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Home › Campaigns › Banks and Climate ›
Campaign

Banks and Steel

By: BankTrack
Contact:

Julia Hovenier, Banks and steel campaigner

Banks and steel project logo. Photo: BankTrack
By: BankTrack
Contact:

Julia Hovenier, Banks and steel campaigner

Why this campaign?

Fossil fuels are currently the backbone of the steel industry, but it doesn’t have to be this way. With a material as pervasive as steel, it is essential to reduce demand, and transform the industry towards fossil-free production. Steel has an important role in building a greener and more equitable future. But unfortunately, 14% of global coal is consumed by the steel industry. As a result, the industry is responsible for 11% of carbon dioxide (CO2) emissions, and 7% of greenhouse gas emissions (GHG) globally. In order to remain below 1.5°C of global heating, the International Energy Agency (IEA) estimates that the steel industry's emissions must be reduced by 25% by 2030 and almost 92% by 2050. 

Currently, the steel industry is far off track. As of 2024, 68% of the world’s steel production is coal-based, relying on blast furnace technology to turn iron ore into crude steel. Additionally, even before coal makes it to the steel plant, the methane emitted from metallurgic coal mining can double the warming potential of a batch of steel. 

Alongside its climate impact, coal-based steel production causes a wide variety of adverse health effects on workers and communities surrounding steel plants. Communities living in proximity to steel plants are shown to have significantly higher rates of lung cancer, asthma, and heart disease, caused by the dust and chemical emissions released from processing and burning coal. 

The steel industry has long been considered a ‘hard to abate’ sector, notably because it is such a crucial resource for other industry sectors and because no commercially viable alternatives were available to decarbonize the production process. However, fossil-free alternatives are now available. 

Besides producing less, there are two dominant pathways to reduce the climate impact of steel production. The first is melting down and recycling scrap steel into new steel using an electric arc furnace. A ton of crude steel produced using an electric arc furnace emits an average of 0.04 ton of CO2, versus blast furnaces, which result in 1.2 tonnes of CO2 per ton of crude steel. The second way is a more recent technological innovation, where hydrogen, rather than coal, is used to convert iron ore into crude steel. In Sweden, there are two pilot plants producing steel that is 100% fossil-free using green hydrogen. Ramping up recycling, and utilising green hydrogen provide a far stronger outlook for reducing the climate impact of steel production than Carbon Capture Utilisation and Storage (CCUS), which has a history of underperforming.

Even as green production methods become available, making new steel from iron ore has a human and environmental cost. The iron ore industry has a notoriously poor human rights and environmental track record, especially in the Global South. An ecologically and socially just transformation of the steel industry therefore also requires decreasing demand and ending extractivism. Reducing our demand in turn requires reducing demand for the largest buyers of steel, such as the automotive industry and construction. With steel production projected to grow by a third by 2050, banks must ensure that their steel clients are meeting demand using fossil free technologies.

The role of banks

This decade is crucial in the transition to fossil-free steel. There are 252 new and unnecessary metallurgical coal mines in the pipeline globally, and before 2030, 71% of existing blast furnaces will reach the end of their lifetimes, and require reinvestments. 

The steel industry will require massive amounts of capital to transition coal-dependent furnaces to fossil-free assets, and the COP29 climate finance agreement makes it clear that much of this money will come from private finance. But since 2019, just 7.2% of the total debt provided for the steel sector was earmarked for decarbonisation (i.e. classified as transition, green or sustainability-linked loans/bonds).

Commercial banks hold significant leverage over the steel and metallurgical coal industries. Between 2016 and June 2023, commercial banks provided US $557 billion in finance to the metallurgical coal industry, and over US $429 billion to the steel industry. 

For such large exposure to high-risk industries, commercial bank policies are shockingly weak. While 184 commercial banks globally have policies to restrict finance for thermal coal, only 15 banks have policies that restrict finance for metallurgical coal. While many banks have set targets for steel decarbonisation under the Net Zero Banking Alliance, only one bank - ING - has an explicit policy to not finance the construction of new unabated blast furnaces. Six banks have also joined the Sustainable STEEL Principles, a voluntary measurement and disclosure framework for steel portfolio emissions. But voluntary initiatives don’t go far enough, and can easily be backtracked.

