<ul data-eligibleForWebStory="false"><li>Global banks have channeled over $385 billion to the coal power industry in the past three years, with funding increasing in 2024, despite pledges to decarbonize portfolios after COP26.</li><li>Existing coal plants are contributing significantly to global warming, with efforts to shut them down early facing challenges in developing countries.</li><li>Chinese banks lead in coal-related financing, followed by US banks like Bank of America, JPMorgan Chase, and Citigroup.</li><li>Some banks have relaxed their coal restrictions in recent years, with only 24 of the top 99 banks globally having plans to phase out coal finance by 2040, missing the IEA's climate-safe deadline.</li></ul>

Banks channelled $385bn into coal industry since COP26

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