Relevant policies
csr policies
2020-04-16 00:00:00

Revision of ESG financing policies

2020-04-16 00:00:00
Sumitomo Mitsui Trust Holdings
2021-03-18
JPN
-10
Japan
Profile
Project
Company
20210318
Last update: 2021-03-18
Explanation

Prohibitions against financing projects:

-> SuMi TRUST prohibits direct financing for new coal plants, but "may make exceptions by carefully and comprehensively considering the background, attributes, and other factors of each individual project if it meets strict environmental standards."

See: Policy scores Excel sheet

Svenska Handelsbanken
2022-06-13
SWE
999
Sweden
Profile
Project
Company
20220613
Last update: 2022-06-13
Explanation

Prohibitions against financing projects:

-> Svenska Handelsbanken does not directly finance new mining of coal.

-> Svenska Handelsbanken does not directly finance new coal power plants.

See: Policy scores Excel sheet

 

- Handelsbanken will not enter into new business relationships with, or finance, companies that operate within coal mining


- Handelsbanken will not directly finance new coal power plants or the expansion of existing plants, or companies that operate in the construction of coal power plants


- Handelsbanken will not initiate any new business relationships with or finance companies which are involved in coal power production, unless the company is deemed to be a ‘company in transition’ according to the more detailed definitions provided by the Head of CH in their instructions to business operations


- Handelsbanken will not initiate any new business relationships with or provide financing to companies or Groups that are active in the extraction of oil or gas, or in the construction of infrastructure directly linked thereto. With the exception of unconventional extraction, exemptions can be made for companies that are active in oil and gas, if they are deemed to be companies in transition. Direct financing of extraction, or financing were the aim is to develop that part of the company/Group is, however, never consistent with these guidelines.

Relevant policies
csr policies
2022-06-13 00:00:00

Environment and climate change policy

2022-06-13 00:00:00
csr policies
2022-06-13 00:00:00

Exclusion of fossil fuel financing

Date listed represents date as accessed on website
2022-06-13 00:00:00
Swedbank
2021-02-01
SWE
-10
Sweden
Profile
Project
Company
20210201
Last update: 2021-02-01
Explanation

-> Swedbank will not directly finance unconventional fossil fuel production such as oil sand.

-> Swedbank will not directly finance unconventional fossil fuel production such as Arctic oil and gas.

-> Swedbank will not directly finance unconventional fossil fuel production such as shale oil and gas.

-> Swedbank will not directly finance exploration of new oil or gas fields, but makes an exception for clients with such activities if their business strategy is aligned with the Paris Agreement.

-> Swedbank does not finance coal power projects.

See: Policy scores Excel sheet

Relevant policies
csr policiesprivate
2021-01-26 00:00:00

Position Statement Climate Change out of date

2021-01-26 00:00:00
TD
2021-03-24
CAN
-10
Canada
Profile
Project
0.5
Company
20210324
Last update: 2021-03-24
Explanation

Prohibitions against financing projects:

-> TD will not provide new project-specific financial services for exploration, development, or production of oil and gas within the Arctic Circle. It does not mention infrastructure.

-> TD prohibits financing for transactions related to mountaintop-removal coal mining only.

See: Policy scores Excel sheet

Relevant policies
csr policies
2020-11-03 00:00:00

Non-Retail Environmental and Social Credit Risk Process

2020-11-03 00:00:00
csr policies
2019-06-24 00:00:00

Responsible Financing

Page 17 of TD's CSR report 2018
2019-06-24 00:00:00
The Co-operative Bank
2022-06-16
GBR
1100
United Kingdom
Profile
Project
Company
20220616
Last update: 2022-06-16
Explanation

The Co-Operative Bank excludes exploration, extraction or production of fossil fuels (oil, coal and gas, including from tar sands and hydraulic fracturing)

• The operation and development of fossil fuel fired power stations or fossil fuel infrastructure, such as oil and gas pipelines

• The exploration or extraction of minerals using deep seabed mining, including the conduct of research that facilitates deep sea mining

Relevant policies
csr policies
2022-06-12 00:00:00

Customer-led Ethical Policy

June 2022
2022-06-12 00:00:00
UBS
2021-03-24
CHE
-10
Switzerland
Profile
Project
9
Company
20210324
Last update: 2021-03-24
Explanation

Prohibitions against financing projects:

-> UBS prohibits financing for greenfield oil sands projects.

