Major financial institutions stepping away from #coal.

The job is nowhere near done but let& #39;s take a victory lap: a coal exclusion policy 2020 https://abs.twimg.com/emoji/v2/... draggable="false" alt="🧵" title="Thread" aria-label="Emoji: Thread">https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Rückhand Zeigefinger nach unten" aria-label="Emoji: Rückhand Zeigefinger nach unten">.

@PastCoal
13/1/20: https://abs.twimg.com/emoji/v2/... draggable="false" alt="🇳🇱" title="Flagge der Niederlande" aria-label="Emoji: Flagge der Niederlande"> @Aegon committed to a declining coal exposure threshold, which will be lowered to 5% or below in 2029. Also out: Companies that produce 20M tons of thermal coal per yr or generate more than 10GW of electricity with coal expansion plans.

Bad news for @SkupinaCEZ!
14/1/20: @BlackRock announces it’ll shed investments in companies w/25%+ share of revenue from thermal coal power. This https://abs.twimg.com/emoji/v2/... draggable="false" alt="🪓" title="Axt" aria-label="Emoji: Axt">’s 20% of the coal sector. The largest asset manager in the https://abs.twimg.com/emoji/v2/... draggable="false" alt="🌍" title="Europa-Afrika auf dem Globus" aria-label="Emoji: Europa-Afrika auf dem Globus"> starts talking #coalexit https://abs.twimg.com/emoji/v2/... draggable="false" alt="➡️" title="Pfeil nach rechts" aria-label="Emoji: Pfeil nach rechts"> #climatecrisis is hitting the https://abs.twimg.com/emoji/v2/... draggable="false" alt="💶" title="Banknote mit Euro-Zeichen" aria-label="Emoji: Banknote mit Euro-Zeichen"> industry. https://www.nytimes.com/2020/01/14/business/dealbook/blackrock-climate-change.html">https://www.nytimes.com/2020/01/1...
BlackRock Puts Climate Change Center Stage

The $7 trillion investment giant says it will make environmental concerns a key investment focus, and Wall Street may have no choice but to follow suit.

https://www.nytimes.com/2020/01/14/business/dealbook/blackrock-climate-change.html
21/1/20: We’re still in January & https://abs.twimg.com/emoji/v2/... draggable="false" alt="🇬🇧" title="Flagge des Vereinigten Königreiches" aria-label="Emoji: Flagge des Vereinigten Königreiches">’s @LloydsBank says it will halve carbon emissions it finances within a decade.

Psst: Dropping fossil fuels and coal should do the trick! http://bit.ly/2YgAVpX ">https://bit.ly/2YgAVpX&q...
3/2/2020
The https://abs.twimg.com/emoji/v2/... draggable="false" alt="🇳🇱" title="Flagge der Niederlande" aria-label="Emoji: Flagge der Niederlande"> @abppensioen intends to phase out of coal utilities by 2030 (OECD). But it does not clarify how it will reduce coal investments over the coming decade & 2030 is still far away. Also, companies building new coal plants are not ruled out. http://reut.rs/2UWfc4I ">https://reut.rs/2UWfc4I&q...
02/2020 . @PictetGroup announces it’ll eliminate balance sheet exposure to oil & gas & thermal coal.Regrettably, it defines them as companies deriving more that 25% of their revenues from these activities=won’t be relevant for much of the #coal value chain https://www.group.pictet/about/fossil-fuel-statement">https://www.group.pictet/about/fos...
13/2/20: The https://abs.twimg.com/emoji/v2/... draggable="false" alt="🇫🇮" title="Flagge von Finnland" aria-label="Emoji: Flagge von Finnland"> pension fund @ilmarinen_tweet pledged to become carbon neutral by 2035, mirroring the https://abs.twimg.com/emoji/v2/... draggable="false" alt="🇫🇮" title="Flagge von Finnland" aria-label="Emoji: Flagge von Finnland"> govt’s/ @valtioneuvosto’s #climate target.

