This page gathers commercial banks' policies ending or restricting financing to coal utilities. It focuses on "indirect" financing through general corporate finance (lending or underwriting) and complements the pages gathering banks that ended direct finance to new coal plants, and banks that restricted the indirect finance to coal plant developers, those companies still planning to build new coal plants around the world.
BankTrack published with partners in March 2019 the report "Banking on Climate Change 2019", revealing big banks' financing to the top 30 global coal utilities identified by urgewald in its Global Coal Exit List.
This page is up to date as of September 2019.
Full phase-out
Four banks have adopted a full phase-out approach to the coal power sector.
Bank | Coal Power Policy |
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![]() ![]() ING logo.
Photo: ING
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All existing clients in the utilities sector should have reduced their reliance on thermal coal to close to zero by the end of 2025 for us to continue the relationship beyond that time. |
6314
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![]() ![]() Societe Generale logo.
Photo: Societe Generale
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The Group is committed to progressively reduce to zero its exposure to the thermal coal sector, at the latest in 2030 for companies with thermal coal assets located in EU or OECD countries and2040 elsewhere. |
7627
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The exposure of our portfolios to coal industry will be in line with a full-fledged coal phase-out by: 2030 for EU and OECD countries; 2040 for China; 2050 for the rest of the world.
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7359
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![]() ![]() Commonwealth Bank logo.
Photo: Commonwealth Bank
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We ensure our business lending policies support the responsible transition to a net zero emissions economy by 2050, by: - continuing to reduce our exposures to coal fired power generation, with the view to exiting the sector by 2030, subject to Australia having a secure energy platform. |
Partial exclusion
Nine banks have adopted policies excluding some coal utilities beyond a specific threshold, sometimes coupled with other criteria.
Bank | Coal Power Policy | Criteria |
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Acceptance criteria for energy utility companies : 2. The company does not operate lignite electricity generation capacity or has a lignite phase-out strategy in place. |
capacity |
2548
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![]() ![]() UBS logo.
Photo: UBS
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We only support financing transactions of existing coal fired operators (>30% coal reliance) who have a transition strategy in place that aligns with a pathway under the Paris Agreement, or the transaction is related to renewable energy. |
capacity |
7405
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![]() ![]() BBVA logo.
Photo: BBVA
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Prohibited Activities Clients Significant coal-based power generation (more than 35%) without a diversification strategy Exceptions may be made in countries with high energy dependency (more than 65% energy imported) or without viable alternatives. |
generation |
7868
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General corporate lending Prohibited Electricity Generation companies whereby more than 40% of their unabated power generated derives from coal (based on Terawatt Hours of power generated), except where an existing customer is demonstrating a clear transition towards this threshold. |
generation |
7627
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As of 2019, Credit Agricole will no longer develop business relations with corporations generating more than 25% of their turnover in the thermal coal sector (coal-based production). |
revenues |
7599
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Natixis does not participate in any general purpose financing in favor of a borrower whose activity is relying by 25% or more on coal-fired power generation (based on the latest published financial statements). Natixis does not participatein bond or equity primary issues, if the issuing company’s activity is relying by 25% or more on coal-fired power generation (based on the latest published financial statements).
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revenues |
6314
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![]() ![]() Societe Generale logo.
Photo: Societe Generale
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Societe Generale refrains from providing new financial products and services to:
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revenues and capacity |
5253
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![]() ![]() KBC logo.
Photo: KBC
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For integrated energy companies, KBC will continue to provide finance, provided they raise no more than 50% of their turnover from coal-related activities or demonstrate they will become compliant within a short timeframe.
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revenues |
7355
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![]() ![]() Commerzbank logo.
Photo: Commerzbank
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Commerzbank expects clients in Germany from the energy supply sector to limit the share of electricity generated from coal (based on their production performance) to below 30 per cent by the end of 2021. A corresponding cap of 50 per cent is expected for clients based outside of Germany. |
generation |
BNP Paribas has a different approach.
Bank | Coal Power Policy |
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7866
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This policy covers:
BNP Paribas will only provide financial products and services to, or invest in, CFPG companies that meet the following requirements: The CFPG company has a diversification strategy to reduce the share of coal in its power generation mix. This diversification strategy must be at least as ambitious as the national commitment to limit GHG emissions of the country where its principal operations are located. |
Indirect reduction
Three banks have adopted policies using different approaches to indirectly reduce their involvement in the coal power sector.
Bank | Coal Power Policy |
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Societe Generale is committed to limit the coal-fuelled part of its financed energy mix (installed MW) at 19% at the end of 2020, in consistency with the IEA 2°C scenario. |
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In addition to the individual company criteria, ABN AMRO is committed to align its lending portfolio with the “450 scenario” of the International Energy Agency (IEA). This scenario is the outcome of calculations by the IEA of the mix of electricity generation capacity from different power sources that is needed to limit the increase in global average temperature to 2°C. Using the IEA projections for 2020 as a baseline, this means that in the period 2019-2020 the mix of electricity generation capacity of ABN AMRO’s lending portfolio of companies and projects in the electricity generation sector meets the following criteria: |
7401
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![]() ![]() Barclays logo.
Photo: Barclays
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Broadly speaking, Barclays will continue to reduce credit exposure to power generation clients where more than 50% of their power generation mix is coal-fired.
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