-> UBS prohibits financing for "new offshore oil projects in the Arctic."

-> UBS does not finance new or expansions of existing thermal coal mines.

-> UBS prohibits financing for new coal plants globally.

See: Policy scores Excel sheet

Relevant policies
csr policiesprivate
2020-03-12 00:00:00

Environmental and social risk policy framework 2019 out of date

2020-03-12 00:00:00
UniCredit Group
2021-03-24
ITA
-11
Italy
Profile
Project
Company
32
20210324
Last update: 2021-03-24
Explanation

Prohibitions against financing projects:

-> UniCredit prohibits financing for tar sands extraction projects, as well as "pipelines and other infrastructure SOLELY related" to tar sands -- which does not necessarily include all tar sands pipelines.

-> UniCredit prohibits financing for Arctic oil extraction projects, onshore and offshore, and Arctic offshore gas extraction projects only, as well as "pipelines and other infrastructure SOLELY related" to onshore and offshore Arctic oil or offshore Arctic gas.

-> UniCredit prohibits financing for ultra-deepwater oil and gas extraction projects, as well as "pipelines and other infrastructure SOLELY related" to ultra-deepwater oil and gas.

-> UniCredit prohibits financing for shale oil and gas extraction projects (including the use of fracking to extract shale oil and gas), as well as "pipelines and other infrastructure SOLELY related" to shale oil and gas. 

-> UniCredit prohibits financing for LNG projects that are fed by shale gas, ultra-deepwater gas, or Arctic offshore gas.

-> UniCredit excludes all types of banking services aimed at a coal-related project activity, regardless of any other consideration. This includes finance for new coal mines, existing coal mines and the expansion of coal mines.

-> UniCredit excludes all types of banking services aimed at a coal-related project activity, regardless of any other consideration. This includes finance for new coal plants, existing coal plants and the expansion of coal plants.

-> UniCredit excludes all types of banking services aimed at coal-related project activities (including infrastructures), regardless of any other consideration.

Prohibitions against financing expansion companies:

-> UniCredit does not provide any financial services to coal-related subjects (defined as all the companies/subjects operating in coal-fired power generation area + the thermal coal mining area) that expand the coal business (e.g. by expanding existing coal capacity or buying/building new production sites).

-> UniCredit does not provide any financial services to coal-related subjects (defined as all the companies/subjects operating in coal-fired power generation area + the thermal coal mining area) that expand the coal business (e.g. by expanding existing coal capacity or buying/building new production sites)

-> UniCredit does not provide any financial services to coal-related subjects (defined as all the companies/subjects operating in coal-fired power generation area + the thermal coal mining area) that expand the coal business (e.g. by expanding existing coal capacity or buying/building new production sites). This commitment includes distribution.

See: Policy scores Excel sheet

Relevant policies
csr policiesprivate
2020-08-31 00:00:00

Coal sector global policy out of date

2020-08-31 00:00:00
csr policiesprivate
2019-11-27 00:00:00

Arctic and Non-Conventional Oil & Gas Industry Sector Policy out of date

2019-11-27 00:00:00
References
2020-9-9

UniCredit becomes the first non-French financial institution to adopt a high-quality coal policy

2020-9-9 | Reclaim Finance
US Bancorp
2021-03-24
USA
-10
United States
Profile
Project
Company
20210324
Last update: 2021-03-24
Explanation

Prohibitions against financing projects:

-> US Bank does not provide project financing of long-term infrastructure or industrial projects, which would include tar sands extraction and pipelines. This prohibition does not appear to cover all forms of direct financing for these projects.

-> US Bank does not provide project financing of long-term infrastructure or industrial projects, which would include Arctic oil and gas extraction and infrastructure. This prohibition does not appear to cover all forms of direct financing for these projects.

-> US Bank does not provide project financing of long-term infrastructure or industrial projects, which would include offshore oil and gas projects. This prohibition does not appear to cover all forms of direct financing for these projects,

-> US Bank does not provide project financing of long-term infrastructure or industrial projects, which would include fracked oil and gas extraction and infrastructure. This prohibition does not appear to cover all forms of direct financing for these projects.

