Will not knowingly provide financial products or services that directly facilitate new coal-fired power plants, or the acquisition or building of thermal coal mines.

By first quarter 2023, will divest from all fossil fuel producers in phases, the majority of which is expected to be sold. By 2025, will have reduced the carbon footprint of its asset portfolio by 40% from 2015 levels.

Will not finance new coal-fired power generation plants except when: (a) no cost-effective alternative exists to deliver power within the same timeframe, as evaluated by its independent technical advisers, and (b) projects are evaluated using an enhanced due diligence process. Ultra supercritical powerplants will be financed.

Will exclude companies which derive >5% of their revenues from coal, and investments in polluting and CO2-intensive companies will be further reduced.

Will not invest in companies that: derive 25% or more of their revenue from the exploration, mining or refining of thermal coal – the proportion of revenue threshold will decline to 10% in 2027 and 5% in 2029; produce >20MT of thermal coal annually and are actively expanding exploration, mining or refining operations; derive 50% or more of their revenue from thermal coal-fired electricity generation; own coal-fired electricity generation capacity >10GW and are actively expanding coal-fired electricity production capacity.

By 2023, is committed to ensuring all new bank operations and sector strategies become fully Paris-aligned, with country-level and internal alignment by 2025. Adopted an amendment to the Bank’s Energy Sector Policy of 2012 which aligns the energy policy with the bank's commitments to end all financing of new coal-based projects.

By 2030, committed to ending investments in companies involved in the coal sector. Will refrain from investing in companies of which >20% of electricity production is made from coal or which have an installed capacity of >10GW; or where >20% of turnover comes from coal.

By 2030, will not allow new investments in coal-related industries such as mining and electricity generation and will be fully divested.

Will abstain from financing coal-fired power plants, projects for the exploration or production of coal, or projects exclusively dedicated to transporting coal, and will proactively support its partners in exiting from fossil fuels.

By 2028, committed to divesting all directly managed equity and fixed income exposure to coal mining and coal-fired power businesses for fixed income (by end of 2021 for equity); and not permitting any new investments within businesses involved directly in mining coal or generating electricity from coal.

By January 2030, committed to phasing out underwriting of all existing operation insurance risks and ceasing new investments in clients that derive >30% of their revenues from coal-fired power, thermal coal mines, or generate >30% of their energy production from coal. Committed to no longer invest in or provide insurance for construction of any new coal-fired power plants.

Will exclude investment in: listed shares and corporate bonds in companies engaged in the extraction of coal where 25% or more of the company's turnover derives from these products and where active ownership will not lead to a reduction in coal use; listed shares and corporate bonds in utility companies engaged in the generation of energy, where 25% or more of the company's energy mix originates from thermal coal or which involves the construction of new coal-fired power plants or expansions of existing coal-fired capacity.

Will no longer finance coal.

Will not invest in or finance companies with >5% of their turnover from the extraction of thermal coal, and companies with >5% of their turnover from energy production based on thermal coal.

Committed to fully phasing out coal-based business models across insurance investment and P&C insurance portfolios. Relative threshold will be reduced over time to: 25% at year-end 2022; 15% at year-end 2025; 5% globally (with the exception of Asia where 10% will apply) as of year-end 2029. Will not directly invest in any coal-based infrastructure such as coal-fired power plants, coal mines, coal-related railways or coal ports. Will not offer single-site/stand-alone insurance coverages related to the construction and/or operation of thermal coal power plants and mines where coal is extracted; and the construction and/or operation of coal-related infrastructure which predominantly serves the coal value chain.

Will exclude: companies developing or planning to develop new thermal coal capacities along the entire value chain (mining, production, utilities, and transport infrastructures); companies generating >25% of their revenue from thermal coal mining extraction; companies with annual thermal coal extraction of 100MT or more without intention to reduce; all companies with revenue in thermal coal mining extraction and thermal coal power generation >50% of their revenue without analysis; all coal power generation and coal mining extraction companies with a threshold between 25% and 50% with a deteriorated energy transition score.

Will not directly finance any new coal-fired power plants, including expansions. By 2030, existing direct lending will run off. Will be engaging with existing customers who have >50% thermal coal exposure to support existing diversification plans. By 2025, where these are not already in place, will expect specific, time bound and public diversification strategies. Will cap limits to customers that do not meet this expectation and reduce exposure over time. Will continue to support diversified customers, which means will no longer bank any new business customers with material thermal coal exposures. Companies that have a credible and public strategy to transition away from coal at a pace which is compatible with 1.5°C will be evaluated on an individual basis if they can be exempted from the restrictions.

Will not finance any coal-fired power plants or projects functionally related to coal, such as roads leading to a plant or transmission lines serving coal power.

Investments in producers of thermal coal will be sold immediately and are to be included in the list of excluded companies in Phase 1. Phase 2 focuses on phasing out companies with activities related to metallurgical coal, such as coking coal for steel production. For the companies involved, will determine during 2022-2024 whether the targets are in line with the transition path of the Paris Agreement. Phase 3 focuses on phasing out companies in the fossil chain and companies from the most greenhouse gas-intensive sectors. This concerns a portfolio of approximately €320 million that includes utility companies.

By 2030 as its interim goal, has set 30 trillion-yen worth of assets under management (53% of its AUM as of end of March 2021) on the path to achieving net zero greenhouse gas emissions by 2050 or earlier.

