Asian banks are failing on climate by channeling billions into coal, report says

Globally, 380 commercial banks lent the coal industry $315 billion over the past two years, according to the report, which was compiled by more than two dozen non-governmental organizations, including Urgewald, Reclaim Finance, Rainforest Action Network and 350.org Japan. The groups say their research is the first to analyze the financiers and investors supporting the entire coal industry. The top three lenders to the coal industry were all Japanese: Mizuho (MFG), Sumitomo Mitsui Banking Corporation (SMFG), and Mitsubishi UFJ Financial Group (MBFJF). Collectively, Japanese banks provided $75 billion in loans between October 2018 and October 2020, according to the report.

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