With our new website "Still Banking On Coal" we show: In the last three years the global banking industry provided US$470 billion to our climate's worst enemy. 

On June 12, 2019, the Norwegian Parliament has voted in favor of the government’s proposal to tighten the coal exclusion criteria of Norway’s Government Pension Fund Global (GPFG), Europe’s largest sovereign wealth fund. The decision followed a longstanding campaign by Urgewald an Norwegian partners. According to research by Urgewald and Framtiden i våre hender (FIVH), this affects 8 coal companies that will be divested. The NGOs estimate the volume of the new divestment action to total €5.1 billion. The Pension Fund has now adopted 2 of the 3 coal exclusion criteria Urgewald put forward in 2015.

We all know the coal industry is the number one driver of climate change, damages peoples’ health and destroys the environment. But do we really know which companies belong to the industry? And more importantly, do banks and investors know? From our portfolio analyses and in-depth discussions with many major banks and insurers, we have reached the conclusion that financial institutions systematically underestimate their holdings in the coal industry. To address this blind spot, we have developed a unique divestment tool: The Global Coal Exit List (GCEL). 

The purpose of international development banks is to eliminate or reduce poverty, while protecting the environment. However, this is precisely where they often fail. What is wrong with them? How can NGOs like Urgewald change the way they are allocating their funds? A look behind the scenes of development finance, disastrous projects and the fight of NGOs for stronger standards.