Finance is leaving thermal coal

To date, over 100 and counting globally significant banks and insurers / reinsurers with assets under management (AUM) or loans outstanding larger than US$10 billion have announced their divestment from coal mining and/or coal-fired power plants.

When significant investors act, global momentum increases. The question now is, who’s next?


Multilateral Development Banks
Central Banks
Global Banks (Private)
Export Credit Agencies
Development Finance Institutions
Insurers / Reinsurers
Asset Managers / Owners

Even for companies that have good projects it’s very difficult for them to raise any money in these markets

Caroline Donally, managing director, Denham Capital

The trend in financial markets is that you see fewer and fewer investors still willing to fund fossil fuels

Eskom CEO Phakamani Hadebe

We are aware that financial institutions are adopting policies that restrict coal financing

Enea’s CEO, Miroslaw Kowalik

To pull millions out of poverty, we need reliable and affordable electricity

Up until now, that has meant burning coal. This cannot continue.

José Viñals, Chairman, Standard Chartered

We will not be making additional investments in coal plants

Ayala Corp President Eric Francia

The cost of insuring mines is getting more expensive

Chief Executive Officer Mxolisi Mgojo, Exxaro Resources Ltd.

The coal industry is in terminal decline

The large impact we foresaw from the market disappearing, we always saw as out there in the future. Well, the future is now.

Guillermo Fonseca, CEO of Cerrejon

As a coal producer, it is harder to attract capital

New Hope Chief Executive Shane Stephan

The project financing ability of new coal projects is frankly becoming harder and harder

CFO Doug Gain, Seriti Resources Holdings Ltd.

Banks are increasingly reluctant to fund coal related projects

Dileep Srivastava, director at Bumi Resources, Indonesia

About 85% of the market now don’t want to finance coal power plants

Dharma Djojonegoro, Deputy CEO, PT Adaro Power

You talk to anyone at the moment, they say there’s no money

Boris Kamstra, executive director, Alphamin Resources

Coal is the past, and renewable energy is the future. We're getting out of coal

African Development Bank President Akinwumi Adesina

We are in a transition and will end up without material thermal coal

Anglo American Chief Executive Officer Mark Cutifani 

It’s a magical alignment that’s igniting and accelerating a transition

Without the economics, would be much harder.

Antonello Cammisecra, CEO Enel’s gas, coal, oil and green power generation worldwide

By going coal free, we are sending a strong signal on the urgency of shifting from fossil to renewable energy

