, 11 tweets, 5 min read Read on Twitter
Globally significant financial institutions are exiting the thermal #coal sector. To-date, over 100 firms have restricted coal finance, ceased thermal coal insurance and/or divested coal and coal-fired power plants globally from their portfolios. ieefa.org/ieefa-report-e…
Capital is fleeing the rising stranded asset risk of thermal coal as more and more globally significant financial institutions move to a policy framework more aligned with the Paris Climate Agreement. The growing global focus on TCFD means this will accelerate. @ieefa_institute
Since the start of 2018, 34 globally significant financial institutions have announced new coal divestment/restriction polices. In 2019 to-date, VIG of Austria, Varma of Finland, Nedbank of South Africa, Barclays Bank UK & Export Development Canada have all announced.
If you are with a major Australian bank, unless you are with Bendigo Bank or Bank Australia, your bank has a climate risk policy not remotely consistent with the @IEA's Beyond 2 degrees C (B2DC) scenario on the Paris Agreement.
These moves by global financial institutions are consistent with recent decisions to exit coal-fired power plant development by Japan's Marubeni Corp + the exit of thermal coal by ITOCHU/Mitsui & Co, plus even @Glencore's new climate policy.afr.com/news/politics/… by @M_Ludlow
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