Financial Institutions that are Restricting Thermal Coal Funding
Updated on September 7, 2023
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 | 2017–10 |
| 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.