KLPs CEO Sverre Thornes

Global Financial InstitutionTypeCountry and/or HeadquartersCoal Finance RestrictionsRestrictions IntroducedLatest
ABN AmroBankNetherlandsBoth coal mining and coal-fired power plants2017-05
ABSABankSouth AfricaWill not fund new coal-fired electricity generation unless under extenuating circumstances2020-04
AchmeaInsurer / ReinsurerNetherlands>30% of the revenue2020-06
Aegon N.V.Insurer / ReinsurerNetherlandsSubstantially ceased coal insurance and divested coal assets2016-052020-01
African Development Bank Group (AfDB)Multilateral Development BankCôte d'Ivoire2019-09
AG2R La MondialeInsurer / ReinsurerFranceSubstantially ceased coal insurance and divested coal assets2018-072020-03
AgeasInsurer / ReinsurerBelgiumNo new investment in thermal coal2019-122020-02
Agence Française de Développement (AFD)Multinational Development BankFranceReducing total fossil fuel exposure20142019
AIAInsurer / ReinsurerAsia PacificDivesting all directly managed equity and fixed income exposure to coal mining and coal-fired power businesses by end of 2021 for equity and 2028 for fixed income; and not permitting any new investments within businesses involved directly in mining coal or generating electricity from coal.2021-03
AkbankBankTurkeyWill no longer finance coal2021-04
AllianzInsurer / ReinsurerGermanySubstantially ceased coal insurance and divested coal assets.
From 2023 will no longer provide property and casualty insurance to coal companies above 25%.
ANZ (Australia and New Zealand Banking Group)BankAustraliaWill not finance new builds of conventional coal-fired power plants2019-122020-10
Asian Infrastructure Investment Bank (AIIB)Multilateral Development BankChina2017-01
Autriche Oesterreichische Kontrollbank AG (OeKB)Export Credit AgencyAustriaExcludes coal power unless Ultra Super Critical with emissions <750g CO2/kWh20152017-10
AvivaInsurer / ReinsurerUKSubstantially ceased coal insurance and divested coal assets2015-072017
AXAInsurer / ReinsurerFranceFully phasing out coal by 2030 in EU and OECD countries and by 2040 elsewhere2015-052019-11
AXIS CapitalInsurer / ReinsurerBermuda2019-10
Bâloise HoldingInsurer / ReinsurerSwitzerlandIssuers with coal sales > 30%2019-12
Banco Bilbao Vizcaya Argentaria (BBVA)BankSpainBoth coal mining and coal-fired power plants2018-022019-03
Banco Nacional de Desenvolvimento Econômico e Social (Brazilian Development Bank) (BNDES)Development Finance InstitutionBrazil2016-10
Banco National de Comercio ExteriorExport Credit AgencyMexicoExcludes coal power unless Ultra Super Critical with emissions <750g CO2/kWh20152017-10
Banco SantanderBankSpainBy 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.2018-112021-02
Bank J. Safra SarasinBankSwitzerland2017
Bank of ChinaBankChinaFrom 4QCY2021, except for projects already signed, will no longer provide financing for new coal mining and new coal power projects overseas2021-09
Banque de France (BdF)Central BankFrancePlanning to exit the coal sector by 2024. This exclusion only applies to Banque de France’s “own funds” and pension fund. 2018-032021-01
BarclaysBankUKBoth coal mining and coal-fired power plants2018-042020-04
Bayerische Landesbank (BayernLB)BankGermanyExclude financing for the construction of new coal-fired power plants2020-05
Belfius BankBank / InsurerBelgiumDoes not finance companies that are active in the extraction of coal2019-12
BNP ParibasBankFranceBoth coal mining and coal-fired power plants2015-052020-05
Bpifrance Assurance ExportExport Credit AgencyFranceExcludes coal power unless Ultra Super Critical with emissions <750g CO2/kWh20152017-10
CaixaBankBankSpainWill assume no credit risk in new projects which has exposure in coal: new mines or expansion of existing mines.
Will assume no credit risk in new long-term transactions or arrangements requested by companies with the following characteristics: Companies at which coal extraction accounts for over 40% of their consolidated revenue.
California State Compensation Insurance FundInsurer / ReinsurerU.S.Substantially ceased coal insurance and divested coal assets2017-06
Cathay Financial Holdings 國泰金控BankTaiwanCathay United Bank 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.2020-082020-08