-> US Bank does not provide project financing of long-term infrastructure or industrial projects, which would include LNG projects. This prohibition does not appear to cover all forms of direct financing for these projects.

-> US Bank does not provide project financing of long-term infrastructure or industrial projects, which would include other oil and gas projects. This prohibition does not appear to cover all forms of direct financing for these projects.

-> US Bank prohibits financing for new coal mines only.

-> US Bank prohibits financing for all coal plants.

->  US Bank does not provide project financing of long-term infrastructure or industrial projects, including coal infrastructure projects.

See: Policy scores Excel sheet

Relevant policies
csr policies
2020-02-11 00:00:00

Environmental responsibility policy

2020-02-11 00:00:00
Wells Fargo
2021-03-24
USA
-10
United States
Profile
Project
3.5
Company
20210324
Last update: 2021-03-24
Explanation

Prohibitions against financing projects:

-> Wells Fargo prohibits "Equator Principles in-scope transactions in the Alaskan Arctic region" only.

-> Wells Fargo does not directly finance any project associated with the expansion of an existing or development of a new coal mine.

-> Wells Fargo does not directly finance any project associated with the expansion of an existing or development of a new coal power plant.

See: Policy scores Excel sheet

Relevant policies
csr policiesprivate
2018-06-30 00:00:00

Environmental and Social Risk Management Framework out of date

2018-06-30 00:00:00
Westpac
2021-03-24
AUS
-10
Australia
Profile
Project
8
Company
20210324
Last update: 2021-03-24
Explanation

Prohibitions against financing projects:

-> Westpac does not provide project finance for oil sands development. This is a weak exclusion as it does not mention mining, exploration, pipelines or transportation.

-> Westpac does not provide project finance for oil and gas exploration in high risk frontier basins such as Arctic and Antarctic refuges. Only exploration mentioned in this policy.

-> Westpac limits its support for thermal coal mines or projects to existing basins by maintaining the following quality criteria: average calorific value on a Gross As Received basis must be at least 5,700 kCal/kg for existing mines; and at least 6,300 kCal/kg Gross As Received for new mines.

-> Westpac prohibits financing for new coal power generation unless it reduces the emissions intensity of the grid in which the generator operates.

-> Westpac "limit[s] lending to any new thermal coal ... projects (including those of existing customers) to only existing coal producing basins."

See: Policy scores Excel sheet

Relevant policies
csr policiesprivate
2020-05-04 00:00:00

Climate Change Position Statement and 2023 Action Plan out of date

2020-05-04 00:00:00
Explanation

This table lists banks that have adopted a full ( ) or partial ( ) exclusion policy for fossil fuel expansion. For each bank, prohibitions against financing projects and/or companies expanding in the different subsectors are aggregated. Click on 'details' for the rationale of this assessment.

 

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.

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There are no projects active for Banks and fossil fuel expansion now.

News

| |
Type:
Year:
blog
external news
our news

Banks still investing heavily in fossil fuels despite net zero pledges – study

Financial institutions signed up to GFANZ initiative accused of acting as ‘climate arsonists’
2023-01-17 | The Guardian
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Citi, BofA lead Wall Street banks funding fossil-fuel expansion

2023-01-17 | Bloomberg
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Our energy policy to support net zero transition

2022-12-14 | HSBC
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HSBC announces it will no longer finance new oil and gas fields

ShareAction response: this announcement sends a strong signal to fossil fuel giants and governments that banks’ appetite for financing new oil and gas fields is diminishing
2022-12-14 | London | ShareAction
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2022-12-12 | S&P Global
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2022-12-08 | The Guardian
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Exposed: Western banks funding Qatar’s carbon bombs

US$ 20 trillion estimated damage linked to massive gas expansion by hosts of 2022 World Cup
2022-12-08 | Henrieke Butijn – BankTrack
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ING's oil and gas commitments undermined by policy loopholes

After excluding finance for new fields, could Dutch bank ING lead the way on ending finance for all oil and gas expansion?
2022-11-21 | Nijmegen, the Netherlands | BankTrack
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De gasmiljarden van ING (the gas billions of ING)

