Coal finance is dirty money. The industry is only able to survive because it externalises the worst costs of its business, and in most cases can only continue to do this as it is on life support from financial institutions. However times have changed, and banks, investors and insurers that continue to financially support coal companies are risking their money and their reputations.
Avoiding climate breakdown means a 2030 end date for coal in Europe. Every financial institution with ties to Europe’s most polluting utilities has a responsibility to engage those utilities forcefully for a 2030 coal-phase out, or cease support for these companies altogether.
Eight financial institutions have handed Europe’s most polluting utilities almost €16 billion in support since the Paris Agreement was signed.