Chubb InsuranceInsurer / ReinsurerU.S.Substantially ceased coal insurance and divested coal assets2019-07
CIMBBankMalaysiaPhasing out coal from its portfolio by 20402020-12
CitiBankU.S.No project-related financing for new thermal coal mines or expansions of existing mines.
By 2030, a plan to phase out financing for companies deriving ≥25% of their revenue from thermal coal mining, with interim targets.
No project-related financing for new coal-fired power plants or expansions of existing plants.
CNP AssurancesInsurer / ReinsurerFranceWill exit thermal coal by 2030 in EU and OECD countries, and by 2040 in the rest of the world20182020-02
CommerzbankBankGermanyBoth coal mining and coal-fired power plants2018-03
Commonwealth Bank of AustraliaBankAustraliaZero thermal coal exposure by 20302019-08
Compañía Española de Seguros de Crédito a la Exportación (CESCE)Export Credit AgencySpainExcludes coal power unless Ultra Super Critical with emissions <750g CO2/kWh20152017-10
Crédit Agricole GroupBankFranceBoth coal mining and coal-fired power plants2015-032020-10
Credit SuisseBankSwitzerlandExcluding thermal coal mining and new coal-fired power plants2017-032020-07
Danske Bank GroupBankDenmarkRestrictions on companies getting revenue from tar sands and thermal coal extraction and generation2020-012021-03
DB InsuranceInsurer / ReinsurerSouth KoreaStopping coal project financing 2019-12
DBS BankBankSingaporeBoth coal mining and coal-fired power plants2018-012021-04
Desjardins GroupBankCanadaWill 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 greater than 10%, or 5 GW, installed coal power generation capacity2020-12
Deutsche BankBankGermanyBoth coal mining and coal-fired power plants2017-012020-07
Deutsche Investitions- und Entwicklungsgesellschaft (DEG) - a subsidiary of KfWDevelopment Finance InstitutionGermany2016-052020-11
DnB ASABankNorway2016-08
DZ BankBankGermanyExcluding coal-fired power plants only2017-032017-11
Eksport Kredit Fonden (EKF)Export Credit AgencyDenmarkExcludes coal power unless Ultra Super Critical with emissions <750g CO2/kWh2017-10
Erste Group Bank AGBankAustriaProgressively reducing financing for thermal coal mining and power generation sectors to achieve net zero by 20302021-03
Euler Hermes AktiengesellschaftExport Credit AgencyGermanyExcludes coal power unless Ultra Super Critical with emissions <750g CO2/kWh20152017-10
European Bank for Reconstruction and Development (EBRD)Multilateral Development BankUK2018-12
European Investment Bank (EIB)Multilateral Development BankEuropean UnionNo longer considering new financing for unabated, fossil fuel energy projects, including gas, from the end of 2021 onwards2013-072019-11
Export Development Canada (EDC)Export Credit AgencyCanadaExcludes coal power unless Ultra Super Critical with emissions <750g CO2/kWh20152019
Export Finance and Insurance Corporation (Efic)Export Credit AgencyAustraliaExcludes coal power unless Ultra Super Critical with emissions <750g CO2/kWh20152017-10
Export-Import Bank of the United States (Ex-Im Bank)Export Credit AgencyU.S.Excludes coal power unless Ultra Super Critical with emissions <750g CO2/kWh20152017-10
Federal Bank LimitedBankIndiaWill discontinue financing of any new-coal related projects, including coal-fired power projects2021-10
FinnveraExport Credit AgencyFinland2017-10
FirstRand LimitedBankSouth AfricaWill no longer finance new coal-fired power plants.
From 2026, will no longer provide direct project finance to new coal mines.
FMODevelopment Finance InstitutionNetherlandsWithin 5 years, will phase out direct investments in integrated mid/down-stream fossil fuel activities for power generation2020-112021-06
Folksam GroupInsurer / Reinsurer SwedenReduced exposure to energy sector within its international equity portfolio by around 50%.2019-052021-01
Generali GroupInsurer/ReinsurerItalyBy 2030, will phase out issuers operating in the thermal coal sector in OECD countries, and 2040 in the rest of the world2018-112021-06
Groupe des Assurances Mutuelles Agricoles (Groupama)Insurer / ReinsurerFranceSubstantially ceased coal insurance and divested coal assets2018