Will stop putting money in external funds that hold fossil fuel investments.

Will not provide officially supported export credits or tied aid for: the export of new coal-fired electricity generation plants or parts thereof, comprising all components, equipment, materials and services directly required for the construction and commissioning of such power stations; and, the export supply of equipment to existing coal-fired electricity generation plants. These prohibitions do not apply to coal-fired electricity generation plants that operate with effective carbon capture utilisation and storage (CCUS) facilities or the retrofitting of existing coal-fired electricity generation plants to install CCUS.

Will stop investing in or insuring coal (power generation or mining). By end of 2022, will divest all companies making >5% of their revenue from thermal coal unless they have signed up to Science-Based Targets.

By July 2021, had completely divested from thermal coal mining. By 2023, a 30% emissions-reduction target across its investment portfolio. By 2030, a 45% cut.

By 2030, fully phasing out coal in EU and OECD countries, and by 2040 elsewhere.

Will not provide new insurance or facultative reinsurance for new and existing thermal coal plants or mines or their dedicated infrastructure. Will not provide new insurance or facultative reinsurance to companies that: generate 20% or more of their revenues from thermal coal plants or mines; generate 20% or more of their power from thermal coal; are developers of thermal coal plants or mines or their dedicated infrastructure. Will not make new investments in and, by the end of 2025, will phase out existing investments in companies that: generate 20% or more of their revenues from thermal coal mining; generate 20% or more of their power from thermal coal; are developers of thermal coal mines or plants or their dedicated infrastructure.

Will exclude companies from the investment universe with coal sales >10%.

Will reduce to zero its exposure to coal-related activities, stopping the financing of companies in this business by 2030 in developed countries and by 2040 in the rest of the countries in its footprint.

Will not provide officially supported export credits or tied aid for: the export of new coal-fired electricity generation plants or parts thereof, comprising all components, equipment, materials and services directly required for the construction and commissioning of such power stations; and the export supply of equipment to existing coal-fired electricity generation plants. These prohibitions do not apply to coal-fired electricity generation plants that operate with effective carbon capture utilisation and storage (CCUS) facilities or the retrofitting of existing coal-fired electricity generation plants to install CCUS.

By 2030, will have stopped providing financial services to power generation clients with >10% revenues dependent on thermal coal, and will eliminate all exposure to thermal coal mining worldwide.

Will exclude companies that simultaneously have a significant involvement in the coal business and lack a solid transition strategy towards a low-carbon economy. Revenue threshold of 5% for thermal and 20% for mining.

Will restrict direct financing of the construction of new coal-fired power plants or expansion of existing and direct financing of new thermal coal mines or the expansion of existing mines. By 2025, phase out all financing of companies deriving ≥25% of their revenue from thermal coal mining.

From 4Q CY2021, except for projects already signed, will no longer provide financing for new coal mining and new coal power projects overseas.

By 2024, will exit the coal sector. This exclusion only applies to Banque de France’s “own funds” and pension fund.

By 2023, no financing to new clients engaged in thermal coal mining or to existing clients that generate >30% of revenues from thermal coal mining. Will not provide general corporate financing (GCF) to clients with entities engaged in opening new thermal coal mines or material expansion of existing thermal coal mines unless an undertaking is received or they are otherwise satisfied that the proceeds of GCF will not be made available to such entities. By 2030, in OECD, will phase out financing to clients engaged in thermal coal mining. In the rest of the world, no financing to clients that generate >10% of their revenue from thermal coal mining. In the UK and EU, phasing out of financing to clients engaged in thermal coal power. In the rest of the world (including US), no financing to clients that generate >10% revenue from thermal coal power. By 2035, phasing out of financing to clients engaged in thermal coal mining and coal-fired power generation.

Will exclude financing, financial products and transactions, as well as all capital investments for all coal types and to the entire coal value chain.

Will not finance companies that are active in the extraction of coal.

Will not lend to coal and coal seam gas sectors.

Will cut companies that derive 25% or more of their profits from thermal coal from its actively managed portfolios.

Will no longer provide credit for coal-fired power plants and coal mining.

Has not provided financing for coal-fired power plants since 2017. By 2025, will bring down share of coal in loan portfolio to 5% from baseline year 2020, when the loan provided to coal companies stood at 10% of total loans.

Commitment to no longer finance coal-fired power generation activities in European Union and OECD countries by 2030 and by 2040 for the rest of the world. 

By 2030, will no longer finance any new thermal coal projects in addition to gradually phasing out most coal-powered assets in industrialised countries in their portfolio. By 2040, eliminating them fully worldwide.

By 2030, phase-out strategy from the coal sector in OECD countries and by 2040 worldwide, with exclusion of coal mine/plant/infrastructure developers and mandatory request to remaining companies to adopt by 1 January 2022 a coal phase-out plan by the same deadlines.

CDC excludes, from its investment and financing portfolios, companies exposed to >10% of sales by thermal coal and threshold will be lowered to 5% of turnover from 2023; companies developing new coal-fired power plants (threshold 300MW of new capacity), or new mines and infrastructure dedicated to coal; mining companies whose annual thermal coal production volume >10Mt; and energy suppliers whose power generation capacity from coal >10GW.

