Financial Institutions that are Restricting Thermal Coal Funding

Updated on September 7, 2023

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Financial Institutions that are Restricting Thermal Coal Funding

To date, over 100 and counting globally significant banks and insurers* 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?

Scroll down to see the full list of banks and insurers exiting coal:

Global Financial Institution Type Country/Headquarters Coal Finance Restriction Restrictions Introduced Latest Restriction
ABN Amro Bank Netherlands Both coal mining and coal-fired power plants 2017-05
ABSA Bank South Africa Will not fund new coal-fired electricity generation unless under extenuating circumstances 2020-04
Achmea Insurer / Reinsurer Netherlands >30% of the revenue 2020-06
Aegon N.V. Insurer / Reinsurer Netherlands Substantially ceased coal insurance and divested coal assets 2016-05 2020-01
African Development Bank Group (AfDB) Multilateral Development Bank Côte d’Ivoire 2019-09
AG2R La Mondiale Insurer / Reinsurer France Substantially ceased coal insurance and divested coal assets 2018-07 2020-03
Ageas Insurer / Reinsurer Belgium No new investment in thermal coal 2019-12 2020-02
Agence Française de Développement (AFD) Multinational Development Bank France Reducing total fossil fuel exposure 2014 2019
AIA Insurer / Reinsurer Asia Pacific Divesting 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
Allianz Insurer / Reinsurer Germany Substantially ceased coal insurance and divested coal assets.
From 2023 will no longer provide property and casualty insurance to coal companies above 25%.
2015-11 2020-04
ANZ (Australia and New Zealand Banking Group) Bank Australia Will not finance new builds of conventional coal-fired power plants 2019-12 2020-10
Asian Infrastructure Investment Bank (AIIB) Multilateral Development Bank China 2017-01
Autriche Oesterreichische Kontrollbank AG (OeKB) Export Credit Agency Austria Excludes coal power unless Ultra Super Critical with emissions <750g CO2/kWh 2015 2017-10
Aviva Insurer / Reinsurer UK Substantially ceased coal insurance and divested coal assets 2015-07 2017
AXA Insurer / Reinsurer France Fully phasing out coal by 2030 in EU and OECD countries and by 2040 elsewhere 2015-05 2019-11
AXIS Capital Insurer / Reinsurer Bermuda 2019-10
Bâloise Holding Insurer / Reinsurer Switzerland Issuers with coal sales > 30% 2019-12
Banco Bilbao Vizcaya Argentaria (BBVA) Bank Spain Both coal mining and coal-fired power plants 2018-02 2019-03
Banco Nacional de Desenvolvimento Econômico e Social (Brazilian Development Bank) (BNDES) Development Finance Institution Brazil 2016-10
Banco National de Comercio Exterior Export Credit Agency Mexico Excludes coal power unless Ultra Super Critical with emissions <750g CO2/kWh 2015 2017-10
Banco Santander Bank Spain 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. 2018-11 2021-02
Bank J. Safra Sarasin Bank Switzerland 2017
Banque de France (BdF) Central Bank France Planning to exit the coal sector by 2024. This exclusion only applies to Banque de France’s “own funds” and pension fund. 2018-03 2021-01
Barclays Bank UK Both coal mining and coal-fired power plants 2018-04 2020-04
Bayerische Landesbank (BayernLB) Bank Germany Exclude financing for the construction of new coal-fired power plants 2020-05
Belfius Bank Bank / Insurer Belgium Does not finance companies that are active in the extraction of coal 2019-12
BNP Paribas Bank France Both coal mining and coal-fired power plants 2015-05 2020-05
Bpifrance Assurance Export Export Credit Agency France Excludes coal power unless Ultra Super Critical with emissions <750g CO2/kWh 2015 2017-10
CaixaBank Bank Spain Will 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.
2019-02
California State Compensation Insurance Fund Insurer / Reinsurer U.S. Substantially ceased coal insurance and divested coal assets 2017-06
Cathay Financial Holdings 國泰金控 Bank Taiwan Cathay 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. 2020-08 2020-08
Chubb Insurance Insurer / Reinsurer U.S. Substantially ceased coal insurance and divested coal assets 2019-07
CIMB Bank Malaysia Phasing out coal from its portfolio by 2040 2020-12
