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Home › Campaigns › Banks, climate and energy › Banks and fossil fuel financing
Banks and fossil fuel expansion
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Banking on Climate Change report 2020 - Fossil fuel expansion. Photo: Rainforest Action Network (RAN)

Go directly to: fossil fuel expansion policy table or fossil fuel expansion exclusion table

Fossil fuel expansion

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

To estimate the amount of carbon dioxide that still can be emitted until reaching a certain temperature threshold, like 1.5°C of warming, climate scientists work with ‘carbon budgets’. Analysis by Oil Change International shows that the currently developed fossil fuel reserves for gas, oil and coal are already double the remaining carbon budget for a 50% chance of staying below 1.5°C of global warming.

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

Banks and fossil fuel expansion

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

The world’s top four financiers of fossil fuel expansion are all based in the United States. JP Morgan Chase is the number one, having financed fossil fuel expansion with a total of USD 102 billion since signing of the Paris climate agreement (2016-2019). JP Morgan Chase is followed by Citigroup, Bank of America and Wells Fargo which each financed the fossil fuel expansion with USD 52-72 billion over the same period.

Bank policies on coal power are scored below. These scores were originally published in our Banking on Climate Change 2020 report, published in March 2020. Any policy changes implemented since then have been assessed using the same methodology. The details section in the table contains further detail on the exact scoring per bank, as well as an overview of relevant policies.

See here for banks' exposure to fossil fuel expanders in 2016-2019.

Bank policy scores on fossil fuel expansion

BankLast update
Country
Details
Laggard
Follower
Front runner
Leader
Agricultural Bank of China
2020-03-01
CHN
0
0
0
China
Profile
Laggard
0
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 0 points out of 89

See: Banking on Climate Change - policy scores

ANZ
2020-10-29
AUS
10
10
0
Australia
Profile
Laggard
10
Follower
Front runner
Leader
1603926000
Last update: 2020-10-29
Explanation

Total: 10 points out of 89

6 points for a moderate exclusion of coal mining projects: ANZ will not directly finance any new thermal coal mines, or expansions.

4 points for a moderate exclusion of coal power projects: ANZ will not directly finance any new coal-fired power plants, or expansions.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-11-06 00:00:00

ANZ ESG Supplement

2020-11-06 00:00:00
References
2020-10-29

ANZ 2020 policy update analysis

2020-10-29
Market Forces
2020-10-29

ANZ’s new carbon initiatives

2020-10-29
ANZ
Bank of America
2020-03-01
USA
2
2
0
United States
Profile
Laggard
2
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 2 points out of 89

2 points for a weak exclusion of coal power projects: Bank of America prohibits direct financing for "the construction of new coal-fired power plants in developed countries, unless those facilities employ technology that is focused on complete or near elimination of atmospheric carbon emissions, such as carbon capture technology." In developing countries, Bank of America conducts enhanced due diligence for coal power projects.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2019-10-23 00:00:00

Environmental and social risk policy framework

2019-10-23 00:00:00
Bank of China
2020-03-01
CHN
0
0
0
China
Profile
Laggard
0
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 0 points out of 89

See: Banking on Climate Change - policy scores

Bank of Montreal (BMO Financial Group)
2020-10-22
CAN
1.5
1.5
0
Canada
Profile
Laggard
1.5
Follower
Front runner
Leader
1603317600
Last update: 2020-10-22
Explanation

Total: 1.5 points out of 89

1.5 points 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.

See: Banking on Climate Change - policy scores

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

Responsible lending policies

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

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

2020-10-22
Gwich'in Tribal Council
Barclays
2020-03-30
GBR
12.5
12.5
0
United Kingdom
Profile
Laggard
12.5
Follower
Front runner
Leader
1585519200
Last update: 2020-03-30
Explanation

Total: 12.5 points out of 89

3 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.

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

2 points for a weak exclusion of coal mining projects: Barclays prohibits financing for greenfield coal mines and mountaintop-removal coal mines.

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

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-03-30 00:00:00

Position on climate change

2020-03-30 00:00:00
BBVA
2020-03-01
ESP
17
17
0
Spain
Profile
Laggard
17
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 17 points out of 89

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

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

2 points for a weak 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.

4 points for a weak exclusion of companies expanding coal power (coal power developers): BBVA prohibits financing of clients that are expanding coal-fired power generation capacity, but allows exceptions for countries with high levels of energy imports.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2019-03-01 00:00:00

Sector Norms

2019-03-01 00:00:00
BNP Paribas
2020-07-22
FRA
43.5
43.5
0
France
Profile
Laggard
Follower
43.5
Front runner
Leader
1595368800
Last update: 2020-07-22
Explanation

Total: 43.5 points out of 89

4 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 moderate 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.

4 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.

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

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).

See: Banking on Climate Change - policy scores

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

Coal mining - sector policy

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

Coal-fired power generation - sector policy

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

Unconventional Oil and Gas - Sector Policy

2017-12-19 00:00:00
China Construction Bank
2020-03-01
CHN
0
0
0
China
Profile
Laggard
0
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 0 points out of 89

See: Banking on Climate Change - policy scores

CIBC
2020-11-20
CAN
4.5
4.5
0
Canada
Profile
Laggard
4.5
Follower
Front runner
Leader
1605826800
Last update: 2020-11-20
Explanation

Total: 4.5 points out of 89

0.5 point for a mountaintop removal (MTR) mine exclusion: CIBC will limit support for practices such as mountaintop removal mining of thermal coal.

4 points for a moderate exclusion of coal power projects: CIBC will limit support for practices such as the construction of new coal-fired power plants.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-11-20 00:00:00

Environmental policy

2020-11-20 00:00:00
Citigroup
2020-04-20
USA
15
15
0
United States
Profile
Laggard
15
Follower
Front runner
Leader
1587333600
Last update: 2020-04-20
Explanation

Total: 15 points out of 89

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

See: Banking on Climate Change - policy scores

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

Environmental and social policy framework

2020-07-31 00:00:00
Commerzbank AG
2020-03-01
DEU
19
19
0
Germany
Profile
Laggard
19
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 19 points out of 89

4 points for a strong exclusion of tar sands projects: Commerzbank prohibits project finance for tar sands extraction and pipelines.

