It’s still early in 2022, but signs are emerging that the amount of financing going to coal-related projects is running at a rate that’s more than double last year’s pace.
With the first quarter coming to a close, banks (mostly based in China) have helped coal companies raise $9.9 billion via loans and bond sales, according to data compiled by Bloomberg. For comparison, the number was closer to $4.4 billion during the first three months of 2021.
While the biggest chunk of the coal money is being accumulated for Chinese coal endeavors, the increase nevertheless runs counter to all the global banking sector chatter about its supposed commitment to helping the world cut dangerous emissions. And there’s no more dangerous fossil fuel than coal — the single largest source of global temperature rise.