Citi Bank U.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.
2015-10 2020-07
CNP Assurances Insurer / Reinsurer France Will exit thermal coal by 2030 in EU and OECD countries, and by 2040 in the rest of the world 2018 2020-02
Commerzbank Bank Germany Both coal mining and coal-fired power plants 2018-03
Commonwealth Bank of Australia Bank Australia Zero thermal coal exposure by 2030 2019-08
Compañía Española de Seguros de Crédito a la Exportación (CESCE) Export Credit Agency Spain Excludes coal power unless Ultra Super Critical with emissions <750g CO2/kWh 2015 2017-10
Crédit Agricole Group Bank France Both coal mining and coal-fired power plants 2015-03 2020-10
Credit Suisse Bank Switzerland Excluding thermal coal mining and new coal-fired power plants 2017-03 2020-07
Danske Bank Group Bank Denmark Restrictions on companies getting revenue from tar sands and thermal coal extraction and generation 2020-01 2021-03
DB Insurance Insurer / Reinsurer South Korea Stopping coal project financing 2019-12
DBS Bank Bank Singapore Both coal mining and coal-fired power plants 2018-01 2021-04
Desjardins Group Bank Canada 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 greater than 10%, or 5 GW, installed coal power generation capacity 2020-12
Deutsche Bank Bank Germany Both coal mining and coal-fired power plants 2017-01 2020-07
Deutsche Investitions- und Entwicklungsgesellschaft (DEG) – a subsidiary of KfW Development Finance Institution Germany 2016-05 2020-11
DnB ASA Bank Norway 2016-08
DZ Bank Bank Germany Excluding coal-fired power plants only 2017-03 2017-11
Eksport Kredit Fonden (EKF) Export Credit Agency Denmark Excludes coal power unless Ultra Super Critical with emissions <750g CO2/kWh 2017-10
Erste Group Bank AG Bank Austria Progressively reducing financing for thermal coal mining and power generation sectors to achieve net zero by 2030 2021-03
Euler Hermes Aktiengesellschaft Export Credit Agency Germany Excludes coal power unless Ultra Super Critical with emissions <750g CO2/kWh 2015 2017-10
European Bank for Reconstruction and Development (EBRD) Multilateral Development Bank UK 2018-12
European Investment Bank (EIB) Multilateral Development Bank European Union No longer considering new financing for unabated, fossil fuel energy projects, including gas, from the end of 2021 onwards 2013-07 2019-11
Export Development Canada (EDC) Export Credit Agency Canada Excludes coal power unless Ultra Super Critical with emissions <750g CO2/kWh 2015 2019
Export Finance and Insurance Corporation (Efic) Export Credit Agency Australia Excludes coal power unless Ultra Super Critical with emissions <750g CO2/kWh 2015 2017-10
Export-Import Bank of the United States (Ex-Im Bank) Export Credit Agency U.S. Excludes coal power unless Ultra Super Critical with emissions <750g CO2/kWh 2015 2017-10
Finnvera Export Credit Agency Finland 2017-10
FirstRand Bank South Africa 2019-08
FMO Development Finance Institution Netherlands 2020-11
Folksam Group Insurer / Reinsurer Sweden Reduced exposure to energy sector within its international equity portfolio by around 50%. 2019-05 2021-01
Generali of Italy Insurer/Reinsurer Italy Substantially ceased coal insurance and divested coal assets 2018-11
Groupe des Assurances Mutuelles Agricoles (Groupama) Insurer / Reinsurer France Substantially ceased coal insurance and divested coal assets 2018
Hana Financial Group Bank South Korea Halting financing for projects related to building coal-fired power plants at home and abroad. Plans to be carbon neutral by 2050 2021-03
Hannover Re / Talanx Group Insurer / Reinsurer Germany Substantially ceased coal insurance and divested coal assets 2018-06 2019-04
Hanwha Group Insurer / Reinsurer South Korea Six 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 plants 2021-01
HSBC Holdings Bank UK No new project financing of arctic oil and gas and no new Greenfield oil sands projects. 2016-10 2020-04
IAG Insurer / Reinsurer Australia Ceasing underwriting entities predominately in the business of extracting fossil fuels and power generation using fossil fuels by 2023 2019-11
Ilmarinen (Keskinäinen Eläkevakuutusyhtiö Ilmarinen) Insurer / Reinsurer Finland Excluding thermal coal mining only 2016 2020-02