3 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.

4 points for a strong exclusion of fracked oil and gas projects: Commerzbank rules out project finance for fracked oil and gas.

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

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

See: Banking on Climate Change - policy scores

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

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

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

Updated position on coal

2016-07-22 00:00:00
Commonwealth Bank of Australia
2020-03-01
AUS
4.5
4.5
0
Australia
Profile
Laggard
4.5
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 4.5 points out of 89

1.5 points 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.

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

See: Banking on Climate Change - policy scores

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

Environmental and Social Framework

2019-11-14 00:00:00
Crédit Agricole
2020-03-01
FRA
40
40
0
France
Profile
Laggard
Follower
40
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 40 points out of 89

4 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.

3 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 exclusoin of companies expanding coal power (coal power developers): Crédit Agricole prohibits financing to coal plant developers starting in 2021.

1 point 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: Banking on Climate Change - policy scores

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

Climate strategy

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

CSR Sector Policy - Oil & Gas

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

CSR Sector Policy - Coal-fired power plants

2016-11-01 00:00:00
Credit Suisse Group
2020-08-01
CHE
10
10
0
Switzerland
Profile
Laggard
10
Follower
Front runner
Leader
1596232800
Last update: 2020-08-01
Explanation

Total: 10 points out of 89

4 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. 

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

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

See: Banking on Climate Change - policy scores

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

Sector Policies and Guidelines

2020-08-01 00:00:00
DBS Bank
2020-03-01
SGP
6
6
0
Singapore
Profile
Laggard
6
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 6 points out of 89

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: Banking on Climate Change - policy scores

Relevant policies
csr policiesprivate
2019-09-30 00:00:00

Our approach to responsible financing out of date

2019-09-30 00:00:00
Deutsche Bank
2020-07-27
DEU
16.5
16.5
0
Germany
Profile
Laggard
16.5
Follower
Front runner
Leader
1595800800
Last update: 2020-07-27
Explanation

Total: 16.5 points out of 89

3 points for a moderate exclusion of tar sands projects: Deutsche Bank will not finance new projects involving exploration, production, transport/processing of oil sands.

3 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).

1.5 points 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.

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

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

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

See: Banking on Climate Change - policy scores

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

Environmental and Social Policy Framework July 2020

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

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

2020-7-27
urgewald
Goldman Sachs
2020-03-01
USA
15
15
0
United States
Profile
Laggard
15
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 15 points out of 89

3 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: Banking on Climate Change - policy scores

Relevant policies
csr policiesprivate
2019-12-15 00:00:00

Environmental Policy Framework out of date

2019-12-15 00:00:00
HSBC
2020-04-23
GBR
14
14
0
United Kingdom
Profile
Laggard
14
Follower
Front runner
Leader
1587592800
Last update: 2020-04-23
Explanation

Total: 14 points out of 89

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

3 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.

4 points for a moderate exclusion of coal power projects: HSBC will not finance any new coal-fired power plants anywhere globally.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-02-15 00:00:00

Minings & metals policy

2020-02-15 00:00:00
Industrial and Commercial Bank of China (ICBC)
2020-03-01
CHN
0
0
0
China
Profile
Laggard
0
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 0 points out of 89

See: Banking on Climate Change - policy scores

ING Group
2020-03-01
NLD
15.5
15.5
0
Netherlands
Profile
Laggard
15.5
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 15.5 points out of 89

3 points for a moderate exclusion of tar sands projects: ING prohibits direct financing for "mining, exploration and upgrading of oil sands, including pipeline infrastructure dedicated to the exclusive use of transporting oil from oil sands." The fact that the pipeline finance prohibition applies only to pipelines exclusively transporting tar sands prevents this policy from earning "strong exclusion."

3 points for a moderate exclusion of Arctic oil and gas projects: ING prohibits financing for "Arctic offshore oil and gas exploration and production" projects, but not related infrastructure.

1.5 points for a weak exclusion of fracked oil and gas projects: ING prohibits project financing for "mining, exploration and upgrading of shale gas in Europe."

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

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

See: Banking on Climate Change - policy scores

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

Environmental and Social Risk Framework

2019-07-01 00:00:00
csr policies
2019-12-19 00:00:00

Stance on energy

Date listed represents date as accessed on website
2019-12-19 00:00:00
Intesa Sanpaolo
2020-05-20
ITA
12
12
0
Italy
Profile
Laggard
12
Follower
Front runner
Leader
1589925600
Last update: 2020-05-20
Explanation

Total: 12 points out of 89

4 points for a moderate exclusion of coal mining projects: Intesa Sanpaolo will not provide finance for new coal mines. Expansion not mentioned in this policy. Intesa Sanpaolo also restricts project finance for the acquisition of companies already operating in the mining sector if this leads to mix of extracted raw materials where coal accounts for more than 50%.

4 points for a weak exclusion of companies expanding coal mining: Intesa Sanpaolo will not provide any new general purpose finance to companies engaged in the construction of new coal mines.

4 points for a moderate exclusion of coal power projects: Intesa Sanpaolo will not provide finance for new coal fired power plants. Expansion is not mentioned in this policy. Intesa Sanpaolo will restrict project finance for the acquisition of coal fired power plants already in operation if this results in a coal related installed capacity of more than 30% on the total installed capacity for companies based in OECD countries and 50% for companies based in non-OECD countries.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-05-20 00:00:00

Rules for lending operations in the coal sector

2020-05-20 00:00:00
JPMorgan Chase
2020-03-01
USA
10
10
0
United States
Profile
Laggard
10
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 10 points out of 89

4 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: Banking on Climate Change - policy scores

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

Environmental and social policy framework

2020-02-25 00:00:00
Mitsubishi UFJ Financial Group (MUFG)
2020-05-13
JPN
2.5
2.5
0
Japan
Profile
Laggard
2.5
Follower
Front runner
Leader
1589320800
Last update: 2020-05-13
Explanation

Total: 2.5 points out of 89

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

2 points for a weak exclusion of coal power projects: MUFG prohibits financing for new coal fired power projects, with significant room for exceptions concerning host country policies, international standards and available technology.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-05-13 00:00:00

