Banks plough billions into coal ‘as if Glasgow never happened’

Global banks channeled more than $385-billion to the coal power industry over the past three years, with annual flows increasing last year from 2023, according to analysis by a group of nonprofits. At the COP26 climate summit in Glasgow in 2021, almost 200 governments agreed to phase down coal and many of the world’s largest commercial banks committed to decarbonize their portfolios. Four years on, those pledges have failed to make a dent on financial flows.