What banks must do

To enable a just transition to fossil-free steelmaking, banks must: 

  1. Adopt policies to immediately end finance for companies building new, or expanding metallurgical coal mines

  2. Adopt policies to immediately end finance for the expansion of fossil-based steel manufacturing

  3. Increase finance for a just transition to fossil-free steel manufacturing, including enabling infrastructure

  4. Exclude false solutions from green/clean/sustainable finance frameworks (namely: carbon capture, utilization and storage on blast furnaces, hydrogen injections in blast furnaces, and mass balance approaches) 

What BankTrack does

To ensure banks play their role in steel decarbonisation, and a total coal phase out BankTrack is: 

  • Mapping finance flows We conduct research on bank finance for specific projects and companies expanding coal-based steel production, and metallurgical coal mining around the world. We supported Reclaim Finance with the publication of two reports identifying the largest financiers of steel and metallurgical coal industries. 

  • Strengthen bank policies BankTrack’s Net Zero Banking Alliance Iron and Steel Target tracker monitors the commitments made by commercial banks on steel decarbonisation. Additionally, we support Reclaim Finance’s Coal Policy Tool with research on new metallurgical coal policies. We use these policy assessments to push for policies that end finance for coal-based steel expansion. 

  • Target Dodgy Deals We target banks involved in financing specific steel and metallurgical coal projects and companies that violate human rights, accelerate the climate crisis, and threaten critical nature. We campaign for banks to either end or refrain from financing or exert their influence on clients to make them conduct their business responsibly. Our target Dodgy Deals include ArcelorMittal, JSW Steel, Nippon Steel, and Glencore.

  • Engage with banks We engage with the 50 largest financiers of both the steel and metallurgical coal industries on their commitment to decarbonisation, to provide advice on how to strengthen their policies and processes.

  • Engage with bank stakeholders We engage with a range of bank stakeholders, including affected communities, shareholder groups, and voluntary initiatives like the Sustainable STEEL Principles. 

  • File complaints Where appropriate, we may file complaints on bank financed activities with relevant recourse mechanisms, such as those of development banks and the National Contact Points of the OECD.

  • Strengthen movements We provide training to fellow campaigners on the state of steel and metallurgical coal finance, and how to campaign against it. We also assist stakeholders directly affected by bank financed steel and metallurgical coal projects and companies in their engagement with banks, and support the finance strategies of groups like the European Fossil Free Steel Network, and the Fair Steel Coalition. 

Policy analysis

Reclaim Finance tracks the metallurgical coal policies of financial institutions, including banks, in their Coal Policy Tool. BankTrack works closely with Reclaim Finance and endorses their policy assessments.

As part of the Net Zero Banking Alliance (NZBA), many banks are required to set targets to reduce the financed emissions of their steel lending. We track bank's iron and steel decarbonisation targets as part of our NZBA tracker. 

Dodgy Deals
All
Projects
Companies

ArcelorMittal

Luxembourg
Company
Target
Iron and Steel Manufacturing | ...

ArcelorMittal

Luxembourg | company

Glencore

Switzerland
Company
Target
Coal Mining | ...

Glencore

Switzerland | company

Simandou Iron Ore Project

Guinea
Project
Target
Iron ore mining | Mining

Simandou Iron Ore Project

Guinea | project

ArcelorMittal Liberia iron ore mine

Liberia
Project
Active
Mining | ...

ArcelorMittal Liberia iron ore mine

Liberia | project

Burns Harbor steel plant

United States
Project
Active
Iron and Steel Manufacturing

Burns Harbor steel plant

United States | project

Elk Valley Resources metallurgical coal mines

Canada
Project
Active
Coal Mining | ...

Elk Valley Resources metallurgical coal mines

Canada | project

JSW Steel

India
Company
Active
Iron and Steel Manufacturing | ...

JSW Steel

India | company

Nippon Steel

Japan
Company
Active
Iron and Steel Manufacturing | ...

Nippon Steel

Japan | company

POSCO Holdings

South Korea
Company
Active
Iron and Steel Manufacturing | ...