Hana Financial GroupBankSouth KoreaHalting financing for projects related to building coal-fired power plants at home and abroad. Plans to be carbon neutral by 20502021-03
Hannover Re / Talanx GroupInsurer / ReinsurerGermanySubstantially ceased coal insurance and divested coal assets2018-062019-04
Hanwha GroupInsurer / ReinsurerSouth KoreaSix financial divisions will not fund the construction of any coal-fired power plants, nor will they underwrite bonds issued by special purpose companies (SPCs) 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 plants2021-01
HSBC HoldingsBankUKNo new project financing of arctic oil and gas and no new Greenfield oil sands projects.2016-102020-04
Hyundai Marine & Fire Insurance Insurer / ReinsurerSouth KoreaWill stop underwriting coal power projects2021-06
IAGInsurer / ReinsurerAustraliaCeasing underwriting entities predominately in the business of extracting fossil fuels and power generation using fossil fuels by 20232019-11
Ilmarinen (Keskinäinen Eläkevakuutusyhtiö Ilmarinen)Insurer / ReinsurerFinlandExcluding thermal coal mining only20162020-02
ING GroupBankNetherlandsBoth coal mining and coal-fired power plants2015-112017-12
Inter-American Development Bank (IDB)BankUS2020-09
Intesa Sanpaolo S.p.A.BankItalyBy 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.
InvestecBankSouth Africa86% of its energy book is low emissions.
Committed to the Paris Agreement, and to public transparency in annual reporting.
JPMorgan Chase & CoBankU.S.Will not refinance loans on existing coal plants or provide money or advice to companies making most of their revenue from coal. Existing loans would b2020-02
KB Financial GroupBankSouth KoreaHalting financing construction of coal-fired power plants2020-09
KBC GroupBankBelgiumFrom 1 April 2021, mandatory transition plan for coal firms and coal-fired power stations.
From 1 January 2021, mining companies that extract coal excluded from all investment funds, as are utilities deriving >25% of energy production from coal
Korea Development Bank (KDB)BankSouth Korea2021-04
Korea Trade Insurance Corporation (K-SURE)Export Credit AgencySouth KoreaExcludes coal power unless Ultra Super Critical with emissions <750g CO2/kWh20152017-10
Korporacja Ubezpieczén Kredytów Eksportowych (KUKE)Export Credit AgencyPolandExcludes coal power unless Ultra Super Critical with emissions <750g CO2/kWh20152017-10
Kyobo Life Insurance Co., Ltd. Insurer / ReinsurerSouth Korea2021-06
Landesbank Baden-Württemberg (LBBW)BankGermanyNo financing of projects that are run by energy suppliers for the purpose of building new or expanding existing coal-fired power plants or to mining companies for the purpose of constructing new coal mines or expanding existing coal mines.2019-03
Länsförsäkringar ABInsurer / ReinsurerSwedenExcluding mining companies with >5% of sales from coal; and 5% of turnover from incineration coal with exception of companies that have restructured operations2020-10
Liberty MutualInsurer / ReinsurerU.S.2019-12
Lloyd'sInsurer / ReinsurerUK2017-11
Lloyds Banking GroupBankUKBoth coal mining and coal-fired power plants. Also applying a 1.5C-aligned target to its loan book.2018-082020-01
Malayan Banking Berhad (Maybank)BankMalaysiaWill no longer finance new coal activities as part of a five-year strategy2021-05
Manulife Financial Corporation (John Hancock)Insurer / ReinsurerCanada2020-12
MAPFREInsurer / ReinsurerSpainEnded underwriting new coal projects and investing in coal companies but has not divested from sector2019-032021-03
Markel Corporation (MKL)Insurer / ReinsurerU.S.Substantially ceased coal insurance and divested coal assets2017
MetLifeInsurer / ReinsurerU.S.No new investments in miners or utilities deriving 25% or more of their revenue from thermal coal2020-07
Mitsubishi UFJ Financial Group (MUFG)BankJapanBoth coal mining and coal-fired power plants2019-072021-04
Mizuho Financial GroupBankJapanStopping financing new coal power projects and will end all loans for coal by 20502019-052020-04
Morgan StanleyBankU.S.Prohibits direct finance for new or expanded coal-fired power plants.
Prohibits direct finance for new thermal coal mines, and commits to phasing out financing for significant thermal coal mining companies that do not have a diversification strategy.