Will not assume any credit risk involving new projects/renewal requests that exhibit any of the following characteristics: specific projects to build, develop or expand coal power plants; companies whose revenue from coal-based electricity generation accounts for >25% of their consolidated earnings, as long as they take steps to promote and help implement the energy transition; that involve the mining of coal – including thermal coal – new mines or expansion of existing mines; companies where the extraction of thermal coal accounts for >25% of their consolidated revenue with certain exceptions.

Will not make additional or new investments or renew existing investments of public employee retirement funds in a thermal coal company. Will liquidate investments in a thermal coal company on or before 1 July 2017.

Has substantially ceased coal insurance and divested coal assets.

Will no longer provide loans to any coal-fired power plants. Cathay Life Insurance’s investment and lending exclusion list now includes coal-fired power plants that are not actively transitioning to renewable energy.

Will not extend credit to newly established coal-fired thermal power plants. In cases where support from the Japanese Government or international development agencies can be confirmed, as an exception to the above policy, there are cases where cautious responses may be considered.

Will no longer underwrite the construction and operation of new coal-fired plants or new risks for companies that generate >30% of their revenues from coal mining or energy production from coal. Insurance coverage for existing coal-plant risks that exceed this threshold will be phased out by 2022, and for utilities beginning in 2022. Will not make new debt or equity investments in companies that generate >30% of revenue from thermal coal mining or energy production from coal.

By 2030 as an interim target, aims to halve its financing and investment exposure to the thermal coal mining sector, and by 2040, committed to phasing out coal from its portfolio.

Will not provide project-related financing for new thermal coal mines or significant expansion of existing mines, and new coal-fired power plants or expansion of existing plants. By the end of 2025, will target phase out of financing of mining companies deriving ≥25% of their revenue from thermal coal mining. After 2025, will no longer facilitate capital markets transactions or mergers and acquisition advisory and financing for these companies. By the end of 2030, all remaining exposure to these companies will be reduced to zero. Will not provide acquisition financing or acquisition advisory services related to coal-fired power plants. Will not onboard any new clients with ≥20% of power generation from coal-fired power plants unless such client meets the above criteria; i.e., is pursuing a low-carbon transition strategy. After 2025, commits to: no longer extending capital and/or provide other financial services to clients that do not have a low-carbon transition strategy to diversify away from coal-fired power generation and align with Paris Agreement decarbonisation pathways by 2030 (for clients with power generation in OECD countries) or by 2040 (for clients with power generation in non-OECD countries). Will not onboard any new clients with a material business line in power generation unless the share of power generation from coal-fired power plants is <5%. After 2030, commits to: no longer extend capital and/or provide other financial services unless the share of power generation from coal-fired power plants is <5% for clients with power generation operations in OECD countries; no longer extend capital and/or provide other financial services unless such clients have a low-carbon transition strategy that is designed to reduce the share of power generation from coal-fired power plants to <5% by 2040 for clients with power generation operations in non-OECD countries.

Has a goal of forcing coal phase-out by 2030. Will have no new business relationships with companies that generate >20% of their sales or power production with coal. Existing clients that currently use coal to generate 20% or more of their sales or power production have time until 2025 to draw up a plan for an exit from coal no later than 2030.

Will not provide project finance to new or expanded thermal coal mines, or to new coal-fired power plants. By 2030, will reduce existing project finance exposure to thermal coal mines and coal-fired power plants to zero. Will not provide corporate or trade finance to new clients who derive 25% or more of their revenue from the sale of thermal coal. Will reduce corporate and trade finance exposure to existing clients who derive 25% or more of their revenue from the sale of thermal coal to zero by 2030. Will only offer corporate or trade finance to existing oil and/or gas producing, metallurgical coal mining or coal-fired power generation clients after an assessment of the environmental, social and economic impacts. From 2025, will expect these clients to have published transition plans.

Will not provide officially supported export credits or tied aid for: the export of new coal-fired electricity generation plants or parts thereof, comprising all components, equipment, materials and services directly required for the construction and commissioning of such power stations; the export supply of equipment to existing coal-fired electricity generation plants. These prohibitions do not apply to coal-fired electricity generation plants that operate with effective carbon capture utilisation and storage (CCUS) facilities or the retrofitting of existing coal-fired electricity generation plants to install CCUS.

By 2040, will have exited from thermal coal. A company will be excluded if the value of its coal-related infrastructure projects exceeds threshold of 25% of tangible assets on the balance sheet. This threshold will fall to 0% in 2030 for companies in OECD and in 2040 for non-OECD countries. From 2025, will exclude OECD companies generating >15% of their turnover from coal and for non-OECD companies generating 20% or more of electricity from coal.

Planning a total phase-out from thermal coal in accordance with a Paris Agreement-aligned timetable of 2030 for the EU and OECD countries; 2040 for the rest of the world. Will no longer develop business relations with corporations generating >25% of their turnover in the thermal coal sector (coal-based mining and production). Will stop working with corporations currently developing or planning to develop new thermal coal capacities along the entire value chain.

By 2030, total phase out. Exclusion criteria: annual coal production >10MT; installed coal power capacity >5GW; coal share of revenue >20%; coal share of power production >20%.

Until 2030, will gradually reduce credit exposure and lending, bond and equity underwriting to companies deriving revenues from coal power generation (without complete capture and storage of carbon emissions); and will not provide any form of lending or capital markets underwriting for any company that would derive >25% of its revenue from thermal coal extraction unless the transaction meets the criteria for supporting the energy transition.