POSCO Holdings

South Korea | company

Ternium

Luxembourg
Company
Active
Iron and Steel Manufacturing | ...

Ternium

Luxembourg | company

West Cumbria Coal Mine

United Kingdom
Project
Active
Coal Mining | ...

West Cumbria Coal Mine

United Kingdom | project

BHP Billiton

Australia
Company
On record
Coal Mining | Mining | Oil and Gas Extraction

BHP Billiton

Australia | company | on record

Hazira Blast Furnace Expansion

India
Project
On record
Iron and Steel Manufacturing

Hazira Blast Furnace Expansion

India | project | on record

POSCO integrated steel project

India
Project
On record
Iron and Steel Manufacturing

POSCO integrated steel project

India | project | on record

Whitehaven Coal

Australia
Company
On record
Coal Mining | ...

Whitehaven Coal

Australia | company | on record
Resources
Documents
Links
2025-04-04 00:00:00

Mining Policy

Bank policy
2025-04-04 00:00:00 | Société Générale
2024-09-30 00:00:00

Debunking 10 steel decarbonisation myths

Insights for financial insitutions
Partner publication
2024-09-30 00:00:00 | Reclaim Finance
2024-10-10 00:00:00

ArcelorMittal & Nippon Steel: The need for more ambitious climate action

An investor briefing
Partner publication
2024-10-10 00:00:00 | ActionAid Denmark
2024-08-29 00:00:00

Sustainability report 2024

Other bank document
2024-08-29 00:00:00 | SMBC
2024-05-09 00:00:00

Emerging Practice: Climate Target Setting for Steel Sector Financing

Other document
2024-05-09 00:00:00 | NZBA
2024-05-13 00:00:00

Banking on climate chaos 2024

Fossil fuel finance report 2024
BankTrack publication
2024-05-13 00:00:00 | BankTrack, urgewald, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Reclaim Finance & Sierra Club
2023-10-12 00:00:00

今なお続く製鉄用石炭への融資

なぜ銀行は原料炭から撤退すべきか
BankTrack publication
2023-10-12 00:00:00 | Julia Hovenier, BankTrack
2024-02-01 00:00:00

Sustainable Steel Principles 2023 Annual Report

Other document
2024-02-01 00:00:00 | Sustainable Steel Principles
2023-12-07 00:00:00

Letter from BankTrack to 50 Largest financiers of new metallurgical coal

End support for companies building new metallurgical coal capacity
Correspondence
2023-12-07 00:00:00 | BankTrack
2023-11-06 00:00:00

2023 Climate Report

Other bank document
2023-11-06 00:00:00 | Westpac
2023-10-10 00:00:00

Still bankrolling coal (for steel)

Why banks must quit metallurgical coal
BankTrack publication
2023-10-10 00:00:00 | Julia Hovenier, BankTrack
2023-07-01 00:00:00

Assessing the Credibility of Climate Transition Plans in the Steel Sector

Other document
2023-07-01 00:00:00 | Oxford Sustainable Finance Group
2023-07-19 00:00:00

Hydrogen sparks change for the future of green steel production

Other bank document
2023-07-19 00:00:00 | ING
2023-06-15 00:00:00

15 Insights on the Global Steel Transformation

Partner publication
2023-06-15 00:00:00 | Agora Industry
2023-06-25 00:00:00

Sunsetting Coal in Steel Production

Partner publication
2023-06-25 00:00:00 | SteelWatch
2023-07-20 00:00:00

2023 Pedal to the Metal

It's time to shift steel decarbonisation into high gear
NGO document
2023-07-20 00:00:00 | Global Energy Monitor
2023-05-17 00:00:00

Briefing: Assessing the credibility of ArcelorMittal’s decarbonization strategy

A briefing for climate conscious financial institutions
Partner publication
2023-05-17 00:00:00 | Cynthia Rocamora, Reclaim Finance
2023-01-18 00:00:00

What is Green Steel?