TV item about ING's financing for US LNG (in Dutch)
2022-11-20 | Pointer
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NGOs reveal the companies and financiers behind fossil fuel expansion in Africa

2022-11-15 | Berlin / Sharm El-Sheikh | BankTrack, urgewald, 350.org Africa, Africa Coal Network, Oilwatch Africa
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Time for Barclays to move Beyond Burning

How Barclays finances the burning of fossil fuels, biomass and nature
2022-11-14 | Natasha Ion – BankTrack
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These U.S. banks are financing climate chaos through fossil fuel expansion

An overview of RAN's new report, Wall Street’s Dirtiest Secret: How fossil fuel expansion depends on big bank finance
2022-11-10 | Rainforest Action Network
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NGOs release the 2022 Global Oil & Gas Exit List

Oil and gas industry willing to sacrifice a livable planet
2022-11-10 | Berlin / Sharm el-Sheikh | urgewald
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Standard Chartered & COP27 in Egypt: Locking Africa out of a Just Transition

2022-11-09 | Natasha Ion – BankTrack
blog
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These Australians are taking action against gas drilling under their own farm

ING Bank is financing oil and gas giant Santos’ development of a fracking project in eastern Australia.
2022-11-08 | ING Fossielvrij
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Major banks support rainforest oil project despite problems

2022-11-04 | London | AP
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‘Wilful Ignorance’: Indigenous Delegation incredulous at bankers’ attitude to fossil fuel impacts

US and Mexican activists fighting new oil and gas projects said they had to give a basic lesson on the harm caused by fracking during meetings with financiers in London
2022-11-04 | DeSmog
blog
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Leaders or laggards? Report analyzes net-zero pledges of US banks

Commitments, actions from 6 biggest banks fall far short of what’s needed for global climate goals
2022-11-02 | New York | Sierra Club
blog
external news
our news

French climate NGOs take unprecedented legal action against BNP Paribas, number one European financier of fossil fuel expansion

On the eve of Climate Finance Day, an international finance event held annually in Paris, BNP Paribas – number one financier of fossil fuel expansion in Europe and fifth in the world – is given three months to comply with the French duty of vigilance law.
2022-10-26 | Friends of the Earth France, Notre Affaire à Tous, Oxfam France
blog
external news
our news

Lloyds Banking Group commits to not directly finance new oil and gas fields

ShareAction responds to first UK bank's commitment to not directly finance new oil and gas fields
2022-10-20 | ShareAction
blog
external news
our news

More major banks and insurers refuse to support EACOP

Lloyds syndicates silent amid human rights abuses
2022-10-14 | #StopEACOP
blog
external news
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Call to Dutch investors: get out of TotalEnergies

Dutch civil society draws attention to EACOP on Total's investor day
2022-09-28 | Utrecht/Amsterdam | BankTrack, Both ENDS, Fair Finance Guide Netherlands, ING Fossielvrij, Milieudefensie
blog
external news
our news

Liquefied gas, solid problem

Why private finance should not support any new LNG terminal project in Europe
2022-09-26 | Reclaim Finance
blog
external news
our news

Japan’s megabanks: no net-zero banking ambition

All 3 banks keep financing companies with coal expansion plans, without any restriction
2022-08-24 | Reclaim Finance
blog
external news
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Indigenous Australians to investors: Dump Adani Group

55 banks dropped direct financing of the Carmichael Adani Coal Mine - yet indirect investment keeps it afloat
2022-08-22 | Queensland, Australia | BankTrack, Rainforest Action Network, TippingPoint Australia, Wangan and Jagalingou Nagana Yarrbayn Cultural Custodians
blog
external news
our news

Adani Group (financed by JP Morgan, MUFG, HSBC, BlackRock) is running an enormous fossil fuel project in Australia, violating Indigenous Rights

2022-08-22 | BankTrack, Rainforest Action Network, TippingPoint Australia, Wangan and Jagalingou Nagana Yarrbayn Cultural Custodians
blog
external news
our news

Legal advice says Deutsche Bank breaching own coal policy by financing companies building new coal mines

2022-08-10 | Market Forces
blog
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Westpac: climate change commitments one week, financing climate-wreckers the next?