But the fund remains the 2nd largest domestic shareholder in @Fortum_Oyj, which has opened new coal in https://abs.twimg.com/emoji/v2/... draggable="false" alt="🇩🇪" title="Flagge von Deutschland" aria-label="Emoji: Flagge von Deutschland"> https://abs.twimg.com/emoji/v2/... draggable="false" alt="🤔" title="Denkendes Gesicht" aria-label="Emoji: Denkendes Gesicht"> http://bit.ly/2CeeiK7 ">https://bit.ly/2CeeiK7&q...
13/2/20: The https://abs.twimg.com/emoji/v2/... draggable= pension fund @ilmarinen_tweet pledged to become carbon neutral by 2035, mirroring the https://abs.twimg.com/emoji/v2/... draggable="false" alt="🇫🇮" title="Flagge von Finnland" aria-label="Emoji: Flagge von Finnland"> govt’s/ @valtioneuvosto’s #climate target. But the fund remains the 2nd largest domestic shareholder in @Fortum_Oyj, which has opened new coal in https://abs.twimg.com/emoji/v2/... draggable="false" alt="🇩🇪" title="Flagge von Deutschland" aria-label="Emoji: Flagge von Deutschland"> https://abs.twimg.com/emoji/v2/... draggable="false" alt="🤔" title="Denkendes Gesicht" aria-label="Emoji: Denkendes Gesicht"> https://bit.ly/2CeeiK7&q..." title="13/2/20: The https://abs.twimg.com/emoji/v2/... draggable="false" alt="🇫🇮" title="Flagge von Finnland" aria-label="Emoji: Flagge von Finnland"> pension fund @ilmarinen_tweet pledged to become carbon neutral by 2035, mirroring the https://abs.twimg.com/emoji/v2/... draggable="false" alt="🇫🇮" title="Flagge von Finnland" aria-label="Emoji: Flagge von Finnland"> govt’s/ @valtioneuvosto’s #climate target. But the fund remains the 2nd largest domestic shareholder in @Fortum_Oyj, which has opened new coal in https://abs.twimg.com/emoji/v2/... draggable="false" alt="🇩🇪" title="Flagge von Deutschland" aria-label="Emoji: Flagge von Deutschland"> https://abs.twimg.com/emoji/v2/... draggable="false" alt="🤔" title="Denkendes Gesicht" aria-label="Emoji: Denkendes Gesicht"> https://bit.ly/2CeeiK7&q..." class="img-responsive" style="max-width:100%;"/>
14/2/20: . @RBS on the other hand is leading the way. The https://abs.twimg.com/emoji/v2/... draggable="false" alt="🏴󠁧󠁢󠁳󠁣󠁴󠁿" title="Flagge von Schottland" aria-label="Emoji: Flagge von Schottland"> bank wants transition plans too! Lending and underwriting services to companies with more than 15% of activities related to coal are now off limits, and all financing will end by 2030. https://www.wsj.com/articles/rbs-pledges-end-to-coal-funding-stricter-oil-rules-11581716238">https://www.wsj.com/articles/...
RBS Pledges End to Coal Funding, Stricter Oil Rules

Royal Bank of Scotland said it would end financing for coal by 2030 and place stricter rules on oil-and-gas majors it works with, joining other companies that have made similar sustainability moves...

https://www.wsj.com/articles/rbs-pledges-end-to-coal-funding-stricter-oil-rules-11581716238
20/2/20: Ooh la la, Crédit Mutuel has gone the full monty and scored the highest in @ReclaimFinance Coal Policy Tool for stripping almost all support for #coal. https://reclaimfinance.org/site/en/coal_policy_tool/

https://reclaimfinance.org/site/en/c... href="https://twitter.com/Lucie_Pinson_">@Lucie_Pinson_
The Coal Policy Tool - Reclaim Finance

Analysing the quality of coal policies : The Coal Policy Tool Navigating the “policy jungle” is not easy. Reclaim Finance has therefore developed an online tool that provides a comprehensive analysis...