Definitions and Scopes from Standards, Initiatives, and Policies around the World
Other document
2023-01-18 00:00:00 | Global Efficiency Intelligence (GEI)
2021-09-01 00:00:00

Coal in steel: problems and solutions

NGO document
2021-09-01 00:00:00 | Coal Action Network
2023-01-23 00:00:00

Why the steel industry needs to tackle coal mine methane

Other document
2023-01-23 00:00:00 | Ember
2020-10-01 00:00:00

Iron and Steel Technology Roadmap

Towards more sustainable steelmaking
Other document
2020-10-01 00:00:00 | International Energy Agency (IEA
2021-11-04 00:00:00

Global Steel at a Crossroads

Why the global steel sector needs to invest in climate-neutral technologies in the 2020s
NGO document
2021-11-04 00:00:00 | Agora Industry
2023-02-16 00:00:00

ArcelorMittal: Green steel for Europe, blast furnaces for India

NGO document
2023-02-16 00:00:00 | Institute for Energy Economics and Financial Analysis (IEEFA)
2022-09-23 00:00:00

The Sustainable STEEL Principles

NGO document
2022-09-23 00:00:00 | Rocky Mountain Institute (RMI)
2023-03-17 00:00:00

Decarbonizing the steel sector

The role of financial institutions
Partner publication
2023-03-17 00:00:00 | Reclaim Finance
2021-12-14 00:00:00

Analysis of HSBC’s Coal Policy

NGO document
2021-12-14 00:00:00 | ShareAction

Coal mine-to-plant explorer: Ember

Explore the global flow of coal from mines to steel and power plants.

Decarbonize steelmaking: project page of Reclaim Finance

Global steel plant tracker: GEM

Global Energy Monitor (GEM) provides information on global crude iron and steel production plants, and includes every plant currently operating with a capacity of five hundred thousand tonnes per year (ttpa) or more of crude iron or steel.

Green steel tracker: Industry Transition

The Green Steel Tracker tracks public announcements of low-carbon investments in the steel industry and presents them transparently in one place.

ResponsibleSteel

ResponsibleSteel is a certification and standard initative driven by steelmakers and their associates. 

The sustainable steel principles

The Sustainable Steel Principles are the first climate-focused banking sector agreement for lenders to the steel industry. They provide a framework for banks to measure and disclose their steel portfolio's alignment with 1.5°C. 

Successes
BankTrack
Partners
Blog
External
Blog
BankTrack news BankTrack blog Partner news Partner blog

2024 saw six new banks committing to end finance for metallurgical coal, and an explosion in commitments to decarbonise steel portfolios

2025-03-31 | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Decarbonizing steel: ING first bank to act

2024-01-09 | BankTrack, Reclaim Finance
News
BankTrack
Partners
Blog
External
Blog
BankTrack news BankTrack blog Partner news Partner blog

Nippon Steel’s coal focus a risk for investors

2025-05-08 | Tokyo | SteelWatch
BankTrack news BankTrack blog Partner news Partner blog

Indigenous people opposed to the large-scale steel plant and coal-fired power plant planned in India by JSW Steel have filed a "human rights complaint" against the three Japanese megabanks that continue to lend to the company

インドの鉄鋼大手のJSW Steelが、同国内で計画中の大規模製鉄所と石炭火力発電事業に反対する先住民らが、同社に融資を続ける日本の3メガバンク等に対して「人権侵害の申し立て」
2025-05-07 | RIEF
BankTrack news BankTrack blog Partner news Partner blog

Environmental concern? Global NGO leads campaign urging banks to cut ties with Odisha steel project

BankTrack mentioned
2025-05-04 | Counterview
Blog
BankTrack news BankTrack blog Partner news Partner blog

Indian steel-affected communities launch complaint against Australian and Japanese banks

New complaint alleges banks failed to uphold human rights standards by lending to JSW Steel in India
2025-05-02 | BankTrack
BankTrack news BankTrack blog Partner news Partner blog

JSW Steel: Human rights complaint filed against ANZ, Japanese banks over alleged ties to Dhinkia abuses

All four banks have policies in place committing them to act in line with international human rights standards, including a direct commitment to the principle of ‘free, prior and informed consent’
BankTrack mentioned
2025-05-02 | Down to Earth
BankTrack news BankTrack blog Partner news Partner blog