2022-08-02 | MarketForces
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From fisherman to refugee, in part thanks to ING

A report from the coast of Cabo Delgado, Mozambique
2022-07-12 | ING Fossielvrij
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BankTrack hosts webinars on the 2022 Banking on Climate Chaos report

Webinar programme organized along with Reclaim Finance, Amazon Watch and 350 Latin America featured frontline community activists from Uganda to Ecuador
2022-06-30 | Savon van den Berk
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As the Industrial and Commercial Bank of China holds its Annual General Meeting, civic groups call for the bank to stop funding fossil fuels

2022-06-23 | #StopEACOP, 350.org
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Finance goes to war: Intesa Sanpaolo between Russian fossil industry and US gas

Intesa Sanpaolo is the Italian financial group with the closest relations with Moscow
2022-06-08 | Rome | ReCommon
blog
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Climate groups call on Shell’s bankers to stop Jackdaw gas field

UK government’s regulatory approval opens the door for Shell to move ahead with the Jackdaw field
2022-06-03 | BankTrack
blog
external news
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Climate activists challenge Standard Bank’s plans to fund fossil fuel expansion in Africa

At the bank's AGM, 99.7% of shareholders support climate resolution by Just Share and Aeon Investment Management
2022-06-01 | BankTrack, Africa Institute for Energy Governance, Bank on our Future, Friends of the Earth Mozambique, Greenfaith International, Just Share, Laudato Si
blog
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Win! Deutsche Bank abandons Whitehaven Coal’s bond issue

Huge win for campaign to stop dirty coal corporation building three new or expanded coal mines
2022-05-20 | Market Forces
blog
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Toxic bonds initiative: 5 key takeaways from the launch webinar

Climate movement turns focus to debt market
2022-05-20 | San Francisco | SumOfUs
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Standard Chartered and Barclays fund Adani’s coal mining subsidiary

Both banks have previously stated they would not participate in financing the company's controversial coal enterprise
2022-05-19 | Australia | Market Forces
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our news

Big investors fail to hold Chase accountable on climate, but activists applaud levels of support ‘difficult to ignore’

2022-05-17 | New York | Sierra Club
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external news
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Revealed: the ‘carbon bombs’ set to trigger catastrophic climate breakdown

Oil and gas majors are planning scores of vast projects that threaten to shatter the 1.5C climate goal. If governments do not act, these firms will continue to cash in as the world burns
2022-05-12 | The Guardian
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Banco Santander takes a step on big oil, but what about big meat?

2022-05-02 | Nijmegen, The Netherlands | Sumeyra Arslan – BankTrack
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Dear Dr Carney, demanding an end to fossil fuel expansion is NOT “clickbait”

2022-04-27 | Paris, France | Reclaim Finance
blog
external news
our news

ING faces protests and tough questions over fossil fuel financing at its 2022 AGM

BankTrack's Maaike Beenes reports on disruption and demands for stronger climate action at the AGM of the largest Dutch bank
2022-04-25 | Amsterdam | BankTrack
blog
external news
our news

Carney and Bloomberg must show leadership to stop GFANZ dithering

Only five major GFANZ members have any restrictions on financing new oil and gas supply
2022-04-21 | Paris | BankTrack, urgewald, Climate Action Network International, Reclaim Finance, ReCommon
blog
external news
our news

UniCredit shareholders’ meeting: on climate ambition there is still a long way to go

Once again, the Italian bank holds its shareholders' meeting behind closed doors, without debate and with little media visibility.
2022-04-08 | ReCommon
blog
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our news

At Royal Bank of Canada shareholder meeting, Wet’suwet’en Hereditary Chiefs call for an end to fossil fuel finance

Kicking-off shareholder season, Indigenous land defenders, climate finance experts, youth activists ramp up pressure on RBC
2022-04-07 | Traditional territories of the Ho-de-no-sau-nee-ga (Haudenosaunee), Anishinabewaki ᐊᓂᔑᓈᐯᐗᑭ, Mississaugas of the Credit First Nation, Mississauga, and Wendake-Nionwentsïo First Nations (so-called Toronto, Ontario, Canada) | Stand.earth
blog
external news
our news

