A report released by Global Energy Monitor reveals that private financial institutions are still pouring billions of dollars into companies building new coal mines, power plants and other infrastructure. These financial institutions include some of the leading members of the Glasgow Financial Alliance on Net Zero (GFANZ) who have committed to net zero by 2050 following a 1.5°C pathway. The report reveals that while many financial institutions have adopted policies to restrict coal financing, financial support continues to flow to the coal industry, even to companies building new coal projects. More than US$60 billion still flowed to new coal projects (plants, mines and transport) from public and private sources in 2021! According to Global Energy Monitor (GEM) report, 15 of the top 50 bankers of coal expansion are members of the Net-Zero Banking Alliance (NZBA). In spite of being a co-founder of the NZBA, Citi was the largest non-Chinese banker of coal expansion from January 2019 to November 2021, channeling US$16 billion to coal expansion. Citigroup’s coal policy only prohibits loans and underwriting that are aimed at specific projects, and for new clients that are developing new coal projects. It leaves untouched the existing coal developers in its client base. Indeed, an analysis of Citigroup’s coal policy by Reclaim Finance reveals that it can continue to finance 44 companies that are developing at least 96 GW of new coal power capacity and 302 million tons per year of coal mining capacity. It is time that banks divest completely from fossil fuels, we simply don't have time!!! Read more: https://reclaimfinance.org/site/en/2022/10/12/report-sheds-light-on-the-hidden-financial-pipeline-supporting-coal-expansion/