Indian steel-affected communities launch complaint against banks

BankTrack mentioned
2025-05-02 | Steel Times International
BankTrack news BankTrack blog Partner news Partner blog

India: BankTrack urges Australian & Japanese banks to exit controversial Odisha steel project citing land grabs and environmental injustice

BankTrack mentioned
2025-05-02 | Business & Human Rights Resource Centre
BankTrack news BankTrack blog Partner news Partner blog

Anger as HSBC ‘bulldozes’ its coal policy with billion-dollar Glencore deal

Investors rage at allegations bank broke its climate pledge to raise funds for mining giant
2025-05-01 | The Bureau of Investigative Journalism
Blog
BankTrack news BankTrack blog Partner news Partner blog

Good move: Crédit Agricole enables EUR 2.3 billion for fossil-free steel

2025-04-29 | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

2024 saw six new banks committing to end finance for metallurgical coal, and an explosion in commitments to decarbonise steel portfolios

2025 | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Civil society charts clear pathway to green steel ahead of EU steel and metals action plan

2025-03-19 | Brussels | Beyond Fossil Fuels, E3G
Blog
BankTrack news BankTrack blog Partner news Partner blog

International CSOs call on banks to rule out finance for controversial Indian steel and coal project

Of 22 financiers of JSW Steel, none committed not to finance the much-opposed Utkal Steel project in Odisha
2025-03-13 | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Elk Valley in Canada: With money from global banks, Glencore sacrifices entire mountain ranges for coal, polluting the water irreversibly.

But the Ktunaxa Nation is fighting back
2025-02-04 | BankTrack, ING Fossielvrij, Wildsight
Blog
BankTrack news BankTrack blog Partner news Partner blog

Time to end metallurgical coal expansion

NGOs launch first Met Coal Exit List for the finance industry
2025-01-23 | Berlin | BankTrack, urgewald, Coal Action Network, Coal-free Finland, Ecodefense, Global Energy Monitor, Nordic Center for Sustainable Finance, Rainforest Action Network, Reclaim Finance, SteelWatch, The Sunrise Project
Blog
BankTrack news BankTrack blog Partner news Partner blog

“ING, don’t look away in Mexico. We have to pay for our protest with our lives.”

As a major financier, ING must take responsibility for the abuses of ArcelorMittal in Mexico
2025-01-15 | ING Fossielvrij
Blog
BankTrack news BankTrack blog Partner news Partner blog

Frontline communities urge investors not to buy new ArcelorMittal bonds due to human rights, environmental and climate concerns

2024-12-16 | BankTrack, Fair Steel Coalition
Blog
BankTrack news BankTrack blog Partner news Partner blog

French banks haven’t turned their backs on coal

Reclaim Finance’s analysis reveals that French banks continued to finance companies that are still developing new coal mines or power plants.
2024-10-15 | Paris | Reclaim Finance
Blog
BankTrack news BankTrack blog Partner news Partner blog

10 steel decarbonization myths debunked

A new briefing by Reclaim Finance clears up common misconceptions by financial institutions about steel
2024-09-27 | Cynthia Rocamora, Reclaim Finance
Blog
BankTrack news BankTrack blog Partner news Partner blog

Campaigners cast guerilla projection onto ING HQ demanding end to coal bonds

The Netherlands’ largest fossil bank told to end bond finance for coal giant Glencore
2024-09-05 | Artivist Network, ING Fossielvrij, Julia Hovenier – BankTrack, Toxic Bonds Network
Blog
BankTrack news BankTrack blog Partner news Partner blog

Frontline communities take the stage at bank AGM’s

AGMs remain crucial for community grievances, while executives seek to limit activist shareholder participation
2024-07-30 | Nijmegen, The Netherlands | Deniz Ozkil – BankTrack
BankTrack news BankTrack blog Partner news Partner blog

Macquarie has partly reversed its ban on banking coal deals

2024-07-29 | Australian Financial Review
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banks fail to substantially respond to communities impacted by ArcelorMittal on climate and human rights concerns

2024-07-18 | BankTrack, Fair Steel Coalition, Reclaim Finance, SteelWatch
Blog
BankTrack news BankTrack blog Partner news Partner blog

