(MENAFN) Since 2019, business banks are believed to have contributed USD1.5 trillion in the coal mining industry. According to a research published on Tuesday by the operation groups Urgewald and Reclaim Finance, financial behemoths from the United States, China, Japan, India, Canada, and the United Kingdom have a significant contribution when it comes to maintaining the coal industry’s stability, despite decision makers and corporate leaders' multiple attempts and requests for an energy shift.
According to the study, large investors from the mentioned countries account for over 80 percent of coal funding and investment.
In a research reviewed by CNBC, Katrin Ganswindt, head of financial research at Urgewald, stated that: “These financial institutions must come under fire from all quarters: civil society organizations, financial regulators, customers and progressive investors,” she continued, “These financial institutions must come under fire from all quarters: civil society organizations, financial regulators, customers and progressive investors.”
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