WHY END COAL

Finance

The coal industry is only able to survive because it externalises the worst costs of its business, and in most cases because it is on life support from financial institutions.

However, while financial institutions have handed Europe’s most polluting utilities tens of billions in support since the Paris Agreement was signed, times are changing. Many banks, investors and insurers that financially support coal companies are realising that doing so risks both 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 help propel those utilities towards a rapid coal-phase out by demanding just transition plans now, and commitments to close – not sell – plants by 2030 at the very latest. If utilities cannot or will not do this, then they must cease support for them altogether.

New Report – July 2020

Updated for 2020, Fool’s Gold – The financial institutions risking our renewable energy future with coal examines eight European, and four significant international, financial institutions, and finds that all continued to pump billions into coal companies in the year after the IPCC released its 1.5 degrees C special report. 

 Below you can see the connections between them and the utilities harming people’s health and our climate from the 2020 Fool’s Gold report.

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Report: Fool’s Gold – 2020

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