NZBA misses the target on steel: Banks must step up decarbonization efforts

Long awaited guidance will not stop climate chaos
2024-07-08 | Cynthia Rocamora, Reclaim Finance, Julia Hovenier – BankTrack, Paddy McCully, Reclaim Finance
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banking on Nippon Steel is a high risk bet on climate chaos

Financiers of Nippon should be wary of the steel company's coal-expansion plans
2024-06-21 | Cherry Achando – BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banks fueling climate chaos: the financing of metallurgical coal mining on the rise

Coal for steel received 31.9 billion US$ of financing by banks between 2016 and 2023
2024-05-27 | Reclaim Finance
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banks financed fossil fuels by $6.9 trillion dollars since the Paris Agreement; $705 billion provided in 2023 alone; JPMorgan Chase, Mizuho, and Bank of America are worst 3 funders

Annual Banking on Climate Chaos report with an updated methodology offers comprehensive look at who’s bankrolling the climate crisis
2024-05-13 | BankTrack, urgewald, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Reclaim Finance, Sierra Club
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banks fall for ArcelorMittal’s shiny claims and finance its dirty flames

Don’t be fooled by ArcelorMittal's “low carbon” sponsorship of the Olympic Games
2024-05-08 | Julia Hovenier – BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Frontline communities confront ING on toxic finance

Community defenders from five countries attend ING’s AGM to challenge the bank’s financing for polluting industries like gas, LNG and steel
2024-04-22 | Amsterdam, The Netherlands | BankTrack
BankTrack news BankTrack blog Partner news Partner blog

Steel Sector Financiers Disclose Climate Alignment for the First Time — and There’s More Work to Do

Findings from the first Sustainable STEEL Principles report
2024-03-27 | RMI
Blog
BankTrack news BankTrack blog Partner news Partner blog

The banks financing dirty steel

The world’s major banks continue to support the largest and most polluting steel producers
2024-03-26 | Paris, France | Reclaim Finance
Blog
BankTrack news BankTrack blog Partner news Partner blog

Four of the world’s top five banks supporting metallurgical coal expansion are Japanese

2024-03-07 | Tokyo, Japan | Reclaim Finance, SteelWatch
Blog
BankTrack news BankTrack blog Partner news Partner blog

We’re calling on banks to do their part to stop POSCOs coal expansion

Unless POSCO scraps its relining plans, banks should rule out future finance for the Korean steelmaker
2024-02-27 | BankTrack, Solutions for Our Climate
BankTrack news BankTrack blog Partner news Partner blog

A rush for ‘green’ iron is on in Guinea. Will chimpanzees be a casualty?

2024-01-17 | Mongabay
Blog
BankTrack news BankTrack blog Partner news Partner blog

Decarbonizing steel: ING first bank to act

2024 | BankTrack, Reclaim Finance
Blog
BankTrack news BankTrack blog Partner news Partner blog

POSCO is relining coal-based steel furnaces to prolong their lifetimes. This jeopardises its financiers' climate commitments.

Financiers of POSCO should be wary of capital expenditures that are misaligned with climate commitments
2023-12-18 | Julia Hovenier – BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

67 organisations call on banks to cease financing metallurgical coal

Banks risk stranded assets & climate catastrophe in steel lending without metallurgical coal exclusions
2023-12-07 | Nijmegen | BankTrack, Reclaim Finance
BankTrack news BankTrack blog Partner news Partner blog

Why is youth climate group Big Wave campaigning for minority shareholders in POSCO?

BankTrack mentioned
2023-11-27 | eKoreaNews
Blog
BankTrack news BankTrack blog Partner news Partner blog

Met coal: financial institutions’ missing policies

Since 2016, the world’s biggest banks have provided US$ 557 billion in finance to the 50 biggest developers in the metallurgical sector
2023-11-23 | Reclaim Finance
Blog
BankTrack news BankTrack blog Partner news Partner blog

West Cumbria Coal Mine: dodgy mine, dodgier financier

2023-11-20 | Reclaim Finance
Blog
BankTrack news BankTrack blog Partner news Partner blog

Big four banks make strides, but action still dangerously slow in a climate emergency

