Banks have directed more than $385 billion into coal-fired power plants over the past three years, contrary to international commitments to decarbonize.

The NGO analysis shows that despite promises at the COP26 summit to phase out coal, banks around the world have increased financing for coal-fired power plants, allocating 385 billion dollars over the past three years. Chinese banks lead the way in financing the sector, followed by US and European banks. Shutting down coal plants is complicated, especially in developing countries, and some banks have started to relax their financial restrictions, jeopardizing global climate goals.