Revision of the MUFG Environmental and Social Policy Framework

2020-05-13 00:00:00
Mizuho
2020-06-01
JPN
2.5
2.5
0
Japan
Profile
Laggard
2.5
Follower
Front runner
Leader
1590962400
Last update: 2020-06-01
Explanation

Total: 2.5 points out of 89

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: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-06-01 00:00:00

Environmental and Social Management Policy for Financing and Investment Activity

2020-06-01 00:00:00
Morgan Stanley
2020-04-22
USA
13
13
0
United States
Profile
Laggard
13
Follower
Front runner
Leader
1587506400
Last update: 2020-04-22
Explanation

Total: 13 points out of 89

3 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: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-04-22 00:00:00

Environmental and social risk policy statement

2020-04-22 00:00:00
csr policies
2019-03-15 00:00:00

Coal and oil & gas policy statements

2019-03-15 00:00:00
National Australia Bank
2020-03-01
AUS
13
13
0
Australia
Profile
Laggard
13
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 13 points out of 89

1.5 points for a weak exclusion of tar sands projects: NAB prohibits financing for tar sands extraction projects, but not pipelines or transportation.

1.5 points for a weak exclusion of Arctic oil and gas projects: NAB prohibits financing for "oil and gas projects within or impacting the Arctic National Wildlife Refuge."

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

6 points for a strong exclusion of coal power projects: NAB prohibits financing for new or expanded coal-fired power plants.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2019-06-07 00:00:00

Climate change commitments

Date listed represents date as accessed on website
2019-06-07 00:00:00
csr policies
2019-01-01 00:00:00

ESG policy for oil and gas sector

Page seven of NAB's 2018 CSR report
2019-01-01 00:00:00
csr policies
2019-10-21 00:00:00

ESG Risk Management

Date listed represents date as accessed on website
2019-10-21 00:00:00
Natixis
2020-10-27
FRA
37.5
37.5
0
France
Profile
Laggard
Follower
37.5
Front runner
Leader
1603753200
Last update: 2020-10-27
Explanation

Total: 37.5 points out of 89

1.5 points for a weak exclusion of fracking projects: BPCE/Natixis will no longer finance shale oil and gas exploration and production projects worldwide. The policy does not mention infrastructure.

4 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.

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

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: Banking on Climate Change - policy scores

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

CSR sector policy applicable to the coal industry

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

ESR Sector Policy - Oil and Gas

2018-11-23 00:00:00
NatWest Group (formerly RBS)
2020-05-11
GBR
15.5
15.5
0
United Kingdom
Profile
Laggard
15.5
Follower
Front runner
Leader
1589148000
Last update: 2020-05-11
Explanation

Total: 15.5 points out of 89

1.5 points for a weak exclusion of tar sands projects: RBS prohibits lending for tar sands exploration and extraction projects, but not transportation.

1.5 points for a weak exclusion of Arctic oil and gas projects: RBS's commitment excludes lending to oil exploration and production projects in the Arctic or Antarctic, but does not cover underwriting such projects, nor does it cover gas in the region.

1.5 points for a weak exclusion of offshore oil and gas projects: RBS prohibits lending to projects involving exploration for new oil and gas reserves, which includes offshore exploration projects.

1.5 points for a weak exclusion of fracked oil and gas projects: RBS prohibits financing for "projects involving hydraulic fracturing (‘fracking’) for oil and gas." This does not merit "strong exclusion" because it is not clear that it covers fracking-related infrastructure, such as fracked oil and gas pipelines.

1.5 points for a weak exclusion of conventional/other oil and gas projects: RBS prohibits lending to projects involving exploration for new oil and gas reserves.

4 points for a moderate exclusion of coal mining projects: RBS prohibits lending for new thermal coal mining projects.

4 points for a moderate exclusion of coal power projects: RBS prohibits lending for "the construction of new unabated coal power stations."

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-02-14 00:00:00

Climate ambition

2020-02-14 00:00:00
csr policies
2020-02-14 00:00:00

Mining & Metals Sector policy

2020-02-14 00:00:00
csr policies
2020-04-28 00:00:00

Oil & Gas sector policy

Updated February 2020
2020-04-28 00:00:00
csr policies
2020-02-14 00:00:00

Power Sector policy

2020-02-14 00:00:00
OCBC
2020-03-01
SGP
8
8
0
Singapore
Profile
Laggard
8
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 8 points out of 89

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: Banking on Climate Change - policy scores

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

Responsible financing

Date listed represents date as accessed on website
2019-12-18 00:00:00
Royal Bank of Canada
2020-10-02
CAN
9.5
9.5
0
Canada
Profile
Laggard
9.5
Follower
Front runner
Leader
1601589600
Last update: 2020-10-02
Explanation

Total: 9.5 points out of 89

4 points for a moderate exclusion of coal mining projects: RBC will not finance transactions where the proceeds will be primarily used to develop a new thermal coal mine or Mountain Top Removal coal mining projects. 

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.  

1.5 points 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. 

See: Banking on Climate Change - policy scores

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

Policy guidelines for sensitive sectors and activitities

2020-09-14 00:00:00
Santander
2020-03-01
ESP
12
12
0
Spain
Profile
Laggard
12
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 12 points out of 89

4 points for a strong exclusion of Arctic oil and gas projects: Santander's prohibition on direct financing for the "development, construction or expansion of oil and gas drilling projects north of the Arctic Circle" includes associated infrastructure.

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

4 points for a moderate exclusion of coal power projects: Santander prohibits financing for new coal plant projects worldwide.

See: Banking on Climate Change - policy scores

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

Energy sector policy

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

Mining and metals sector - general policy

2020-01-21 00:00:00
Scotiabank
2020-03-01
CAN
0
0
0
Canada
Profile
Laggard
0
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 0 points out of 89

See: Banking on Climate Change - policy scores

Société Générale
2020-07-31
FRA
41
41
0
France
Profile
Laggard
Follower
41
Front runner
Leader
1596146400
Last update: 2020-07-31
Explanation

Total: 41 points out of 89

3 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."

3 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.

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

8 points for a strong 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.

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

8 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.