https://reclaimfinance.org/site/en/coal_policy_tool/
. @jpmorgan - a major fossil financier bankrolling @RWE_AG amongst others - rules out financing of Arctic oil drilling and phases out loans for #coal mining. This is light years behind the European peers but a needed signal nevertheless. https://www.theguardian.com/business/2020/feb/25/jp-morgan-chase-loans-fossil-fuels-arctic-oil-coal">https://www.theguardian.com/business/...
JP Morgan to withdraw support for some fossil fuels

Industry’s largest financier pledges to end loans to Arctic oil drillers and coalminers

https://www.theguardian.com/business/2020/feb/25/jp-morgan-chase-loans-fossil-fuels-arctic-oil-coal
5/3/20: @UBS, which had a policy against new coal plant finance, announces it will not finance new Arctic oil projects, thermal coal mines, or oil sands on undeveloped land. The policy has weak exclusion criteria & doesn& #39;t go far enough. https://www.wsj.com/articles/ubs-exits-arctic-oil-coal-mines-and-tar-sands-projects-11583447745">https://www.wsj.com/articles/...
UBS Exits Arctic Oil, Coal Mines and Tar Sands Projects

UBS Group said it would no longer finance new offshore-oil projects in the Arctic, thermal coal mines or oil sands on undeveloped land as banks tighten their restrictions on fossil fuels amid...

https://www.wsj.com/articles/ubs-exits-arctic-oil-coal-mines-and-tar-sands-projects-11583447745
10/5/20: AG2R La Mondiale insurance is the 5th https://abs.twimg.com/emoji/v2/... draggable="false" alt="🇫🇷" title="Flagge von Frankreich" aria-label="Emoji: Flagge von Frankreich"> financial institution to announce measures aiming to align its investments policy with the Paris Agreement. https://reclaimfinance.org/site/en/2020/04/20/ag2r-la-mondiale-adopts-a-coal-exit-policy/">https://reclaimfinance.org/site/en/2...
AG2R La Mondiale adopts a coal exit policy - Reclaim Finance

AG2R La Mondiale published last month their climate policy including new specific measures on the coal sector. With only two months left for French financial institutions to adopt an exit policy for...

https://reclaimfinance.org/site/en/2020/04/20/ag2r-la-mondiale-adopts-a-coal-exit-policy/
30/3/20: @Barclays revealed a term coal phase-out pathway demanded by its clients: *most* coal out by 2030!

...however, its immediate exclusion threshold is so high it won& #39;t make a dent in the European coal power sector https://abs.twimg.com/emoji/v2/... draggable="false" alt="🤦‍♂️" title="Mann schlägt sich die Hand vors Gesicht" aria-label="Emoji: Mann schlägt sich die Hand vors Gesicht">https://abs.twimg.com/emoji/v2/... draggable="false" alt="🤦‍♀️" title="Frau schlägt sich die Hand vors Gesicht" aria-label="Emoji: Frau schlägt sich die Hand vors Gesicht">

@urgewald @sandbagorg https://beyond-coal.eu/2020/03/30/barclays-risks-investor-revolt-with-new-fossil-fuel-policy/">https://beyond-coal.eu/2020/03/3...
Barclays risks investor revolt with new fossil fuel policy

UK bank Barclays has bypassed an opportunity to put right its weak fossil fuel policy with the release of its new environmental report.

https://beyond-coal.eu/2020/03/30/barclays-risks-investor-revolt-with-new-fossil-fuel-policy/
20/4/20: https://abs.twimg.com/emoji/v2/... draggable="false" alt="🇺🇸" title="Flagge der Vereinigten Staaten" aria-label="Emoji: Flagge der Vereinigten Staaten"> @Citi introduces exclusions on thermal coal mining, with revenue thresholds of 50% beginning in 2025 and lowering to 0% by 2030. If the bank is serious about its commitment, why delay five years? Get out of thermal coal mining ~now~ https://www.bloomberg.com/news/articles/2020-04-20/citi-vows-to-stop-working-with-thermal-coal-mining-companies">https://www.bloomberg.com/news/arti...
Citi Vows to Stop Working with Thermal Coal-Mining Companies