ING Group Bank Netherlands Both coal mining and coal-fired power plants 2015-11 2017-12
Inter-American Development Bank (IDB) Bank US 2020-09
Intesa Sanpaolo S.p.A. Bank Italy Will not grant new loans for investments in coal-mining projects or the construction of coal-fired plants. 2020-05
Investec Bank South Africa 86% of its energy book is low emissions.
Committed to the Paris Agreement, and to public transparency in annual reporting.
2020-03
Japan Bank for International Cooperation (JBIC) Export Credit Agency / Bank Japan Will stop funding new coal-fired power plant projects overseas 2020-04 2021-03
JPMorgan Chase & Co Bank U.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 b 2020-02
KB Financial Group Bank South Korea Halting financing construction of coal-fired power plants 2020-09
KBC Group Bank Belgium From 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
2017-09 2021-02
Korea Trade Insurance Corporation (K-SURE) Export Credit Agency South Korea Excludes coal power unless Ultra Super Critical with emissions <750g CO2/kWh 2015 2017-10
Korporacja Ubezpieczén Kredytów Eksportowych (KUKE) Export Credit Agency Poland Excludes coal power unless Ultra Super Critical with emissions <750g CO2/kWh 2015 2017-10
Landesbank Baden-Württemberg (LBBW) Bank Germany No 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 AB Insurer / Reinsurer Sweden Excluding mining companies with >5% of sales from coal; and 5% of turnover from incineration coal with exception of companies that have restructured operations 2020-10
Liberty Mutual Insurer / Reinsurer U.S. 2019-12
Lloyd’s Insurer / Reinsurer UK 2017-11
Lloyds Banking Group Bank UK Both coal mining and coal-fired power plants. Also applying a 1.5C-aligned target to its loan book. 2018-08 2020-01
MAPFRE Insurer / Reinsurer Spain Ended underwriting new coal projects and investing in coal companies but has not divested from sector 2019-03 2021-03
Markel Corporation (MKL) Insurer / Reinsurer U.S. Substantially ceased coal insurance and divested coal assets 2017
MetLife Insurer / Reinsurer U.S. No new investments in miners or utilities deriving 25% or more of their revenue from thermal coal 2020-07
Mitsubishi UFJ Financial Group (MUFG) Bank Japan Both coal mining and coal-fired power plants 2019-07
Mizuho Financial Group Bank Japan Stopping financing new coal power projects and will end all loans for coal by 2050 2019-05 2020-04
Morgan Stanley Bank U.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.
2015-11 2020-04
Munich Reinsurance Company (Munich Re) Insurer / Reinsurer Germany Substantially ceased coal insurance and divested coal assets 2018-08
National Australia Bank (NAB) Bank Australia Excluding thermal coal mining only 2017-12
Natixis Insurer / Reinsurer and Bank France Withdrawal 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.
2015-10 2020-05
Natwest Group (previously Royal Bank of Scotland (RBS)) Bank UK Both coal mining and coal-fired power plants 2018-05 2020-02
Nedbank Bank / Asset Management South Africa Excluding coal-fired power plants only 2018-04 2019-01
NN Group of Netherlands Insurer / Reinsurer Netherlands Substantially ceased coal insurance and divested coal assets 2019-05
NongHyup Financial Group Bank South Korea Will stop coal investments 2021-02
Norddeutsche Landesbank Girozentrale (NORD/LB) Bank Germany Excludes the possibility of financing the construction of nuclear power plants and conventional coal-fired power plants. 2018
Nordea Bank Finland 2015-11
Nordic Investment Bank (NIB) Multilateral Development Bank Finland 2017-11
Norwegian Export Credit Guarantee Agency (Garantiinstituttet for eksportkreditt (GIEK)) Export Credit Agency Norway 2017-10
OCBC Bank Bank Singapore Excluding coal-fired power plants only 2019-04
PNC University Banking (PNC) Bank U.S. Excluding coal-fired power plants only 2017-03
Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna (PKO Bank Polski) Bank Poland Commitment to progressively reduce exposure to coal mining and coal power 2019-04 2020-09
QBE Insurer / Reinsurer Australia By 2030, will have exited all support for the thermal coal industry. 2019-03 2021-02
Rabobank Bank Netherlands Both coal mining and coal-fired power plants 2017-01