Has policy of not investing in, or loaning to, coal-fired power generation project financing.

By 2030 at the latest, phasing out coal and peat in the EU and OECD countries, and by 2040 in the rest of the world. Will refrain from providing financial services to, or invest in, companies that generate >5% of their revenues from thermal coal mining as well as coal and peat-fired power generation, unless they have a credible plan to transition below the threshold.

Will stop coal project financing and new insurance coverage for coal power projects.

With immediate effect, will cease the onboarding of new customers who derive >25% of their revenue from thermal coal, and lower the threshold as time progresses. From January 2026, will stop financing customers who derive >50% of revenue from thermal coal.

Will exclude companies that are definitively active in the field of coal production and power generation from coal for the sustainability funds, all actively managed mutual funds, and own investments. Will no longer directly invest in companies that generate >30% of their revenue from coal mining or >40% from coal-based electricity generation. For companies that use coal for power generation, the turnover threshold is 10%.

By 2030, will completely phase out coal in Europe and OECD countries, and 2040 for the rest of the world. Will not invest in or provide finance to companies that operate or develop coal mines; that build, extend or renovate coal mines, power plants or infrastructure; or that have >10% or 5GW installed coal power generation capacity.

By 2025, will end its global business activities in coal mining and will not finance any new coal-fired power plants. For energy companies that are >50% dependent on coal, only offering financing in future if they present credible diversification plans.

Will not provide project financing for coal-fired power plants.

Will not provide financing of new or existing coal-fired power plants, including activities upstream in the value chain for thermal coal, especially mining, trade and directly related activities, and no indirect financing of companies with an increased share of coal if the will to transform is not evident or if the use of funds for coal can be ruled out.

By 2035, will phase out coal. Includes companies with >5% of their revenue from business activities in coal including coal-fired power, coal mining and infrastructure, coal trading, and coal transport.

Will not provide officially supported export credits or tied aid for: the export of new coal-fired electricity generation plants or parts thereof, comprising all components, equipment, materials and services directly required for the construction and commissioning of such power stations; and, the export supply of equipment to existing coal-fired electricity generation plants. These prohibitions do not apply to coal-fired electricity generation plants that operate with effective carbon capture utilisation and storage (CCUS) facilities or the retrofitting of existing coal-fired electricity generation plants to install CCUS.

By 2030, progressively reducing financing for thermal coal mining and power generation sectors to achieve net zero.

Will not provide officially supported export credits or tied aid for: the export of new coal-fired electricity generation plants or parts thereof, comprising all components, equipment, materials and services directly required for the construction and commissioning of such power stations; and, the export supply of equipment to existing coal-fired electricity generation plants. These prohibitions do not apply to coal-fired electricity generation plants that operate with effective carbon capture utilisation and storage (CCUS) facilities or the retrofitting of existing coal-fired electricity generation plants to install CCUS.

Will not finance thermal coal mining or coal-fired electricity generation capacity.

By 2021, will no longer consider new financing for unabated, fossil fuel energy projects, including gas. From 2022 onwards, will stop lending to polluting companies that want to finance low-carbon projects.

Will not provide officially supported export credits or tied aid for: the export of new coal-fired electricity generation plants or parts thereof, comprising all components, equipment, materials and services directly required for the construction and commissioning of such power stations; and, the export supply of equipment to existing coal-fired electricity generation plants. These prohibitions do not apply to coal-fired electricity generation plants that operate with effective carbon capture utilisation and storage (CCUS) facilities or the retrofitting of existing coal-fired electricity generation plants to install CCUS.

Will not provide officially supported export credits or tied aid for: the export of new coal-fired electricity generation plants or parts thereof, comprising all components, equipment, materials and services directly required for the construction and commissioning of such power stations; and, the export supply of equipment to existing coal-fired electricity generation plants. These prohibitions do not apply to coal-fired electricity generation plants that operate with effective carbon capture utilisation and storage (CCUS) facilities or the retrofitting of existing coal-fired electricity generation plants to install CCUS.

Will not provide officially supported export credits or tied aid for: the export of new coal-fired electricity generation plants or parts thereof, comprising all components, equipment, materials and services directly required for the construction and commissioning of such power stations; and, the export supply of equipment to existing coal-fired electricity generation plants. These prohibitions do not apply to coal-fired electricity generation plants that operate with effective carbon capture utilisation and storage (CCUS) facilities or the retrofitting of existing coal-fired electricity generation plants to install CCUS.

Will discontinue financing of any new-coal related projects, including coal-fired power projects.

By 2040, will phase out its exposure to thermal coal. By 2050, will achieve net-zero greenhouse gas emissions.

Will not provide officially supported export credits or tied aid for: the export of new coal-fired electricity generation plants or parts thereof, comprising all components, equipment, materials and services directly required for the construction and commissioning of such power stations; and, the export supply of equipment to existing coal-fired electricity generation plants. These prohibitions do not apply to coal-fired electricity generation plants that operate with effective carbon capture utilisation and storage (CCUS) facilities or the retrofitting of existing coal-fired electricity generation plants to install CCUS.

Is committed to ending lending for fossil fuel extraction, fossil fuel pipelines, and fossil fuel electric generation.