Citigroup Inc. will stop providing financial services to thermal coal-mining companies over the next 10 years to help accelerate the economy’s shift away from fossil fuels.

https://www.bloomberg.com/news/articles/2020-04-20/citi-vows-to-stop-working-with-thermal-coal-mining-companies
24/4/20: 1 of the 4 big https://abs.twimg.com/emoji/v2/... draggable="false" alt="🇩🇪" title="Flagge von Deutschland" aria-label="Emoji: Flagge von Deutschland"> asset managers, @unioninvestment, excluded #coal companies from its investment funds. It wants to divest all coal power companies by 2035, & will abandon companies failing to provide a proper climate strategy within a year.

https://urgewald.org/medien/deka-union-investment-reagieren-druck-schraenken-kohle-investitionen">https://urgewald.org/medien/de...
24/4/20: https://abs.twimg.com/emoji/v2/... draggable="false" alt="🇩🇪" title="Flagge von Deutschland" aria-label="Emoji: Flagge von Deutschland">’s @DekaBank excludes companies that generate:

https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen"> 30%+ of revenue from coal mining
https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen"> 40%+ of revenue from coal power

from its actively managed funds. With thresholds that high, investors remain exposed to this dying industry https://abs.twimg.com/emoji/v2/... draggable="false" alt="📉" title="Tabelle mit Abwärtstrend" aria-label="Emoji: Tabelle mit Abwärtstrend">
https://www.deka.de/privatkunden/informationen/deka-informiert/deka-beschraenkt-investitionen-in-kohleunternehmen
https://www.deka.de/privatkun... href="https://twitter.com/urgewald">@urgewald
Deka beschränkt Investitionen in Kohleunternehmen

https://www.deka.de/privatkunden/informationen/deka-informiert/deka-beschraenkt-investitionen-in-kohleunternehmen
24/4/20: HSBC closes its door on new #coal projects. It will no longer bankroll coal projects in Vietnam, Bangladesh & Indonesia... BUT it has failed to limit corporate finance like ALL other major UK banks.
https://www.hsbc.com/-/files/hsbc/investors/annual-general-meeting/2020/200425-agm-2020-qa-e.pdf?download=1

https://www.hsbc.com/-/files/h... href="https://twitter.com/market_forces">@market_forces
5/20 https://abs.twimg.com/emoji/v2/... draggable="false" alt="🇫🇷" title="Flagge von Frankreich" aria-label="Emoji: Flagge von Frankreich">’s @ecofi updates policy to exclude investments in companies with 10%+ coal share of revenue. For a so-called responsible investor, this isn’t nearly far enough. #Coalexit companies drop revenue-based thresholds & engage on closures. http://bit.ly/3hJDRTC ">https://bit.ly/3hJDRTC&q...
4/5/20: @Allianz aims to exclude all coal-fired power plant & mine underwriting & investment from its portfolio by 2040. It will no longer invest in companies building "large coal plants". http://bit.ly/3egIFxz ">https://bit.ly/3egIFxz&q...

Almost as good as @AXA. But not quite.
@urgewald @ReclaimFinance
12/5/20: @BNPParibas tightens its policy for coal-fired power plants. The bank has endorsed the 2030 coal phase-out deadline, & excluded coal plant developers... BUT is far from cutting ties with the entire #coal supply chain

@ReclaimFinance Analysis https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Rückhand Zeigefinger nach unten" aria-label="Emoji: Rückhand Zeigefinger nach unten"> https://reclaimfinance.org/site/en/2020/05/12/bnp-paribas-bids-farewell-to-coal-fired-power-but-fails-to-exclude-the-rest-of-the-coal-sector/">https://reclaimfinance.org/site/en/2...
BNP Paribas exits coal-fired power but fails to exclude the rest of the coal sector

Not included are measures to exclude and exit other sectors of the broader coal industry, such as extraction and transport, or strict exclusion criteria of existing clients highly exposed to coal.

https://reclaimfinance.org/site/en/2020/05/12/bnp-paribas-bids-farewell-to-coal-fired-power-but-fails-to-exclude-the-rest-of-the-coal-sector/
18/5/2020: @natixis speeds past its https://abs.twimg.com/emoji/v2/... draggable="false" alt="🇫🇷" title="Flagge von Frankreich" aria-label="Emoji: Flagge von Frankreich"> competitors, aiming at a full exit from the coal sector - both mining and power generation.