Prohibits direct finance for new oil and gas exploration and development in the Arctic.
MS&AD HoldingsInsurer / ReinsurerJapanExiting underwriting and investment in new coal-fired power plants2021-06
Munich Reinsurance Company (Munich Re)Insurer / ReinsurerGermanySubstantially ceased coal insurance and divested coal assets2018-08
National Australia Bank (NAB)BankAustraliaExcluding thermal coal mining only2017-12
NatixisInsurer / Reinsurer and BankFranceWithdrawal 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.
Natwest Group (previously Royal Bank of Scotland (RBS))BankUKBoth coal mining and coal-fired power plants2018-052020-02
NedbankBank / Asset ManagementSouth AfricaWill stop funding new thermal coal mines by 20252018-042021-04
NN Group of NetherlandsInsurer / ReinsurerNetherlandsSubstantially ceased coal insurance and divested coal assets2019-05
NongHyup Financial Group BankSouth KoreaWill stop coal investments2021-02
Norddeutsche Landesbank Girozentrale (NORD/LB)BankGermanyExcludes the possibility of financing the construction of nuclear power plants and conventional coal-fired power plants.2018
Nordic Investment Bank (NIB)Multilateral Development BankFinland2017-11
Norwegian Export Credit Guarantee Agency (Garantiinstituttet for eksportkreditt (GIEK))Export Credit AgencyNorway2017-10
OCBC BankBankSingaporeExcluding coal-fired power plants only2019-04
PNC University Banking (PNC)BankU.S.Excluding coal-fired power plants only2017-03
Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna (PKO Bank Polski)BankPolandCommitment to progressively reduce exposure to coal mining and coal power2019-042020-09
Prudential PlcInsurer / ReinsurerUKHas 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 20252021-05
QBEInsurer / ReinsurerAustraliaBy 2030, will have exited all support for the thermal coal industry.2019-032021-02
RabobankBankNetherlandsBoth coal mining and coal-fired power plants2017-01
Resona HoldingsBankJapanWill not provide project financing for new coal power plants2019
RHB Bank BhdBankMalaysiaBy 2022, will exit coal financing 2021-06
RSA Insurance GroupInsurer / ReinsurerUKNo new investments in companies generating >30%
revenue from coal mining or power generation from
thermal coal
Samsung Life InsuranceInsurer / ReinsurerSouth KoreaWill 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 projects2020-10
SCOR Global Life (SCOR)Insurer / ReinsurerFranceSubstantially ceased coal insurance and divested coal assets2017-09
Servizi Assicurativi del Commercio Estero (SACE)Export Credit AgencyItalyExcludes coal power unless Ultra Super Critical with emissions <750g CO2/kWh20152017-10
Shinhan Financial Group Co., LtdBankSouth KoreaWill reduce its investment in the coal industry and committed to net zero carbon future2020-10
Skandinaviska Enskilda Banken AB (SEB)BankSwedenExcluding coal-fired power plants only2015-11
Société Générale (SocGen)BankFranceBoth coal mining and coal-fired power plants2015-052020-07
Standard Bank of South AfricaBankSouth AfricaExcluding coal-fired power plants only2018-092020-03
Standard CharteredBankUKBoth coal mining and coal-fired power plants2016-052019-12
Sumitomo Mitsui Banking Corporation (SMBC), a subsidiary of Sumitomo Mitsui Financial Group (SMFG)BankJapanHalting new financing for all coal-fired power plants, including ultra-supercritical (USC) power plants2018-062021-05
Sumitomo Mitsui Trust Bank (SMTB)BankJapanExcluding coal-fired power plants only2018-07
SuncorpInsurer / Reinsurer AustraliaZero thermal coal exposure by 20252019-07
Svensk Exportkredit (SEK)Export Credit AgencySwedenExcludes coal power unless Ultra Super Critical with emissions <750g CO2/kWh20152017-10
Svenska Handelsbanken ABBankSweden2018
SwedbankBankSwedenExcludes companies mining and producing coal to more than 5% of its turnover, and is not directly financing coal-fired power plants.2018
Swiss Export Risk Insurance (SerV)Export Credit AgencySwitzerlandExcludes coal power unless Ultra Super Critical with emissions <750g CO2/kWh20152017-10