Resona Holdings Bank Japan Will not provide project financing for new coal power plants 2019
RSA Insurance Group Insurer / Reinsurer UK No new investments in companies generating >30%
revenue from coal mining or power generation from
thermal coal
2020-01
Samsung Life Insurance Insurer / Reinsurer South Korea 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 2020-10
SCOR Global Life (SCOR) Insurer / Reinsurer France Substantially ceased coal insurance and divested coal assets 2017-09
Servizi Assicurativi del Commercio Estero (SACE) Export Credit Agency Italy Excludes coal power unless Ultra Super Critical with emissions <750g CO2/kWh 2015 2017-10
Skandinaviska Enskilda Banken AB (SEB) Bank Sweden Excluding coal-fired power plants only 2015-11
Société Générale (SocGen) Bank France Both coal mining and coal-fired power plants 2015-05 2020-07
Standard Bank of South Africa Bank South Africa Excluding coal-fired power plants only 2018-09 2020-03
Standard Chartered Bank UK Both coal mining and coal-fired power plants 2016-05 2019-12
Sumitomo Mitsui Banking Corporation (SMBC), a subsidiary of Sumitomo Mitsui Financial Group (SMFG) Bank Japan From May 1, 2020, will not provide support to newly-planned coal-fired power projects. 2018-06 2020-04
Sumitomo Mitsui Trust Bank (SMTB) Bank Japan Excluding coal-fired power plants only 2018-07
Suncorp Insurer / Reinsurer Australia Zero thermal coal exposure by 2025 2019-07
Svensk Exportkredit (SEK) Export Credit Agency Sweden Excludes coal power unless Ultra Super Critical with emissions <750g CO2/kWh 2015 2017-10
Svenska Handelsbanken AB Bank Sweden 2018
Swedbank Bank Sweden Excludes 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 Agency Switzerland Excludes coal power unless Ultra Super Critical with emissions <750g CO2/kWh 2015 201710
Swiss Reinsurance Company (Swiss Re) Insurer / Reinsurer Switzerland Plans to completely phase-out thermal coal from its treaty reinsurance by 2030 for OECD countries and 2040 for the rest of the world 2018-07 2021-03
The Export-Import Bank of Korea (KEXIM) Export Credit Agency South Korea Excludes coal power unless Ultra Super Critical with emissions <750g CO2/kWh 2015 2017-10
The Hanover Insurer / Reinsurer U.S. Will cease new investments in many coal and tar sands companies and partly divest from these sectors by 2025 2021-03
The Hartford Financial Services Group Insurer / Reinsurer U.S. 2019-12
The Norinchukin Bank Bank Japan Tightened policy for coal-fired thermal power generation sector 2020-07
Toho Bank Bank Japan No new coal-fired power generation 2020-05
Türk Eximbank Export Credit Agency Turkey Excludes coal power unless Ultra Super Critical with emissions <750g CO2/kWh 2015 2017-10
U.S. Bancorp Bank U.S. Both coal mining and coal-fired power plants 2017-04
UBS Group Bank Switzerland Over 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.
2017-04 2020-03
UK Export Finance (UKEF) Export Credit Agency UK Excludes coal power unless Ultra Super Critical with emissions <750g CO2/kWh 2015 2020-01
UniCredit Bank Italy Halting all lending for thermal coal projects by 2023, and increasing exposure to renewable energy sector by a quarter. 2019-11
UNIQA Group Insurer / Reinsurer Austria Substantially ceased coal insurance and divested coal assets 2019-03
United Overseas Bank (UOB) Bank Singapore Excluding coal-fired power plants only 2019-04
Varma Mutual Pension Insurance Company (Varma) Insurer / Reinsurer Finland Substantially ceased coal insurance and divested coal assets 2019-01
Vienna Insurance Group (VIG) Insurer / Reinsurer Austria Substantially ceased coal insurance and divested coal assets 2019-02
Westpac Bank Australia Both 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.
2017-04 2020-05
Woori Bank Bank South Korea Stopping 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 Bank Multilateral Development Bank U.S. 2013 2020-09
Zurich Insurance Group Insurer / Reinsurer Switzerland Substantially ceased coal insurance and divested coal assets 2017-11 2019-06
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Note:

* 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.

Exclusions

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.

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