4 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: Banking on Climate Change - policy scores

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

Thermal coal sector policy

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

Sector policy oil and gas

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

An Accelerated Exit from the Coal Sector

2020-7-1
Société Générale
2020-7-31

Société Générale releases a misleading coal phase out policy

2020-7-31
Reclaim Finance
Standard Chartered
2020-03-01
GBR
18
18
0
United Kingdom
Profile
Laggard
18
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 18 points out of 89

4 points for a strong exclusion of tar sands projects: Standard Chartered's prohibition on direct financing for "new or existing tar sands exploration and/or production activities" also covers tar sands-related infrastructure.

4 points for a strong exclusion of Arctic oil and gas projects: Standard Chartered's prohibition on direct financing for "new or existing Arctic exploration and/or production activities" also covers Arctic-related infrastructure.

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

6 points for a strong exclusion of coal power projects: Standard Chartered prohibits financing new coal plants and their expansions worldwide. This prohibition was recently extended to projects that had previously been "grandfathered" in and so were still eligible to receive financing.

See: Banking on Climate Change - policy scores

Relevant policies
bank documents
2019-12-17 00:00:00

Climate Change/Taskforce on Climate-related Financial Disclosures (‘TCFD’) report

2019-12-17 00:00:00
csr policies
2019-09-19 00:00:00

Extractive Industries Position Statement

2019-09-19 00:00:00
csr policies
2019-12-17 00:00:00

Power Generation Position Statement

2019-12-17 00:00:00
Sumitomo Mitsui Banking Corporation (SMBC)
2020-04-16
JPN
2.5
2.5
0
Japan
Profile
Laggard
2.5
Follower
Front runner
Leader
1586988000
Last update: 2020-04-16
Explanation

Total: 2.5 points out of 89

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.

2 points for a weak exclusion of coal power projects: SMBC prohibits financing for coal-fired power plants that are not ultra-supercritical.

See: Banking on Climate Change - policy scores

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

Revision of ESG financing policies

2020-04-16 00:00:00
TD bank Financial Group
2020-11-09
CAN
3.5
3.5
0
Canada
Profile
Laggard
3.5
Follower
Front runner
Leader
1604876400
Last update: 2020-11-09
Explanation

Total: 3.5 point out of 89

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

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

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2019-11-09 00:00:00

Non-Retail Environmental and Social Credit Risk Process (Updated November 2020)

2019-11-09 00:00:00
csr policies
2019-06-24 00:00:00

Responsible Financing

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

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

2020-11-9
Sierra Club
UBS
2020-03-01
CHE
9
9
0
Switzerland
Profile
Laggard
9
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 9 points out of 89

1.5 points for a weak exclusion of tar sands projects: UBS prohibits financing for greenfield oil sands projects.

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

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

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

See: Banking on Climate Change - policy scores

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

Climate-related standards in the enery and utilities sectors

Page 56 of the UBS' CSR report 2019
2020-04-21 00:00:00
UniCredit Group
2020-09-04
ITA
47
47
0
Italy
Profile
Laggard
Follower
Front runner
47
Leader
1599170400
Last update: 2020-09-04
Explanation

Total: 47 points out of 89

3 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.

3 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.

1.5 points 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.

3 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."

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

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

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

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

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

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

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

See: Banking on Climate Change - policy scores

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

Arctic and Non-Conventional Oil & Gas Industry Sector Policy

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

Coal sector global policy

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

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

2020-9-9
Reclaim Finance
Wells Fargo
2020-03-01
USA
3.5
3.5
0
United States
Profile
Laggard
3.5
Follower
Front runner
Leader
1583017200
Last update: 2020-03-01
Explanation

Total: 3.5 points out of 89

3 points for a moderate exclusion of Arctic oil and gas projects: Wells Fargo prohibits direct financing of "oil and gas projects in the Arctic region," without further specificity on what that covers.

0.5 point for a mountaintop removal (MTR) mine exclusion: Wells Fargo prohibits direct financing of mountaintop removal coal mines.

See: Banking on Climate Change - policy scores

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

Environmental and Social Risk Management Framework

2018-06-30 00:00:00
Westpac Banking Corporation
2020-05-04
AUS
8
8
0
Australia
Profile
Laggard
8
Follower
Front runner
Leader
1588543200
Last update: 2020-05-04
Explanation

Total: 8 points out of 89

1.5 points 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.

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

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

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

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

See: Banking on Climate Change - policy scores

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

Climate Change Position Statement and 2023 Action Plan

2020-05-04 00:00:00
Explanation

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

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

  • Coal mining: 14 points​
  • Coal power: 14 points
  • Other coal: 7 points
  • Tar sands: 9 points
  • Arctic oil and gas: 9 points
  • Offshore oil and gas: 9 points
  • Fracked oil and gas: 9 points
  • LNG: 9 points
  • Other oil and gas: 9 points

A bank can obtain a total of 89 policy points for its fossil fuel expansion policy. Based on this score, banks are then classified as laggards (0-22.25 points), followers (22.25-44.5 points), front runners (44.5-66.75 points) or leaders (66.75-89 points).

 

Banks excluding finance for fossil fuel expansion

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

Exclusion table fossil fuel expansion

BankLast update
Country
Details
Project
Company
ANZ
2020-10-29
AUS
2
2
-1
Australia
Profile
Project
2
Company
1603926000
Last update: 2020-10-29
Explanation

Prohibitions against financing projects:

-> ANZ will not directly finance any new thermal coal mines, or expansions.

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

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-11-06 00:00:00

ANZ ESG Supplement

2020-11-06 00:00:00
References
2020-10-29

ANZ 2020 policy update analysis

2020-10-29
Market Forces
2020-11-5

2020-11-5
Bank of America
2020-03-01
USA
2
2
-1
United States
Profile
Project
2
Company
1583017200
Last update: 2020-03-01
Explanation

Prohibitions against financing projects:

-> Bank of America prohibits direct financing for "the construction of new coal-fired power plants in developed countries, unless those facilities employ technology that is focused on complete or near elimination of atmospheric carbon emissions, such as carbon capture technology."

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2019-10-23 00:00:00

Environmental and social risk policy framework

2019-10-23 00:00:00
Bank of Montreal (BMO Financial Group)
2020-10-22
CAN
0
-1
Canada
Profile
Project
Company
1603317600
Last update: 2020-10-22
Explanation

Prohibitions against financing projects:

-> BMO intends to exclude direct finance for exploration and development projects in the Arctic National Wildlife Refuge (ANWR). It does not mention infrastructure.