Swiss Reinsurance Company (Swiss Re)Insurer / ReinsurerSwitzerlandPlans to completely phase-out thermal coal from its treaty reinsurance by 2030 for OECD countries and 2040 for the rest of the world2018-072021-03
The Export-Import Bank of Korea (KEXIM)Export Credit AgencySouth KoreaExcludes coal power unless Ultra Super Critical with emissions <750g CO2/kWh20152017-10
The HanoverInsurer / ReinsurerU.S.Will cease new investments in many coal and tar sands companies and partly divest from these sectors by 20252021-03
The Hartford Financial Services GroupInsurer / ReinsurerU.S.2019-12
The Norinchukin BankBankJapanTightened policy for coal-fired thermal power generation sector2020-07
Toho BankBankJapanNo new coal-fired power generation2020-05
Tokio Marine HoldingsInsurer / ReinsurerJapanWill 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 not2020-092021-09
Türk EximbankExport Credit AgencyTurkeyExcludes coal power unless Ultra Super Critical with emissions <750g CO2/kWh20152017-10
U.S. BancorpBankU.S.Both coal mining and coal-fired power plants2017-04
UBS GroupBankSwitzerlandOver 40% cut in carbon-related assets on the balance sheet.
Over 56% increase in core sustainable investments.
No longer providing finance where stated use of proceeds is for new offshore oil projects in Arctic, greenfield thermal coal mines or greenfield oil sands projects.
Enhanced due diligence for transactions directly related to liquefied natural gas and ultra-deepwater drilling.
UK Export Finance (UKEF)Export Credit AgencyUKExcludes coal power unless Ultra Super Critical with emissions <750g CO2/kWh.
By 2050, will be entirely carbon neutral, on a net basis.
UniCreditBankItalyHalting all lending for thermal coal projects by 2023, and increasing exposure to renewable energy sector by a quarter.2019-11
UNIQA GroupInsurer / ReinsurerAustriaSubstantially ceased coal insurance and divested coal assets2019-03
United Overseas Bank (UOB)BankSingaporeExcluding coal-fired power plants only2019-04
Varma Mutual Pension Insurance Company (Varma)Insurer / ReinsurerFinlandSubstantially ceased coal insurance and divested coal assets2019-01
Vienna Insurance Group (VIG)Insurer / ReinsurerAustriaSubstantially ceased coal insurance and divested coal assets2019-02
WestpacBankAustraliaBoth coal mining and coal-fired power plants.
Has endorsed the Paris Agreement and an accelerated path to decarbonisation of coal mining and the power sector.
Woori BankBankSouth KoreaStopping any new project financing or bond investment into establishing coal power plants and retrieving all capital invested in existing coal projects after maturity date.2020-12
World BankMultilateral Development BankU.S.20132020-09^
Yapi KrediBankTurkeyWill not finance new coal-fired thermal power plants and new coal mining projects with its updated policies2021-06
Zurich Insurance GroupInsurer / ReinsurerSwitzerlandSubstantially ceased coal insurance and divested coal assets2017-112019-06


* Globally significant financial institutions are defined as banks and insurers / reinsurers with AUM>US$10billion.

Insurance companies divest coal investments across their asset portfolio and restrict the provision of insurance, while banks restrict lending and underwriting to coal companies or projects.

IEEFA will continue to monitor announcements and will add or delete institutions pending implementation of said announcements.

^ This policy was put forward by the IFC (International Finance Corporation). IFC is a subsidiary of the World Bank.


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.

Those excluded include:

Japan International Cooperation Agency (JICA) and Nippon Export and Investment Insurance (NEXI) due to flouting the OECD policy it is following.

FMO has assets of US$10bn.

Macif & Oslo has AUM<US$10bn.

Goldman Sachs and Wells Fargo as their policies are weak.

Japanese insurers have had no divestment.

The Swiss Investment Fund for Emerging Markets (SIFEM) has AUM of only US$1bn.

Iceland’s DFI as IEEFA is unable to find any information on size.

Bank Australia / Bendigo Bank have AUM<US$10bn.

A number of smaller Export Credit Agencies are not included: Belgium, Czechia, Greece, Hungary, Israel, Latvia, Luxembourg, Netherlands, New Zealand, Portugal, Slovak Republic, Slovenia and Sweden.