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Major financial institutions stepping away from #coal.
The job is nowhere near done but let's take a victory lap: a coal exclusion policy 2020
.
@PastCoal
The job is nowhere near done but let's take a victory lap: a coal exclusion policy 2020
. @PastCoal
13/1/20: 
@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!
@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 
’s 20% of the coal sector. The largest asset manager in the 
starts talking #coalexit 
#climatecrisis is hitting the 
industry. https://www.nytimes.com/2020/01/14/business/dealbook/blackrock-climate-change.html
’s 20% of the coal sector. The largest asset manager in the starts talking #coalexit #climatecrisis is hitting the industry. https://www.nytimes.com/2020/01/14/business/dealbook/blackrock-climate-change.html
21/1/20: We’re still in January & 
’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
’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
3/2/2020
The @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
The
@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
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
13/2/20: The 
pension fund @ilmarinen_tweet pledged to become carbon neutral by 2035, mirroring the govt’s/ @valtioneuvosto’s #climate target.
But the fund remains the 2nd largest domestic shareholder in @Fortum_Oyj, which has opened new coal in
http://bit.ly/2CeeiK7
pension fund @ilmarinen_tweet pledged to become carbon neutral by 2035, mirroring the govt’s/ @valtioneuvosto’s #climate target. But the fund remains the 2nd largest domestic shareholder in @Fortum_Oyj, which has opened new coal in
http://bit.ly/2CeeiK7
14/2/20: . @RBS on the other hand is leading the way. The 
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
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
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/
@Lucie_Pinson_
@Lucie_Pinson_
. @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
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't go far enough. 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 
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/
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/
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't make a dent in the European coal power sector
@urgewald @sandbagorg https://beyond-coal.eu/2020/03/30/barclays-risks-investor-revolt-with-new-fossil-fuel-policy/
...however, its immediate exclusion threshold is so high it won't make a dent in the European coal power sector
@urgewald @sandbagorg https://beyond-coal.eu/2020/03/30/barclays-risks-investor-revolt-with-new-fossil-fuel-policy/
20/4/20: 
@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
@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
24/4/20: 1 of the 4 big 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
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
24/4/20: ’s @DekaBank excludes companies that generate:
30%+ of revenue from coal mining
40%+ of revenue from coal power
from its actively managed funds. With thresholds that high, investors remain exposed to this dying industry
https://www.deka.de/privatkunden/informationen/deka-informiert/deka-beschraenkt-investitionen-in-kohleunternehmen
@urgewald
’s @DekaBank excludes companies that generate: 30%+ of revenue from coal mining 40%+ of revenue from coal powerfrom its actively managed funds. With thresholds that high, investors remain exposed to this dying industry
https://www.deka.de/privatkunden/informationen/deka-informiert/deka-beschraenkt-investitionen-in-kohleunternehmen
@urgewald
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
@market_forces
https://www.hsbc.com/-/files/hsbc/investors/annual-general-meeting/2020/200425-agm-2020-qa-e.pdf?download=1
@market_forces
5/20 ’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
’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
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
Almost as good as @AXA. But not quite.
@urgewald @ReclaimFinance
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://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/
@ReclaimFinance Analysis
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 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/
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/
15/5/20: 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/
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/
20/5/20: 
’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 
http://reut.rs/2Bh7ICd
’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 http://reut.rs/2Bh7ICd
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?
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: 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/
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/
02/06/20: @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
@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