See: Banking on Climate Change - policy scores

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

Responsible lending policies

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

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

2020-10-22
Gwich'in Tribal Council
Barclays
2020-03-30
GBR
16.5
16.5
-1
United Kingdom
Profile
Project
16.5
Company
1585519200
Last update: 2020-03-30
Explanation

Prohibitions against financing projects:

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

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

-> Barclays prohibits financing for greenfield coal mines and mountaintop-removal coal mines.

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

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-03-30 00:00:00

Position on climate change

2020-03-30 00:00:00
BBVA
2020-03-01
ESP
17
17
-2
Spain
Profile
Project
17
Company
1583017200
Last update: 2020-03-01
Explanation

Prohibitions against financing projects:

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

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

Prohibitions against financing expansion companies:

-> BBVA prohibits financing of clients that are expanding coal-fired power generation capacity, but allows exceptions for countries with high levels of energy imports.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2019-03-01 00:00:00

Sector Norms

2019-03-01 00:00:00
BNP Paribas
2020-07-22
FRA
28.5
28.5
-2
France
Profile
Project
Company
28.5
1595368800
Last update: 2020-07-22
Explanation

Prohibitions against financing projects:

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

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

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

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

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

-> 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).

See: Banking on Climate Change - policy scores

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

Coal mining - sector policy

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

Coal-fired power generation - sector policy

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

Unconventional Oil and Gas - Sector Policy

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

BNP Paribas Close to Adopting Global Exit Policy

2020-7-22
Reclaim Finance
CIBC
2020-11-20
CAN
0
-1
Canada
Profile
Project
Company
1605826800
Last update: 2020-11-20
Explanation

CIBC will limit support for practices such as mountaintop removal mining of thermal coal.

CIBC will limit support for practices such as the construction of new coal-fired power plants.

Relevant policies
csr policies
2020-11-20 00:00:00

Environmental policy

2020-11-20 00:00:00
Citigroup
2020-04-20
USA
15
15
-1
United States
Profile
Project
15
Company
1587333600
Last update: 2020-04-20
Explanation

Prohibitions against financing projects:

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

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

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

See: Banking on Climate Change - policy scores

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

Environmental and social policy framework

2020-07-31 00:00:00
Commerzbank AG
2020-03-01
DEU
19
19
-1
Germany
Profile
Project
19
Company
1583017200
Last update: 2020-03-01
Explanation

Prohibitions against financing projects:

-> Commerzbank prohibits project finance for tar sands extraction and pipelines.

-> 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.

-> Commerzbank prohibits direct finance for new coal mines and MTR mines.

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

See: Banking on Climate Change - policy scores

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

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

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

Updated position on coal

2016-07-22 00:00:00
Commonwealth Bank of Australia
2020-03-01
AUS
4.5
4.5
-1
Australia
Profile
Project
4.5
Company
1583017200
Last update: 2020-03-01
Explanation

Prohibitions against financing projects:

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

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

See: Banking on Climate Change - policy scores

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

Environmental and Social Framework

2019-11-14 00:00:00
Crédit Agricole
2020-03-01
FRA
40
40
-2
France
Profile
Project
Company
40
1583017200
Last update: 2020-03-01
Explanation

Prohibitions against financing projects:

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

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

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

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

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

Prohibitions against financing expansion companies:

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

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

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

See: Banking on Climate Change - policy scores

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

Climate strategy

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

CSR Sector Policy - Oil & Gas

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

CSR Sector Policy - Coal-fired power plants

2016-11-01 00:00:00
Credit Suisse Group
2020-08-01
CHE
6
6
-1
Switzerland
Profile
Project
6
Company
1596232800
Last update: 2020-08-01
Explanation

Prohibitions against financing projects:

-> Credit Suisse prohibits finance for offshore or onshore oil or gas projects in the Arctic region. 

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

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

See: Banking on Climate Change - policy scores

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

Sector Policies and Guidelines

2020-08-01 00:00:00
DBS Bank
2020-03-01
SGP
6
6
-1
Singapore
Profile
Project
6
Company
1583017200
Last update: 2020-03-01
Explanation

Prohibitions against financing projects:

-> DBS prohibits financing for greenfield thermal coal mines.

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

See: Banking on Climate Change - policy scores

Relevant policies
csr policiesprivate
2019-09-30 00:00:00

Our approach to responsible financing out of date

2019-09-30 00:00:00
Deutsche Bank
2020-07-27
DEU
9
9
-1
Germany
Profile
Project
9
Company
1595800800
Last update: 2020-07-27
Explanation

Prohibitions against financing projects:

-> Deutsche Bank prohibits finance for new projects involving exploration, production, transport/processing of oil sands.

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

-> Deutsche Bank prohibits finance for oil and gas projects via hydraulic fracturing in countries with extremely high water stress.

-> Deutsche Bank prohibits new financing for greenfield thermal coal mines.

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

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

See: Banking on Climate Change - policy scores

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

Environmental and Social Policy Framework July 2020

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

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

2020-7-27
urgewald
Goldman Sachs
2020-03-01
USA
15
15
-1
United States
Profile
Project
15
Company
1583017200
Last update: 2020-03-01
Explanation

Prohibitions against financing projects:

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

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

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

See: Banking on Climate Change - policy scores

Relevant policies
csr policiesprivate
2019-12-15 00:00:00

Environmental Policy Framework out of date

2019-12-15 00:00:00
HSBC
2020-04-23
GBR
14
14
-1
United Kingdom
Profile
Project
14
Company
1587592800
Last update: 2020-04-23
Explanation

Prohibitions against financing projects:

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

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

-> HSBC prohibits financing for new thermal coal mines.

-> HSBC will not finance any new coal-fired power plants anywhere globally.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-02-15 00:00:00

Minings & metals policy

2020-02-15 00:00:00
ING Group
2020-03-01
NLD
15.5
15.5
-1
Netherlands
Profile
Project
15.5
Company
1583017200
Last update: 2020-03-01
Explanation

Prohibitions against financing projects:

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

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

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

-> ING prohibits financing for new thermal coal mines.

-> ING prohibits financing for new coal plants.