Gulf Coast communities fighting the massive buildout of fracked gas exports

A Banking on Climate Chaos 2022 case study
2022-04-05 | BankTrack, Rainforest Action Network, Sierra Club
blog
external news
our news

New report: Despite ‘net zero’ rhetoric, world’s biggest banks continued to pour billions into fossil fuel expansion in 2021

Annual Banking on Climate Chaos report follows the money and details massive bank support for the world’s worst climate-destroying corporations
2022-03-30 | San Francisco, Bemidji, Nijmegen, Oakland, Paris, Sassenberg, Washington DC | BankTrack, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Reclaim Finance, Sierra Club, Urgewald
blog
external news
our news

Nordic bank Nordea faces questions about its fossil fuel policies at its AGM

Nordea Bank’s latest climate policy showed some real progress but failed to rule out finance for oil and gas expansion.
2022-03-24 | BankTrack, Friends of the Earth Finland
blog
external news
our news

Dutch bank ING to stop financing new upstream oil and gas projects

2022-03-23 | Nijmegen, Paris | BankTrack, Reclaim Finance
blog
external news
our news

Standard Bank to keep funding fossil fuel expansion in a climate emergency

New climate policy ends finance for some new coal projects, but allows lending for climate disaster projects like EACOP crude oil pipeline
2022-03-16 | Nairobi, Nijmegen | BankTrack, #StopEACOP
blog
external news
our news

‘No power to stop it’: optimism turns to frustration over east Africa pipeline

2021-11-07 | The Guardian
blog
external news
our news

Belgian bank KBC ends financing for new oil and gas extraction, but stops short of a complete phase out plan

2021-11-04 | BankTrack
blog
external news
our news

Banks are still financing fossil fuels – while signing up to net zero pledges

2021-11-04 | The Guardian
blog
external news
our news

NGOs release the first “Global Oil & Gas Exit List” at Glasgow COP

2021-11-04 | Glasgow | urgewald
blog
external news
our news

Meet the banks funding the owners of the Cambo oil field

New research shines a spotlight on the banks backing Shell and Siccar Point Energy
2021-10-29 | #StopCambo
blog
external news
our news

ING's climate reluctance

ING’s first Integrated Climate Report depicts the bank as a frontrunner on fighting climate change, but it has no plans to stop financing oil & gas
2021-10-11 | Nijmegen | BankTrack
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

Fossil Banks No Thanks demands banks commit to end fossil fuel finance before Glasgow Climate Summit

210+ groups support urgent call to action
2021-09-23 | BankTrack
blog
external news
our news

Banks and investors pouring billions into Arctic oil & gas bonanza despite climate pledges – report

How banks, investors and insurers are driving oil and gas expansion in the Arctic
2021-09-23 | Paris | Reclaim Finance
blog
external news
our news

North Sea oil field development shows banks’ hypocrisy over climate

ClientEarth sends letter to 17 banks urging them to stop financing Shell and Siccar Point Energy, the companies pushing for the Cambo oil field
2021-09-14 | ClientEarth
blog
external news
our news

Ahead of shareholder vote, activists stage global actions urging Japanese megabank MUFG to end climate-destructive financing

2021-06-23 | Tokyo | BankTrack, 350.org Japan, Asian Peoples’ Movement on Debt and Development (APMDD), Oil Change International, Rainforest Action Network
blog
external news
our news

Revealed: HSBC’s dirtiest deals will emit more pollution than Brazil or Canada

As HSBC prepares for its AGM on 28 May, new research reveals that a selection of HSBC fossil fuel financial transactions over the last five years will emit 523 million tonnes of CO2 every year for decades to come
2021-05-27 | Market Forces
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

Barclay’s climate commitments could amount to not-zero

2020-09-11 | Fund Our Future UK
blog
external news
our news

Banking on Climate Change – Fossil Fuel Finance Report Card 2020

New report reveals global banks funneled USD 2.7 trillion into fossil fuels Since Paris Climate Agreement, with financing on the rise each year 
2020-03-18 | Nijmegen | BankTrack, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Reclaim Finance, Sierra Club
blog
external news
our news

Banks warned that deficient fossil fuel policies are accelerating climate crisis

2019-12-12 | Madrid | BankTrack
blog
external news
our news

Big four UK banks providing billions for coal power expansion, urged to ‘clean up their acts’ for Glasgow COP