There are still massive gaps in the policies of the ‘big four’ that could enable them to keep arranging new or renewed finance for fossil fuel expansion over the next two years, and possibly even decades beyond 2025.
2023-11-16 | Market Forces
BankTrack news BankTrack blog Partner news Partner blog

Fresh calls to scrap Cumbrian coalmine amid steel industry’s green push

2023-11-08 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

ING finances the group behind the world's largest coal mines

(In Dutch) ING has been saying for years that it no longer wants to invest in coal mining because of climate change. Yet the bank is one of the main financiers of Glencore
2023-10-31 | Follow the Money
BankTrack news BankTrack blog Partner news Partner blog

Funding for Whitehaven’s latest acquisition reveals shallow lending pool for Australian coal mining

2023-10-26 | IEEFA
BankTrack news BankTrack blog Partner news Partner blog

Daunia, Blackwater sale points to misplaced optimism over Australian metallurgical coal

2023-10-18 | IEEFA
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banks have no planned exit from coal for steelmaking

A new briefing from BankTrack calls on banks to urgently restrict finance for metallurgical coal
2023-10-10 | Julia Hovenier – BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Civil society urges POSCO to halt extension of coal-based steelmaking 

POSCO Holdings invests USD 392 million in relining two mega blast furnaces 
2023-10-06 | Seoul | Solutions for Our Climate
BankTrack news BankTrack blog Partner news Partner blog

As Indian steel production takes off, its metallurgical coal demand will disappoint Australian miners

2023-09-29 | Institute for Energy Economics and Financial Analysis (IEEFA)
Blog
BankTrack news BankTrack blog Partner news Partner blog

Decarbonization: steel not making the cut

Analysis by Reclaim Finance shows that few financial institutions have steel targets, and that those that have been adopted are riddled with flaws
2023-08-23 | Reclaim Finance
Blog
BankTrack news BankTrack blog Partner news Partner blog

The Sustainable Steel Principles: One step forward when leaps are needed

Banks must commit to more on fossil-free steelmaking than just measuring and disclosing financed emissions
2023-07-13 | Nijmegen, The Netherlands | Julia Hovenier – BankTrack
BankTrack news BankTrack blog Partner news Partner blog

The global steel industry can achieve net-zero emissions by the early 2040s

The phase-out of coal in steelmaking, a swift roll-out of clean technologies and the creation of an international green iron trade can put the global steel industry on a 1.5°C-compatible emissions reduction pathway.
2023-06-15 | Agora
Blog
BankTrack news BankTrack blog Partner news Partner blog

Oil and gas expansion: BNP Paribas spares its major clients

Reclaim Finance calls on BNP Paribas to follow through on its commitment and demand that the companies in its portfolios stop developing projects that it no longer intends to finance directly.
2023-05-11 | Paris | Reclaim Finance
Blog
BankTrack news BankTrack blog Partner news Partner blog

The new coal pipeline that lies beneath the steel industry

Steelmaking is expanding fast, this could be terrible news for the climate
2023-04-25 | Paris | Reclaim Finance
Blog
BankTrack news BankTrack blog Partner news Partner blog

Briefing: The role of financial institutions in decarbonising the steel sector

Financial Institutions must push steelmakers towards the right technologies
2023-03-17 | Reclaim Finance
Blog
BankTrack news BankTrack blog Partner news Partner blog

Financial institutions need to address steelmaking’s coal addiction

With massive investments in the pipeline, it’s up to financial institutions to make sure that the right technologies to produce steel get financed rather than coal-based ones. 
2023-02-23 | Reclaim Finance
BankTrack news BankTrack blog Partner news Partner blog

HSBC joins major miners in turning away from further metallurgical coal mine development

2023-01-30 | Simon Nicholas, Institue for Energy Economic and Financial Analysis (IEEFA)
BankTrack news BankTrack blog Partner news Partner blog

Bankers pour cold water on red hot coal

2022-11-24 | Reuters
BankTrack news BankTrack blog Partner news Partner blog

Global banks representing $23 billion in steel loans sign onto Sustainable STEEL Principles

2022-09-23 | New York | Rocky Mountain Institute
Banks

ABN AMRO

Netherlands
Active

ANZ

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