See: Banking on Climate Change - policy scores

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

Environmental and Social Risk Framework

2019-07-01 00:00:00
csr policies
2019-12-19 00:00:00

Stance on energy

Date listed represents date as accessed on website
2019-12-19 00:00:00
Intesa Sanpaolo
2020-05-20
ITA
12
12
-2
Italy
Profile
Project
12
Company
1589925600
Last update: 2020-05-20
Explanation

Prohibitions against financing projects:

-> Intesa Sanpaolo will not provide finance for new coal mines. Expansion not mentioned in this policy. Intesa Sanpaolo also restricts project finance for the acquisition of companies already operating in the mining sector if this leads to mix of extracted raw materials where coal accounts for more than 50%.

-> Intesa Sanpaolo will not provide finance for new coal fired power plants. Expansion is not mentioned in this policy. Intesa Sanpaolo will restrict project finance for the acquisition of coal fired power plants already in operation if this results in a coal related installed capacity of more than 30% on the total installed capacity for companies based in OECD countries and 50% for companies based in non-OECD countries.

Prohibitions against financing expansion companies:

-> Intesa Sanpaolo will not provide any new general purpose finance to companies engaged in the construction of new coal mines.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-05-20 00:00:00

Rules for lending operations in the coal sector

2020-05-20 00:00:00
JPMorgan Chase
2020-03-01
USA
10
10
-1
United States
Profile
Project
10
Company
1583017200
Last update: 2020-03-01
Explanation

Prohibitions against financing projects:

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

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

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

See: Banking on Climate Change - policy scores

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

Environmental and social policy framework

2020-02-25 00:00:00
Mitsubishi UFJ Financial Group (MUFG)
2020-05-13
JPN
2.5
2.5
-1
Japan
Profile
Project
2.5
Company
1589320800
Last update: 2020-05-13
Explanation

Prohibitions against financing projects:

-> MUFG prohibits financing for MTR coal mining projects.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-05-13 00:00:00

Revision of the MUFG Environmental and Social Policy Framework

2020-05-13 00:00:00
Mizuho
2020-06-01
JPN
2.5
2.5
-1
Japan
Profile
Project
2.5
Company
1590962400
Last update: 2020-06-01
Explanation

Prohibitions against financing projects:

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

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

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-06-01 00:00:00

Environmental and Social Management Policy for Financing and Investment Activity

2020-06-01 00:00:00
Morgan Stanley
2020-04-22
USA
11
11
-1
United States
Profile
Project
11
Company
1587506400
Last update: 2020-04-22
Explanation

Prohibitions against financing projects:

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

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

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

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-04-22 00:00:00

Environmental and social risk policy statement

2020-04-22 00:00:00
csr policies
2019-03-15 00:00:00

Coal and oil & gas policy statements

2019-03-15 00:00:00
National Australia Bank
2020-03-01
AUS
13
13
-1
Australia
Profile
Project
13
Company
1583017200
Last update: 2020-03-01
Explanation

Prohibitions against financing projects:

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

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

-> NAB prohibits financing for new thermal coal mining projects.

-> NAB prohibits financing for new or expanded coal-fired power plants.

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2019-06-07 00:00:00

Climate change commitments

Date listed represents date as accessed on website
2019-06-07 00:00:00
csr policies
2019-01-01 00:00:00

ESG policy for oil and gas sector

Page seven of NAB's 2018 CSR report
2019-01-01 00:00:00
csr policies
2019-10-21 00:00:00

ESG Risk Management

Date listed represents date as accessed on website
2019-10-21 00:00:00
Natixis
2020-10-27
FRA
37.5
37.5
-2
France
Profile
Project
Company
37.5
1603753200
Last update: 2020-10-27
Explanation

Prohibitions against financing projects:

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

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

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

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

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

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

Prohibitions against financing expansion companies:

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

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

See: Banking on Climate Change - policy scores

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

CSR sector policy applicable to the coal industry

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

ESR Sector Policy - Oil and Gas

2018-11-23 00:00:00
NatWest Group (formerly RBS)
2020-05-11
GBR
15.5
15.5
-1
United Kingdom
Profile
Project
15.5
Company
1589148000
Last update: 2020-05-11
Explanation

Prohibitions against financing projects:

-> RBS prohibits lending for tar sands exploration and extraction projects, but not transportation.

-> RBS's commits to exclude lending to oil exploration and production projects in the Arctic or Antarctic, but does not cover underwriting such projects, nor does it cover gas in the region.

-> RBS prohibits lending to projects involving exploration for new oil and gas reserves, which includes offshore exploration projects.

-> RBS prohibits financing for "projects involving hydraulic fracturing (‘fracking’) for oil and gas." It is not clear if this prohibition covers fracking-related infrastructure, such as fracked oil and gas pipelines.

-> RBS prohibits lending to projects involving exploration for new oil and gas reserves.

-> RBS prohibits lending for new thermal coal mining projects.

-> RBS prohibits lending for "the construction of new unabated coal power stations."

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2020-02-14 00:00:00

Climate ambition

2020-02-14 00:00:00
csr policies
2020-02-14 00:00:00

Mining & Metals Sector policy

2020-02-14 00:00:00
csr policies
2020-04-28 00:00:00

Oil & Gas sector policy

Updated February 2020
2020-04-28 00:00:00
csr policies
2020-02-14 00:00:00

Power Sector policy

2020-02-14 00:00:00
OCBC
2020-03-01
SGP
8
8
-1
Singapore
Profile
Project
8
Company
1583017200
Last update: 2020-03-01
Explanation

Prohibitions against financing projects:

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

-> OCBC prohibits new financing for all coal plants.

See: Banking on Climate Change - policy scores

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

Responsible financing

Date listed represents date as accessed on website
2019-12-18 00:00:00
Royal Bank of Canada
2020-10-02
CAN
0
-1
Canada
Profile
Project
Company
1601589600
Last update: 2020-10-02
Explanation

Prohibitions against financing projects:

-> RBC will not finance transactions where the proceeds will be primarily used to develop a new thermal coal mine or Mountain Top Removal coal mining projects. 

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

-> 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. 