2019-12-05 | London, UK | BankTrack, urgewald, 350.org
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

World’s Banks Increased Fossil Fuel Financing To $115 Billion In 2017

2018-03-29 | Clean Technica
blog
external news
our news

Sustainability is all the rage but financing of extreme fossil fuels is on the rise

2018-03-29 | Quartz
blog
external news
our news

Rückfall: Privatbanken investieren wieder mehr in fossile Energien

2018-03-28 | bizz energy
blog
external news
our news

Bank financing of ‘extreme fossil fuels’ rises 11% to $115bn

2018-03-28 | The Financial Times
blog
external news
our news

Banking on Coal – Undermining our Climate

NGOs reveal top 20 international banks financing the coal mining industry
2013-11-15 | Warsaw | BankTrack, Urgewald
blog
external news
our news

Bankrolling Climate Disruption

2012-10-31 | San Fransisco | Rainforest Action Network
blog
external news
our news

BankTrack calls upon banks to help fight runaway climate change

New position paper outlines hard choices banks must make if they wish to be part of the solution to the climate crisis
2009-12-10 | Nijmegen, Netherlands | BankTrack

Documents

Type:
Year:
our publications
2022-11-22 00:00:00

Banking on Thin Ice: Two years in the heat

Exposing Nordic bank finance for fossil fuels
2022-11-22 00:00:00 | BankTrack
our publications
2022-11-15 00:00:00

Who is financing fossil fuel expansion in Africa?

2022-11-15 00:00:00 | Urgewald, BankTrack, 350.org Africa, Africa Coal Network & Oilwatch Africa, et al.
ngo documents
2022-07-29 00:00:00

Vaca Muerta Basin: An Oil & Gas Trap

IMF and global capital markets neglect the risk of ballooning Argentina’s debt and liability problem
2022-07-29 00:00:00 | Profundo, 350.org Argentina
our publications
2022-06-22 00:00:00

Exclus d’une transition juste: Le financement des combustibles fossiles en Afrique

2022-06-22 00:00:00 | BankTrack, Milieudefensie & partners
our publications
2022-03-30 00:00:00

Banking on Climate Chaos 2022

Despite ‘net zero’ rhetoric, world’s biggest banks continued to pour billions into fossil fuel expansion in 2021
2022-03-30 00:00:00 | Rainforest Action Network, BankTrack, Indigenous Environmental Network, Oil Change International, Reclaim Finance, Sierra Club, urgewald
our publications
2022-03-03 00:00:00

Locked out of a Just Transition: fossil fuel financing in Africa

2022-03-03 00:00:00 | BankTrack, Milieudefensie & partners
ngo documents
2021-06-04 00:00:00

Deep Trouble

Tracking global coal mine proposals
2021-06-04 00:00:00 | Global Energy Monitor, Oxpeckers
ngo documents
2021-05-25 00:00:00

The Big Smoke

The global emissions of the UK financial sector
2021-05-25 00:00:00 | Greenpeace and WWF
ngo documents
2021-05-04 00:00:00

City of Coal

The Climate Crimes of UK Finance
2021-05-04 00:00:00 | Reclaim Finance and Urgewald
ngo documents
2020-09-23 00:00:00

Big oil reality check

Assessing oil and gas company climate plans
2020-09-23 00:00:00 | Oil Change International
our publications
2021-03-24 00:00:00

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
ngo documents
2020-11-11 00:00:00

Barclays’ and HSBC’s $43 billion fossil fuel problem

2020-11-11 00:00:00 | Fund Our Future UK
ngo documents
2020-09-24 00:00:00

Fracking Fiasco: The banks that fueled the U.S. shale bust

2020-09-24 00:00:00 | Rainforest Action Network
our publications
2020-07-15 00:00:00

Fool's Gold

The financial institutions risking our renewable energy future with coal
2020-07-15 00:00:00 | Europe Beyond Coal, BankTrack, BlackRock’s Big Problem, Ember, Fundacja "Rozwój TAK - Odkrywki NIE”, Friends of the Earth Finland, Friends of the Earth France, Greenpeace, Reclaim Finance, Re:Common, ShareAction, Urgewald, 350 Japan
our publications
2020-03-18 00:00:00

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
2020-03-18 00:00:00

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
2019-12-05 00:00:00

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
2019-11-14 00:00:00

Exiting coal. Is the French finance industry on its way?