Will no longer finance new coal-fired power plants. From 2026, will no longer provide direct project finance to new coal mines. From 2026 onwards, will reduce the cap on its coal financing drawn advances from 2% to 1.5% of advances. From 2030 onwards, will reduce the cap on its coal exposure further from 1.5% to 1% of total advances.

By 2026, will have phased out direct investments in integrated mid/down-stream fossil fuel activities for power generation.

Is excluding companies above 30% of revenues from thermal coal power and 5% of revenues from thermal coal mining.

AP1 is divesting all fossil fuel companies. AP4 has divested more than 20 thermal coal companies to reduce climate risk (using a threshold of 20% of revenues). AP7 has a climate policy of active engagement including pursuing shareholder resolutions to enact change.

Will phase out investments in coal by 2030 for OECD countries and by 2040 for the rest of the world, and phase out underwriting portfolio by 2030 for OECD countries and by 2038 for the rest of the world.

Is declining any financings that directly support the development of new coal-fired power generation unless it has carbon capture and storage or equivalent carbon emissions reduction technology. Will decline transactions directly financing new thermal coal mine development or any mountaintop removal mining. Is phasing out financing of thermal coal mining companies that do not have a diversification strategy within a reasonable timeframe.

Observation or exclusion for mining companies and power producers which themselves or through entities they control: derive 30% or more of their income from thermal coal; base 30% or more of their operations on thermal coal; extract >20 million tonnes of thermal coal per year; or, have a coal power capacity >10,000MW from thermal coal.

Substantially ceased coal insurance and divested coal assets. Progressive withdrawal from any company whose turnover or energy production mix is based on >20% thermal coal. By 2030 at the latest, will achieve zero exposure to thermal coal in investment portfolios in the EU and OECD, and by 2040 in the rest of the world.

Will stop financing projects related to building coal-fired power plants at home and abroad. By 2050, plans to be carbon neutral.

By 2038, will no longer cover any risks connected with the mining of and power generation from power plants and thermal coal. Will exclude companies that generate >30% of their revenues from activities in thermal coal. Will not invest in companies that generate >25% of their revenues from the mining of or power generation from thermal coal. Adopted interim goals for net zero emissions target by the year 2050.

Will not fund the construction of any coal-fired power plants in six financial divisions, nor underwrite bonds issued by special purpose companies that have been established to build coal-powered plants locally or abroad, and will not underwrite general bonds that would finance the construction of coal-fired plants.

By 2030, will reduce absolute carbon emissions by 33% across its investment portfolio, and 100% by 2050.

By 2030, will have phased out the financing of coal-fired power and thermal coal mining in EU and OECD markets, and worldwide by 2040. By 2025, will reduce its exposure to thermal coal financing by at least 25% and by 2030, aims to reduce such exposure by 50%. Will stop financing the expansion of thermal coal from funds it manages actively. Will exclude: all mining companies whose revenues are ≥10% of total revenues, or annual thermal coal production is >5Mt; all coal power generation companies where operational thermal coal power generating capacity is either ≥10% of total generating capacity, or ≥1GW. Will reduce absolute on-balance sheet financed emissions from thermal coal mining by 70% by 2030, and 70% for thermal coal-fired power production.

Will stop underwriting coal power projects.

By 2030, will make no new investments in any infrastructure asset that derives >20% of its revenue from thermal coal, and will exit thermal coal-reliant assets.

By 2030, will make no new investments in any infrastructure asset that garners >20% of its revenue from thermal coal, and will exit thermal coal-reliant assets.

Will not invest in companies that derive 5% or more aggregate revenue from thermal coal mining. By end 2021, investment screening for companies planning new thermal coal investment and thermal coal extraction revenue with portfolio level exit. By 2030, screening for thermal coal power generation revenue with portfolio level exit.

Will not finance any new thermal coal-fired power plants or thermal coal mines. Existing financings are to run off, unless an earlier exit can be achieved without harm to the client. Will not engage new clients whose gross revenue is >10% reliant on operating coal-fired power plants. New clients whose reliance on coal is ≤10% should have a strategy to reduce this percentage to ≤5% by 2025. By the end of 2025, all existing clients in the utilities sector should have reduced their reliance on thermal coal to ≤5% to continue the relationship beyond that time; and, the phase-out of lending to individual coal-fired power plants will be completed. Restricted activities include mining, trading or processing dedicated to thermal coal, including lignite coal.

Will not finance thermal coal mining or coal-fired power generation and associated facilities.

By 2025, will terminate its exposure to counterparties belonging to the coal mining sector. Will not grant new loans for investments in coal mining projects or the construction of coal-fired plants.

Will only finance new coal mining transactions or the expansion of ongoing operations if there is a comprehensive socio-economic motivation. Will not provide funding to new build of conventional plants. Will only consider financing new coal-fired power plants if they use advanced technology and higher quality thermal coal to significantly reduce emissions and there is a strong socio-economic motivation.

Will exclude any company deriving >5% of total revenue from thermal coal (mining companies and energy producing companies), and any company producing >10Mt of thermal coal per year or having a coal-fired power generation capacity >5GW.

Direct restrictions on coal assets include coal mining and dedicated infrastructure and coal-fired thermal plant. Indirect restrictions include corporate groups that in 2022 generate >50% of their revenue (30% in 2030) from coal mining and/or dedicated infrastructure and coal-fired thermal plant assets.