See: Banking on Climate Change - policy scores

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

Policy guidelines for sensitive sectors and activitities

2020-09-14 00:00:00
Santander
2020-03-01
ESP
12
12
-1
Spain
Profile
Project
12
Company
1583017200
Last update: 2020-03-01
Explanation

Prohibitions against financing projects:

-> Santander's prohibits direct finance for the "development, construction or expansion of oil and gas drilling projects north of the Arctic Circle". Its policy includes associated infrastructure.

-> Santander prohibits financing for new thermal coal mine projects.

-> Santander prohibits financing for new coal plant projects worldwide.

See: Banking on Climate Change - policy scores

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

Energy sector policy

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

Mining and metals sector - general policy

2020-01-21 00:00:00
Société Générale
2020-07-31
FRA
29
29
-2
France
Profile
Project
Company
29
1596146400
Last update: 2020-07-31
Explanation

Prohibitions against financing projects:

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

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

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

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

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

Prohibitions against financing expansion companies:

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

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

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

See: Banking on Climate Change - policy scores

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

Thermal coal sector policy

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

Sector policy oil and gas

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

An Accelerated Exit from the Coal Sector

2020-7-1
Société Générale
2020-7-31

Société Générale releases a misleading coal phase out policy

2020-7-31
Reclaim Finance
Standard Chartered
2020-03-01
GBR
18
18
-1
United Kingdom
Profile
Project
18
Company
1583017200
Last update: 2020-03-01
Explanation

Prohibitions against financing projects:

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

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

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

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

See: Banking on Climate Change - policy scores

Relevant policies
bank documents
2019-12-17 00:00:00

Climate Change/Taskforce on Climate-related Financial Disclosures (‘TCFD’) report

2019-12-17 00:00:00
csr policies
2019-09-19 00:00:00

Extractive Industries Position Statement

2019-09-19 00:00:00
csr policies
2019-12-17 00:00:00

Power Generation Position Statement

2019-12-17 00:00:00
Sumitomo Mitsui Banking Corporation (SMBC)
2020-04-16
JPN
2.5
2.5
-1
Japan
Profile
Project
2.5
Company
1586988000
Last update: 2020-04-16
Explanation

Prohibitions against financing projects:

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

-> SMBC prohibits financing for coal-fired power plants that are not ultra-supercritical.

See: Banking on Climate Change - policy scores

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

Revision of ESG financing policies

2020-04-16 00:00:00
TD bank Financial Group
2020-11-09
CAN
0.5
0.5
-1
Canada
Profile
Project
0.5
Company
1604876400
Last update: 2020-11-09
Explanation

Prohibitions against financing projects:

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

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

See: Banking on Climate Change - policy scores

Relevant policies
csr policies
2019-11-09 00:00:00

Non-Retail Environmental and Social Credit Risk Process (Updated November 2020)

2019-11-09 00:00:00
csr policies
2019-06-24 00:00:00

Responsible Financing

Page 17 of TD's CSR report 2018
2019-06-24 00:00:00
UBS
2020-03-01
CHE
9
9
-1
Switzerland
Profile
Project
9
Company
1583017200
Last update: 2020-03-01
Explanation

Prohibitions against financing projects:

-> UBS prohibits financing for greenfield oil sands projects.

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

-> UBS prohibits financing for greenfield thermal coal mines.

-> UBS prohibits financing for new coal plants globally.

See: Banking on Climate Change - policy scores

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

Climate-related standards in the enery and utilities sectors

Page 56 of the UBS' CSR report 2019
2020-04-21 00:00:00
UniCredit Group
2020-09-04
ITA
32
32
-2
Italy
Profile
Project
Company
32
1599170400
Last update: 2020-09-04
Explanation

Prohibitions against financing projects:

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

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

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

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

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

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

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

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

Prohibitions against financing expansion companies:

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

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

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

See: Banking on Climate Change - policy scores

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

Arctic and Non-Conventional Oil & Gas Industry Sector Policy

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

Coal sector global policy

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

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

2020-9-9
Reclaim Finance
Wells Fargo
2020-03-01
USA
3.5
3.5
-1
United States
Profile
Project
3.5
Company
1583017200
Last update: 2020-03-01
Explanation

Prohibitions against financing projects:

-> Wells Fargo prohibits direct financing of "oil and gas projects in the Arctic region," without further specificity on what that covers.

-> Wells Fargo prohibits direct financing of mountaintop removal coal mines.

See: Banking on Climate Change - policy scores

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

Environmental and Social Risk Management Framework

2018-06-30 00:00:00
Westpac Banking Corporation
2020-05-04
AUS
8
8
-1
Australia
Profile
Project
8
Company
1588543200
Last update: 2020-05-04
Explanation

Prohibitions against financing projects:

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

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

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

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

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

See: Banking on Climate Change - policy scores

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

Climate Change Position Statement and 2023 Action Plan

2020-05-04 00:00:00
Explanation

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

 

Feedback welcome

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

News

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Barclay’s climate commitments could amount to not-zero

2020-09-11 | Fund Our Future UK
blog
external news
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Banking on Climate Change – Fossil Fuel Finance Report Card 2020

New report reveals global banks funneled USD 2.7 trillion into fossil fuels Since Paris Climate Agreement, with financing on the rise each year 
2020-03-18 | Nijmegen | BankTrack, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Reclaim Finance, Sierra Club
blog
external news
our news

Banks warned that deficient fossil fuel policies are accelerating climate crisis

2019-12-12 | Madrid | BankTrack
blog
external news
our news

Big four UK banks providing billions for coal power expansion, urged to ‘clean up their acts’ for Glasgow COP

2019-12-05 | London, UK | BankTrack, urgewald, 350.org
blog
external news
our news

Banking on Climate Change – Fossil Fuel Finance Report Card 2019

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

World’s Banks Increased Fossil Fuel Financing To $115 Billion In 2017

2018-03-29 | Clean Technica
blog
external news
our news

Sustainability is all the rage but financing of extreme fossil fuels is on the rise

2018-03-29 | Quartz
blog
external news
our news

Rückfall: Privatbanken investieren wieder mehr in fossile Energien

2018-03-28 | bizz energy
blog
external news
our news

Bank financing of ‘extreme fossil fuels’ rises 11% to $115bn

2018-03-28 | The Financial Times
blog
external news
our news

Banking on Coal – Undermining our Climate

NGOs reveal top 20 international banks financing the coal mining industry
2013-11-15 | Warsaw | BankTrack, Urgewald
blog
external news
our news

