100 and Counting
Financial institutions are restricting fossil fuel funding
To date, over 100 and counting globally significant banks and insurers*, and asset managers and owners** have announced their divestment from fossil fuels including coal, oil, LNG, gas, oil sands and arctic drilling.
Many have also committed to reducing their fossil fuel exposure to align with the Paris Agreement’s emissions reduction target of 1.5 – 2.0° celsius.
When significant investors act, global momentum increases. The question now is, who’s next?
October 2021: India and Australia’s richest race to net zero by 2030
October 2021: Spiking coal prices: Don’t blame the energy transition
September 2021: As fossil fuel prices skyrocket globally, renewables grow steadily cheaper
September 2021: President Xi Jinping’s profound United Nations General Assembly speech
September 2021: High stakes for Asian Development Bank’s ambitious coal power retirement plan
September 2021: Harvard fossil fuel divestment can serve as model for other institutions nationally and globally
September 2021: Gas is exiting the global energy mix, providing lessons for emerging markets
July 2021: Global investors are moving away from the massive climate-related risks associated with fossil fuels
May 2021: IEA’s net zero emissions by 2050 maps the huge increase in global ambition
May 2021: Global finance is mobilising to meet East Asia’s net-zero ambition
April 2021: Fossil fuel pressure and risks mounting for multilateral development banks
March 2021: Major investment advisors BlackRock and Meketa provide a fiduciary path through the energy transition
February 2021: ANZ divesting from the world’s largest coal export port is ‘pragmatism’
February 2021: Capital markets are shifting decisively towards cleaner investments
December 2020: Malaysia’s CIMB announces coal financing phase-out by 2040 as Asia’s fossil fuel divestment drive accelerates
October 2020: Why 2020 is turning out be a pivotal year for fossil fuel exits
October 2020: Financial retreat from oil and gas tracked
October 2020: From zero to fifty, global financial corporations get cracking on major oil/gas lending exits
July 2020: Coal, LNG, petrochemical sectors face poor outlook and uphill battle for investors
June 2020: Why are corporate giants pulling out of thermal coal?
April 2020: Asian financial institutions also beginning to exit coal financing
April 2020: Coal finance is heading to its logical terminal conclusion
February 2020: Nordic region leading by example since 2013
January 2020: BlackRock takes first step towards aligning US$7 trillion fund with Paris Agreement
December 2019: Tipping point looms for fossil fuels as capital flows to renewables
December 2019: Global capital acknowledges stranded asset risks
November 2019: Global coal power set for record fall in 2019
October 2019: AXIS joins 28 global insurers exiting coal financing
August 2019: IFM Investors is the latest asset manager moving to align with Paris
July 2019: Smart countries adapt to finance industry’s exodus from coal
July 2019: Coal pipeline shrinking, stranded asset risk ballooning, renewables ever cheaper
May 2019: Asian banks add to growing number of major financial institutions exiting coal
May 2019: The global energy transformation is well underway
April 2019: Norway’s GPFG sovereign fund to invest up to $14bn in unlisted renewables
March 2019: Japan: Pivot from thermal coal to renewables is building
March 2019: First Chinese major joins over 100 global financial institutions restricting coal finance
February 2019: Over 100 Global Financial Institutions Are Exiting Coal, With More to Come
* IEEFA defines globally significant financial institutions as banks and insurers / reinsurers as having assets under management (AuM) greater than US$10billion.
** IEEFA defines globally significant asset managers / owners as having assets under management (AuM) greater than US$50 billion.
Significant financial institutions are restricted from this tally if they have AUM<US$10billion, and/or the institution’s announcement has not been followed up with public disclosure, and/or the restrictions are selectively limited.
IEEFA will continue to monitor announcements and will add or delete institutions pending implementation of said announcements.