Total: 0 points out of 82

See: Policy scores Excel sheet

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

Total: 0 points out of 82

See: Policy scores Excel sheet

Total: 0 points out of 82

See: Policy scores Excel sheet

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

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

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

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

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

Total: 0 points out of 82

See: Policy scores Excel sheet

Total: 0 points out of 82

See: Policy scores Excel sheet

Total: 0 points out of 82

See: Policy scores Excel sheet

Total: 0 points out of 82

See: Policy scores Excel sheet

Total: 0 points out of 82

See: Policy scores Excel sheet

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

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.

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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.

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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

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

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.

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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

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.

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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

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

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

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

Total: 0 points out of 82

See: Policy scores Excel sheet

Total: 0 points out of 82

See: Policy scores Excel sheet

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

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

Total: 0 points out of 82

See: Policy scores Excel sheet

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

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".

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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

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

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

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

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.

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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

Total: 0 points out of 82

See: Policy scores Excel sheet

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

Total: 0 points out of 82

See: Policy scores Excel sheet

Total: 0 points out of 82

See: Policy scores Excel sheet

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

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

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

Total: 0 points out of 82

See: Policy scores Excel sheet

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

Total: 0 points out of 82

See: Policy scores Excel sheet

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

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

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

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

Total: 0 points out of 82

See: Policy scores Excel sheet

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

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

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

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

Total: 0 points out of 82

See: Policy scores Excel sheet

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.

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Total: 0 points out of 82

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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.

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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.

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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.

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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.

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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."

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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.

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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.

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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.

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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.

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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.

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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.

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Prohibitions against financing projects:

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

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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)."

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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.

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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.

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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

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.