Will not provide lending, capital markets or advisory services to companies deriving the majority of their revenues from the extraction of coal, and by 2024, will phase out remaining credit exposure to such companies. Will not provide project financing or other forms of asset-specific financing where the proceeds will be used to develop a new, or refinance an existing, coal-fired power plant, unless it is utilising carbon capture and sequestration technology.

Areas excluded from financial support: new coal mining projects or expansion of existing coal mining businesses; building of new coal power plants or expansion of existing coal power plants.

Abstain from any direct financing or insurance of coal-related projects and from general corporate and any other financing and insurance of energy companies, when such companies: (new customers) have any portion of their energy production capacity which is coal-fired; (existing customers) have >25% of their energy production capacity which is coal-fired. Request that all existing customers submit a realistic and detailed plan, explaining how coal is to be entirely phased out by 2030 and commit not to engage into any new coal project. From 2030, will abstain from all financing or insurance of and advisory services to energy companies which have any coal-fired energy production capacity.

Excludes all coal investments, including for transport and related infrastructure.

Substantially ceased coal insurance and divested coal assets.

No finance for new coal-fired power plants; no policy for coal mines.

Will not provide officially supported export credits or tied aid for: the export of new coal-fired electricity generation plants or parts thereof, comprising all components, equipment, materials and services directly required for the construction and commissioning of such power stations; and, the export supply of equipment to existing coal-fired electricity generation plants. These prohibitions do not apply to coal-fired electricity generation plants that operate with effective carbon capture utilisation and storage (CCUS) facilities or the retrofitting of existing coal-fired electricity generation plants to install CCUS.

Will cease to invest in or provide individual reinsurance covers for new coal mining or coal-fired power plant construction with effect from 1 January 2023.

Will not provide officially supported export credits or tied aid for: the export of new coal-fired electricity generation plants or parts thereof, comprising all components, equipment, materials and services directly required for the construction and commissioning of such power stations; and, the export supply of equipment to existing coal-fired electricity generation plants. These prohibitions do not apply to coal-fired electricity generation plants that operate with effective carbon capture utilisation and storage (CCUS) facilities or the retrofitting of existing coal-fired electricity generation plants to install CCUS.

No new finance for construction of coal-fired power plants.

Excludes coal companies with revenue or coal power production >20%.

Excludes mining companies with >5% of sales from coal; and 5% of turnover from incineration coal with exception of companies that have restructured operations.

Will not directly finance the exploration, production or development of coal.

Excludes all coal companies.

Excludes mining companies >5% of revenues from thermal coal, and excludes power companies deriving >20% of their revenues from coal.

Excludes mining and power companies with >25% of revenues or generation from thermal coal. The exclusion applies for both the underwriting as well as investments. Will phase out insurance coverage and investments for existing risks that exceed this threshold by 2023.

Excludes investments in thermal coal mines and coal plant projects from 2022. Phase out of existing investments in companies with business models that derive 30% or more of their revenues from thermal coal-fired power plants or thermal coal mines. Will no longer provide new insurance cover for thermal coal-fired power plants, thermal coal mines from 1 January 2022. Will phase out the renewal of existing insurance cover for these types of businesses by 1 January 2030 (including for companies with business models which derive 30% or more of their revenues from any of these activities).

By 2030, will fully exit from all entities that operate thermal coal facilities. Also applying a 1.5C-aligned target to its loan book.

In its equity and corporate bond selection, the company does not invest in any businesses where turnover >20% comes from coal, lignite or peat used in energy production or where energy production >20% is based on coal, lignite or peat.
Further, it does not invest in any companies that contribute to coal, lignite or peat projects.

By 2050, net zero carbon emissions across all investment portfolios. Will exclude companies which cannot commit to a complete phase out of coal by 2030 in developed countries and 2040 in emerging markets.

Will end its investment exposure to coal by 2030.

Reduced its limited remaining equity and lending exposures to the coal sector, which are expected to run off by 2024.

Will exculde companies developing new coal projects; companies whose annual coal production >10Mt and installed capacity of coal power plant >5GW; companies whose share of coal in the turnover is >20%. Will phase out from the coal sector by 2030.

Will no longer finance new coal activities as part of a five-year strategy.

Will not finance, and cease to onboard, new borrowers engaged in thermal coal-related activities, or that derive >25% of their annual revenue from thermal coal. For existing clients, it will not provide new financing for thermal coal mining and its related activities. It will also not provide new general purpose financing which can be fungible.

The Group's portfolio managers running funds will no longer be allowed to invest in companies that derive >30% of their revenues from producing coal or providing coal-based energy.

Will not invest in: companies where 20% or more of revenues come from coal-fired power; companies with energy expansion plans of >300 (MW) based on coal; companies that generate 20% or more of revenues from the extraction and/or annual production of thermal coal in excess of 20 million tons. Will not insure: the construction of new coal-powered electric plants or the operation of new coal mines; the construction of new infrastructure that exclusively provides service to construction and/or operation of thermal coal mines or thermal coal power plants.

No new investments in miners or utilities deriving >25% of their revenue from thermal coal.

Will no longer provide financing to new thermal coal mines and new coal plants. Plans to phase out coal power project financing and corporate financing by 2040.

Will stop financing new coal power projects and coal mining projects. All outstanding credit to coal sector to be phased out to zero by 2040.