Bankrolling Climate Disruption

2012-10-31 | San Fransisco | Rainforest Action Network
blog
external news
our news

BankTrack calls upon banks to help fight runaway climate change

New position paper outlines hard choices banks must make if they wish to be part of the solution to the climate crisis
2009-12-10 | Nijmegen, Netherlands | BankTrack

Documents

Type:
Year:
ngo documents
2020-11-11 00:00:00

Barclays’ and HSBC’s $43 billion fossil fuel problem

2020-11-11 00:00:00 | Fund Our Future UK
ngo documents
2020-09-24 00:00:00

Fracking Fiasco: The banks that fueled the U.S. shale bust

2020-09-24 00:00:00 | Rainforest Action Network
our publications
2020-07-15 00:00:00

Fool's Gold

The financial institutions risking our renewable energy future with coal
2020-07-15 00:00:00 | Europe Beyond Coal, BankTrack, BlackRock’s Big Problem, Ember, Fundacja "Rozwój TAK - Odkrywki NIE”, Friends of the Earth Finland, Friends of the Earth France, Greenpeace, Reclaim Finance, Re:Common, ShareAction, Urgewald, 350 Japan
our publications
2020-03-18 00:00:00

Banking on Climate Change - Fossil Fuel Finance Report 2020

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

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

Excel sheet with detailed bank policy scores
2020-03-18 00:00:00 | BankTrack, Rainforest Action Network, Indigenous Environmental Network, Oil Change International, Reclaim Finance, Sierra Club
our publications
2019-11-30 00:00:00

Exiting coal. Is the French finance industry on its way?

Double
2019-11-30 00:00:00 | BankTrack, Unfriend Coal
our publications
2019-12-05 00:00:00

The UK's dirty coal secret

$26 billion support from big four banks for international companies planning coal fleet 16 times the size of current UK capacity
2019-12-05 00:00:00 | BankTrack, urgewald, 350.org
our publications
2019-11-14 00:00:00

Exiting coal. Is the French finance industry on its way?

2019-11-14 00:00:00 | BankTrack, Unfriend Coal
ngo documents
2019-06-10 00:00:00

Phasing out coal: Crédit Agricole leads by example

Other financial institutions lag behind
2019-06-10 00:00:00 | Friends of the Earth France
our publications
2019-03-20 00:00:00

Banking on Climate Change 2019

2019 Fossil Fuel Finance Report Card
2019-03-20 00:00:00 | BankTrack, Honor the Earth, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Sierra Club.
our publications
2017-12-11 00:00:00

Banks vs. the Paris Agreement

Who's still financing coal plant development?
2017-12-11 00:00:00 | BankTrack
ngo documents
2017-09-25 00:00:00

Banks: High Carbon, Hidden Risks

2017-09-25 00:00:00 | Rainforest Action Network
our publications
2017-05-08 00:00:00

ING Coal Bank Briefing 2017

2017-05-08 00:00:00 | BankTrack
our publications
2017-05-04 00:00:00

UBS Fossil Bank Briefing 2017

2017-05-04 00:00:00 | BankTrack, Greenpeace, Waterkeeper Alliance
our publications
2017-04-28 00:00:00

Credit Suisse Fossil Bank Briefing 2017

2017-04-28 00:00:00 | BankTrack and Greenpeace
our publications
2016-11-14 00:00:00

Still Coughing Up For Coal

Big Banks After the Paris Agreement
2016-11-14 00:00:00 | BankTrack, Rainforest Action Network, Friends of the Earth France, urgewald and Market Forces
ngo documents
2013-05-02 00:00:00

Financing Reef Destruction

How banks are using our money to destroy a natural icon
2013-05-02 00:00:00 | Market Forces
ngo documents
2013-04-18 00:00:00

Unburnable Carbon 2013

Wasted capital and stranded assets
2013-04-18 00:00:00 | Carbon Tracker Initiative
ngo documents
2013-03-12 00:00:00

Coal Kills

An Assessment of Death and Diseasecaused by India’s Dirtiest Energy Source
2013-03-12 00:00:00 | Urban Emissions in partnership with the Conservation Action Trust and Greenpeace India
ngo documents
2012-11-20 00:00:00

Global Coal Risk Assessment

Data analysis and market research
2012-11-20 00:00:00 | World Resources Institute
our publications
2012-10-30 00:00:00

Bankrolling Climate Disruption

The Impacts of the Banking Sector's Financed Emissions
2012-10-30 00:00:00 | RAN and BankTrack
ngo documents
2012-05-19 00:00:00

Enel Today and Tomorrow

Hidden Costs of the Path of Coal and Carbon versus Possibilities for a Cleaner and Brighter Future
2012-05-19 00:00:00 | SOMO
ngo documents
2011-11-11 00:00:00

Coal Financing in Europe: The Banker’s Dilemma

2011-11-11 00:00:00 | Chatham House
ngo documents
2011-07-13 00:00:00

Unburnable Carbon

Are the world’s financial markets carrying a carbon bubble?
2011-07-13 00:00:00 | Carbon Tracker Initiative
ngo documents
2010-09-07 00:00:00

Australian banks financing coal and renewable energy

2010-09-07 00:00:00 | Profundo for Greenpeace Australia Pacific
ngo documents
2010-06-02 00:00:00

Bankers on Tenterhooks

Climate change: co-funded by banks operating in Belgium
2010-06-02 00:00:00 | Netwerk Vlaanderen
our publications
2009-12-10 00:00:00

A challenging climate 2.0

What banks must do to combat climate change
2009-12-10 00:00:00 | BankTrack
our publications
2009-03-01 00:00:00

Meek Principles for a Tough Climate

Why the Climate and Carbon Principles will not stop the melting of the ice
2009-03-01 00:00:00 | BankTrack
ngo documents
2008-08-01 00:00:00

Cashing in on coal: RBS, UK banks and the global coal industry

2008-08-01 00:00:00 | Platform
ngo documents
2007-10-24 00:00:00

The biggest cause of climate change: Coal-fired power plants

2007-10-24 00:00:00 | Rainforest Action Network (RAN)
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