At COP26, the world’s biggest banks and other lenders made a spate of commitments to reduce investment in coal. But a fossil-fuel boom is exposing the flaws in this approach
One reason for the hopeful prediction of 2021 was the spate of commitments made by the world’s biggest banks and other lenders and investors. More than 200 mainly Western financiers have announced policies restricting investments in coal mining or coal-fired power plants. Lenders representing fully two-fifths of global banking assets have signed up to the Net-Zero Banking Alliance, which pledges to align portfolios with achieving net-zero emissions by 2050.
There are also limits to what a club of financial firms can achieve. Faced with criticism from Republican state lawmakers in America, who are threatening antitrust action against members of such clubs, many financial firms are becoming warier. Last month Allianz,, three insurers, left the Net-Zero Insurance Alliance. Some had warned the club against toughening up its rules.
Another source of capital comes from private investors around the world. Some big oil and mining firms are disposing of their coal assets, but instead of being wound down these are being snapped up, and often expanded, by private funds. Britain’s first deep coal mine to be dug in decades, which received approval last year, is ultimately owned by private-equity investors. From Miami to Chicago, investors are expanding their coal holdings.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Inside the feuding and secret financial world of the Barclay family that led to Telegraph saleThe Telegraph and The Spectator figure among the most prized assets in the Barclay family’s £6.5bn portfolio But the publications may now be heading for sale as financial wrangling and legal disputes dog the business dynasty 🔎 Big Read by cahalmilmo
Read more »
William's decision to stay in Welsh B&B's shows he is a progressive future KingEXCLUSIVE: After it was revealed that The Prince and Princess of Wales have no plans to keep a permanent base in Wales and will instead stay in local hotels and B&B's to support the local community, a royal expert has praised the decision
Read more »
Scotland to mark coronation of King and Queen with church service and processions in EdinburghThe King will be presented with the Honours of Scotland at a National Service of Thanksgiving at St Giles' Cathedral during Royal Week on Wednesday 5 July.
Read more »
McDonald's and Burger King at war over AI-generated postersTheir latest weapon? ChatGPT.
Read more »
King's visit to Scotland to mark coronation confirmed for JulyKing Charles, Queen Camilla and the Prince and Princess of Wales will take part in ceremonial events.
Read more »
Prince Harry sent King Charles 'warning' over Lilibet amid birthday dramaThe Duke of Sussex has reportedly given his father strict instructions in regard to his daughter's birthday.
Read more »