No new lending to coal mines/coal-fired plants, companies deriving >20% of their revenue from coal mines.

Exiting underwriting and investment in new coal-fired power plants.

Will stop investment and underwriting new coal mines and new coal plants, with minimal exception. Has announced a global coal phase-out by 2040 for coal mining and coal power.

Will exclude new thermal coal mining projects and new coal plants. It has plans to reduce its coal mining exposures by 50% by 30 September 2026 and to be effectively zero by 30 September 2030, but has no such plans for coal generation projects.

Withdrawing from shale oil and gas. Completely exit thermal coal industry by 2030 for countries in EU and OECD, and 2040 for rest of the world. Will no longer support companies that develop new capacity in coal-powered electricity generation or thermal coal mining.

Will not lend to new coal projects, and will phase out lending to coal in the UK by 2024, and globally by 2030.

Will not provide financing to any new coal-fired power stations, regardless of technology or jurisdiction; will not provide financing to thermal coal mines outside of South Africa; will not provide project financing for new thermal coal mines, regardless of jurisdiction, from 1 January 2025.

Divested an estimated $4b from securities related to fossil fuel companies.

By 2040, net zero greenhouse gas emissions.

Will not engage in new investment and financing in coal-fired power generation projects.

Substantially ceased coal insurance and divested coal assets.

Excludes financing the construction of conventional coal-fired power plants.

Will not finance companies generating >5% of revenue from thermal coal, covering coal-fired energy production companies and/or mining companies that are extracting thermal coal. Will not finance or refinance companies with expansion plans for thermal coal or new and pre-construction phase thermal coal activities.

Excludes both coal power generation projects and coal mining.

Tightened policy for coal-fired thermal power generation sector.

Will not provide officially supported export credits or tied aid for: the export of new coal-fired electricity generation plants or parts thereof, comprising all components, equipment, materials and services directly required for the construction and commissioning of such power stations; and, the export supply of equipment to existing coal-fired electricity generation plants. These prohibitions do not apply to coal-fired electricity generation plants that operate with effective carbon capture utilisation and storage (CCUS) facilities or the retrofitting of existing coal-fired electricity generation plants to install CCUS.

Excludes only new thermal coal power plants and coal mining firms whose revenue from coal >50%.

Has sold all its investments in fossil fuels.

From 2020, will phase out investments in coal.

By 2025, no new purchases in companies that derive >10% of turnover from coal extraction or burning.

Will eliminate any exposure to companies carrying out activities related to the production and extraction of fossil fuels by December 2020.

Will no longer provide financing for new coal mining and new coal power projects overseas.

Commitment to progressively reduce exposure to coal mining and coal power.

Excludes coal-fired power plants only.

Has a coal exit policy as part of its net zero emissions by 2050 pledge, with an interim target for a 25% reduction in carbon emissions of all shareholder and policyholder assets by 2025.

Will not invest and insure directly in thermal coal companies. By 2030, will have exited all support for the thermal coal industry.

Excludes both coal mining and coal-fired power plants.

Will not do business with companies generating >25% of their revenues from thermal coal mining, energy and trading companies.
Will not provide new loans to existing coal clients.
Will not provide any new financial services for new or existing thermal coal power plants or mines, nor participate directly in (re-)financing for such companies.

Will not provide project financing for new coal power plants and coal mines.

No new financing of coal mining and thermal power production after 2022.

By 2031, will phase out lending to coal-fired power plants.

Divested from mining companies and power producers that generate >10% of revenue from thermal coal.

No new investments and insurance cover in companies generating >30% revenue from coal mining or power generation from thermal coal.

Will stop any new coal-related business, including investment, construction, and trading. Ongoing projects will be gradually closed or withdrawn from. Can still invest in a firm generating <50% of revenue from thermal coal power projects.

Substantially ceased coal insurance and divested coal assets.

Will not provide officially supported export credits or tied aid for: the export of new coal-fired electricity generation plants or parts thereof, comprising all components, equipment, materials and services directly required for the construction and commissioning of such power stations; and, the export supply of equipment to existing coal-fired electricity generation plants. These prohibitions do not apply to coal-fired electricity generation plants that operate with effective carbon capture utilisation and storage (CCUS) facilities or the retrofitting of existing coal-fired electricity generation plants to install CCUS.

No new coal financing.

Will avoid entering into new business relationships with companies where >5% of revenues are derived from coal-fired power generation and companies with a material share of revenues (>15%) derived from coal-fired power generation. Similar criteria for coal mining companies and business activities.

Both coal mining and coal-fired power plants. Will phase out exposure to coal mining and coal-fired power by 2030 in EU/OECD and by 2040 worldwide.

Will not underwrite any new insurance policy and stop investments and financing for new and existing coal-fired power plants and coal mines. However, will give exemptions for new and existing coal power plants and mines using technologies such as carbon capture and storage or ammonia co-firing.

Prohibits financing for the construction of new coal-fired power plants and for the expansion in generating capacity of existing coal-fired power plants; financing new coal mines only when there is an overall positive environmental impact.

Excludes both coal mining and coal-fired power plants.

Excludes companies with >5% of revenue from coal-related activities. By 2026, total exit from coal, and carbon neutral by 2050.