2019-11-14 00:00:00 | BankTrack, Unfriend Coal
ngo documents
2019-06-10 00:00:00

Phasing out coal: Crédit Agricole leads by example

Other financial institutions lag behind
2019-06-10 00:00:00 | Friends of the Earth France
our publications
2019-03-20 00:00:00

Banking on Climate Change 2019

2019 Fossil Fuel Finance Report Card
2019-03-20 00:00:00 | BankTrack, Honor the Earth, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Sierra Club
our publications
2017-12-11 00:00:00

Banks vs. the Paris Agreement

Who's still financing coal plant development?
2017-12-11 00:00:00 | BankTrack
ngo documents
2017-09-25 00:00:00

Banks: High Carbon, Hidden Risks

2017-09-25 00:00:00 | Rainforest Action Network
our publications
2017-05-08 00:00:00

ING Coal Bank Briefing 2017

2017-05-08 00:00:00 | BankTrack
our publications
2017-05-04 00:00:00

UBS Fossil Bank Briefing 2017

2017-05-04 00:00:00 | BankTrack, Greenpeace, Waterkeeper Alliance
our publications
2017-04-28 00:00:00

Credit Suisse Fossil Bank Briefing 2017

2017-04-28 00:00:00 | BankTrack and Greenpeace
our publications
2016-11-14 00:00:00

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
ngo documents
2013-05-02 00:00:00

Financing Reef Destruction

How banks are using our money to destroy a natural icon
2013-05-02 00:00:00 | Market Forces
ngo documents
2013-04-18 00:00:00

Unburnable Carbon 2013

Wasted capital and stranded assets
2013-04-18 00:00:00 | Carbon Tracker Initiative
ngo documents
2013-03-12 00:00:00

Coal Kills

An Assessment of Death and Diseasecaused by India’s Dirtiest Energy Source
2013-03-12 00:00:00 | Urban Emissions in partnership with the Conservation Action Trust and Greenpeace India
ngo documents
2012-11-20 00:00:00

Global Coal Risk Assessment

Data analysis and market research
2012-11-20 00:00:00 | World Resources Institute
our publications
2012-10-30 00:00:00

Bankrolling Climate Disruption

The Impacts of the Banking Sector's Financed Emissions
2012-10-30 00:00:00 | Rainforest Action Network, BankTrack
ngo documents
2012-05-19 00:00:00

Enel Today and Tomorrow

Hidden Costs of the Path of Coal and Carbon versus Possibilities for a Cleaner and Brighter Future
2012-05-19 00:00:00 | SOMO
ngo documents
2011-11-11 00:00:00

Coal Financing in Europe: The Banker’s Dilemma

2011-11-11 00:00:00 | Chatham House
ngo documents
2011-07-13 00:00:00

Unburnable Carbon

Are the world’s financial markets carrying a carbon bubble?
2011-07-13 00:00:00 | Carbon Tracker Initiative
ngo documents
2010-09-07 00:00:00

Australian banks financing coal and renewable energy

2010-09-07 00:00:00 | Profundo for Greenpeace Australia Pacific
ngo documents
2010-06-02 00:00:00

Bankers on Tenterhooks

Climate change: co-funded by banks operating in Belgium
2010-06-02 00:00:00 | Netwerk Vlaanderen
our publications
2009-12-10 00:00:00

A challenging climate 2.0

What banks must do to combat climate change
2009-12-10 00:00:00 | BankTrack
our publications
2009-03-01 00:00:00

Meek Principles for a Tough Climate

Why the Climate and Carbon Principles will not stop the melting of the ice
2009-03-01 00:00:00 | BankTrack
ngo documents
2008-08-01 00:00:00

Cashing in on coal: RBS, UK banks and the global coal industry

2008-08-01 00:00:00 | Platform
ngo documents
2007-10-24 00:00:00

The biggest cause of climate change: Coal-fired power plants

2007-10-24 00:00:00 | Rainforest Action Network (RAN)
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