Urgewald’s Post

🔴 Despite its impact on #climate, the #coal sector is still growing thanks to the support of financial institutions. The Global Coal Exist List (#GCEL), developed by Urgewald, is the most comprehensive public database on the global thermal coal industry, analyzing almost 2800 companies of the sector. In its latest update, it reveals that: - Far from being aligned with a 1.5°C target, 95% of companies listed in the GCEL do not plan to exit the thermal coal sector. - 40% of companies listed on the GCEL plan to develop new thermal coal mines, coal plants or coal transport infrastructure. - Only 7 coal power companies have the right deadlines and plan to fully replace their fossil power fleet with renewables. ➡ Financial institutions have a key role to play to require their clients to adopt robust coal #PhaseOut plans. But currently, only 47 top financial institutions do so, with 26 who condition their financial support to such requirements. Worse: less than 23% of top financial institutions have adopted a coal policy restricting support to coal developers. Even among the ones claiming to exclude all coal developers, important loopholes remain. 📢 We strongly encourage financial institutions to use the GCEL as a powerful tool to implement robust coal policies by ending any financial support to all coal developers and by conditioning their financing to the adoption of comprehensive corporate coal phase-out plans.