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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.

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