SMBC Group will not provide new project finance and corporate finance tied to facilities for new or existing coal-fired power generations under the current credit policy. Current lending exposure is expected to be reduced to zero by 2040 due to scheduled repayments. SMBC Group will not provide support for new or expansion of existing thermal coal mining projects.

Excludes coal-fired power plants construction, will not provide financing for any new coal extraction projects (general coal) or coal mining businesses that use the mountaintop removal method.

Committed to phase out underwriting, investment and lending exposure to thermal coal electricity generation by 2025.

Will not provide officially supported export credits or tied aid for: the export of new coal-fired electricity generation plants or parts thereof, comprising all components, equipment, materials and services directly required for the construction and commissioning of such power stations; and, the export supply of equipment to existing coal-fired electricity generation plants. These prohibitions do not apply to coal-fired electricity generation plants that operate with effective carbon capture utilisation and storage (CCUS) facilities or the retrofitting of existing coal-fired electricity generation plants to install CCUS.

Will not enter into new business relationships with, or finance, companies that operate within coal mining. Will not directly finance new coal mines or the expansion of existing mines, new coal power plants or the expansion of existing plants, or companies that operate in the construction of coal power plants. Will not initiate any new business relationships with or finance companies involved in coal power production, unless the company is deemed to be a ‘company in transition’ according to the more detailed definitions provided by the Head of Group Sustainability in their instructions to business operations.

Excludes companies mining and producing coal to >5% of its turnover, and is not directly financing coal-fired power plants.

Will not provide officially supported export credits or tied aid for: the export of new coal-fired electricity generation plants or parts thereof, comprising all components, equipment, materials and services directly required for the construction and commissioning of such power stations; and, the export supply of equipment to existing coal-fired electricity generation plants. These prohibitions do not apply to coal-fired electricity generation plants that operate with effective carbon capture utilisation and storage (CCUS) facilities or the retrofitting of existing coal-fired electricity generation plants to install CCUS.

No re-insurance to businesses with more than 30% exposure to thermal coal utilities or mining and complete exclusion of coal from investment. Plans to completely phase out thermal coal from its treaty reinsurance by 2030 for OECD countries and 2040 for the rest of the world.

By close of 2023, will have exited coal-investment holdings.

Will not invest in new coal-fired power generation.

Will not provide new underwriting capacities or financing to coal-fired power generation projects or thermal coal mining projects, regardless of whether they are newly constructed or not.

Excludes all companies involved in coal mining (a threshold of 5% of company revenue applies, as well as a maximum company coal production of 10 megaton per year); and coal power plants (a threshold of 5% of company revenue applies, as well as a maximum installed capacity of 5 gigawatt in case of power generation).

Will not provide officially supported export credits or tied aid for: the export of new coal-fired electricity generation plants or parts thereof, comprising all components, equipment, materials and services directly required for the construction and commissioning of such power stations; and, the export supply of equipment to existing coal-fired electricity generation plants. These prohibitions do not apply to coal-fired electricity generation plants that operate with effective carbon capture utilisation and storage (CCUS) facilities or the retrofitting of existing coal-fired electricity generation plants to install CCUS.

No financing for coal-fired power plants, greenfield coal mining projects.

Will not provide officially supported export credits or tied aid for: the export of new coal-fired electricity generation plants or parts thereof, comprising all components, equipment, materials and services directly required for the construction and commissioning of such power stations; and, the export supply of equipment to existing coal-fired electricity generation plants. These prohibitions do not apply to coal-fired electricity generation plants that operate with effective carbon capture utilisation and storage (CCUS) facilities or the retrofitting of existing coal-fired electricity generation plants to install CCUS.

Halting all lending for thermal coal projects by 2023, and complete phase out by 2028.

By 2025, will have ended investment in coal.

Substantially ceased coal insurance and divested coal assets.

Will divest from investments in publicly traded companies in the coal energy sector by end of 2020.

Excludes coal-fired power plants only.

No new investments in companies with coal-based operations accounting for >10% of their revenue, electricity generation or generation capacity. Phase out all thermal coal investments by 2025.

No new direct investments into companies: with >30% share of sales from thermal coal mining; and/or which produce yearly >20 million tonnes of thermal coal; and/or which generate >30% of their total power generation from thermal coal; and/or which generate yearly >10 GW energy out of thermal coal. Underwriting: Since May 2019 no insurance of any new coal mining or coal power plant construction project. Phasing out (no renewal) of existing risk insurance of coal mines, coal plants or energy sector companies which: generate >30% share of sales from thermal coal mining; and/or produce yearly >20 million tonnes of thermal coal; and/or generate >30% of their total power generation from thermal coal; and/or generate yearly >10 GW energy out of thermal coal.

Zero lending exposure to companies with >5% of their revenue coming directly from thermal coal mining by 2030. No project finance to greenfield coal-fired power generation facilities.

Will stop any new project financing or bond investment into establishing coal power plants and retrieving all capital invested in existing coal projects after maturity date.

Excludes coal-related investments from its loans and risk-sharing facilities with financial institutions.

Will not finance new coal-fired thermal power plants and new coal mining projects.

Will not underwrite or invest in companies that: generate >30% of their revenue from mining thermal coal, or produce >20 million tons of thermal coal per year; are in the process of building new coal projects; or are purpose-built (or “dedicated”) transportation infrastructure operators for thermal coal products, including pipelines and railway transportation.