But @natixis failed on calling companies to adopt a detailed plan to close not sell their #coal assets

@ReclaimFinance https://reclaimfinance.org/site/en/2020/05/19/natixis-exits-coal-but-remains-stuck-in-shale-oil-gas/">https://reclaimfinance.org/site/en/2...
Natixis exits coal but remains stuck in shale oil & gas

If the bank exits coal, measures on shale oil & gas suggest a withdrawal from the riskiest activities but the continuous support for the more profitable ones.

https://reclaimfinance.org/site/en/2020/05/19/natixis-exits-coal-but-remains-stuck-in-shale-oil-gas/
15/5/20: https://abs.twimg.com/emoji/v2/... draggable="false" alt="🇫🇷" title="Flagge von Frankreich" aria-label="Emoji: Flagge von Frankreich"> asset manager Rothschild & Co. releases its first coal policy. Good screening criteria, but the company has to clear up what coal companies it will exclude and when, and end advisory mandates for coal asset purchase and sale.
https://www.rothschildandco.com/fr/who-we-are/responsabilite-entreprise/solutions-investissement-responsable-innovantes/FR_2020_RandCo_Investissements_Charbon_Thermique/">https://www.rothschildandco.com/fr/who-we...
20/5/20: https://abs.twimg.com/emoji/v2/... draggable="false" alt="🇮🇹" title="Flagge von Italien" aria-label="Emoji: Flagge von Italien">’s largest bank @intesasanpaolo adopts its very first coal policy, still allowing #coal expansion. But it marks the end of an era: Europe’s financial institution landscape is now very close to the complete annihilation of project finance https://abs.twimg.com/emoji/v2/... draggable="false" alt="🤌" title="Pinched fingers" aria-label="Emoji: Pinched fingers"> http://reut.rs/2Bh7ICd ">https://reut.rs/2Bh7ICd&q...
27/5/20 . @SCOR_SE addresses #coal its investment arm but leaves its main business, insurance, out.

It no longer invests in any company developing new coal projects, across the entire value chain, or with more than 10% of exposure in coal.

When will underwriting follow?
02/06/20: https://abs.twimg.com/emoji/v2/... draggable="false" alt="🇫🇷" title="Flagge von Frankreich" aria-label="Emoji: Flagge von Frankreich"> insurer @GroupeMacif aims to see its investments coal-free by 2030. In addition to existing mining exclusions, it adds exclusions of companies with 20%+ coal share of revenue or power production, or a total of 5GW in 2021. Hey, it’s progress https://www.lemondedelenergie.com/macif-charbon-investissements-en-2030/2020/06/02/">https://www.lemondedelenergie.com/macif-cha...
L'assureur Macif prévoit d'exclure totalement le charbon de ses investissements en 2030

Macif a annoncé mardi qu'il comptait exclure totalement le charbon thermique de son portefeuille d'investissements d'ici 2030.

https://www.lemondedelenergie.com/macif-charbon-investissements-en-2030/2020/06/02/
02/06/20: https://abs.twimg.com/emoji/v2/... draggable="false" alt="🇫🇷" title="Flagge von Frankreich" aria-label="Emoji: Flagge von Frankreich"> @OFI_AM follows majority stakeholder @GroupeMacif lead in announcing its commitment to totally eliminating thermal coal investments by 2030 and plans for engagement.

https://www.ofi-am.fr/en/support/ofi-am-agit-pour-le-climat-zero-charbon-thermique-dans-vos-investissements-avant-2030/5ed4b81e0f5ab">https://www.ofi-am.fr/en/suppor...
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