The climate crisis is accelerating. To limit average global temperature rise below 1.5°C, the world needs to immediately stop all fossil fuel expansion. Both the IPCC and the IEA agree that this requires an immediate end to all investments in new coal, oil, and gas.
Yet, the use of coal for power generation is still expanding, especially in Asia. To stop the climate crisis from further unfolding, this coal expansion must stop, now!
In 2023 alone, commercial banks provided more than $80 billion to the coal power industry globally, with no sign of slowing down.
Our research shows a planned expansion of coal power capacity in Asia of more than 39.7 GW, with 44 new coal-fired power plants being announced or proposed for the region. We further identified 98 commercial banks likely to be approached to provide the necessary finance for this expansion. If we stop these banks from financing these projects, then they will not happen.
#ENDCOALFINANCE NOW!
Our campaign aims to stop all bank finance for coal power expansion in Asia.
We identified 44 proposed and/or announced coal-fired power projects in South- and Southeast Asia (excluding China) that are currently seeking financial coverage - our Coal Dodgy Deals.
We then determined which banks are likely to be approached to finance these projects, because they financed coal projects and coal companies in Asia in the past, or because of their previous financing of specific companies and coal projects elsewhere - our Coal Banks.
Finally, we reached out to all 98 banks, seeking written commitment to not finance any of the 44 Coal Dodgy Deals and demanding that they develop policies that exclude financing coal expansion altogether. You can find their responses below.
Our campaign has just begun and will continue until all banks stop financing new coal projects and companies still expanding coal.
The map below shows 44 coal power projects that have been recently announced or proposed for finance. If they all are developed, overall coal-fired power generation capacity in the host countries will expand by 10%.
Note on excluding China: Our geographic focus for the identification of coal power expansion projects excludes China. The Chinese coal industry currently dwarfs that of the rest of the world, standing at about 95% of planned coal capacity, but decisions on coal power expansion are determined centrally and motivated by national policy interests. Financiers of coal in China are generally state-owned, public banks, giving loans to state-owned developers. Finally, President Xi announced in 2021 at the UN General Assembly that the country would not build new coal power assets overseas. The scope of this declaration and its consequences on announced projects that see the involvement of Chinese developers is however not yet clear. For these reasons, the focus of our work is on the rest of Asia, as the world’s “growth engine” of coal.
We have engaged with 98 commercial banks, asking them to commit in writing to:
Here is how they responded.
According to our research, the banks below are likely to be approached for financing the highest number of new coal power projects. None of these twelve banks has made any written commitment to rule out their finance for these projects.
Darlipali Power Station Unit 3, Kamalanga Power Station Phase II Unit 4, Lara Integrated Thermal Power Project Units 3 & 4, MP Adani Power Station Units 1 & 2, NTPC Seoni Power Station Phase II, Pegadapalli (Jaipur Mandal) Power Station Unit 3, Raghunathpur Thermal Power Station, Singrauli Super Thermal Power Station Units 8 & 9, Sipat Power Station National Unit 6 (Stage III), Talcher Power Station Stage III Units 1 & 2, Udupi Power Station.
The bank did not respond to our letter.
Boualapha Power Station, Houaphanh Power Station Unit 1, Jambi-1 Power Station Units 1 & 2, Jambi-2 Power Station Units 1 & 2, Na Duong Power Station Phase II Unit 1, Phonesack Xekong Power Station, Phulbari Power Station Phase I (Sinohydro), Qingdao Zhongcheng Captive Power Station Units 3-6, Sumbagsel-1 Power Station Units 1 & 2.
The bank did not respond to our letter.
Basundhara Power Station, Bithnok Thermal Power Project, Chhabra Supercritical Thermal Power Station (expansion units), Darlipali Power Station Unit 3, Lara Integrated Thermal Power Project Units 3 & 4, MP Adani Power Station Units 1 & 2, Neyveli Thermal Power Station II Units 10 & 11, NTPC Seoni Power Station Phase II, Raghunathpur Thermal Power Station, Singrauli Super Thermal Power Station Units 8 & 9, Sipat Power Station National Unit 6 (Stage III), Talabira Power Station Units 1-3, Talcher Power Station Stage III Units 1 & 2, Udupi Power Station.
The bank did not respond to our letter.
JSW Utkal Steel Power Station Units 1-3, Masinloc Power Station Units 4 & 5, NTPC Seoni Power Station Phase II, Singrauli Super Thermal Power Station Units 8 & 9, SMC Mariveles Power Station Phase II Units 5-8, Talcher Power Station Stage III Units 1 & 2.
"We have committed to achieving net-zero emissions by 2050, with our near-term targets validated by the Science Based Targets initiative (SBTi). As part of this commitment, we published the CTBC Holding Sustainable Finance Statement and pledged to end financing for thermal coal extraction and thermal coal power generation industries by 2035. (...) Our current policy may not perfectly fit your expectation. However, we reiterate our firm commitment to transitioning away from coal power generation financing. By adhering to strict criteria, supporting clients in their transition plans, and significantly investing in renewable energy. We remain dedicated to transparently reporting our progress and continuously engaging with stakeholders like you to ensure our policies align with our environmental and social responsibilities." The response was inconclusive regarding our demands.
Basundhara Power Station, Chhabra Supercritical Thermal Power Station (expansion units), Kamalanga Power Station Phase II Unit 4, MP Adani Power Station Units 1 & 2, Raghunathpur Thermal Power Station, Udupi Power Station.
The bank did not respond to our letter.
Parit Baru Power Station Units 3 & 4.
The bank did not respond to our letter.
Bithnok Thermal Power Project, Chhabra Supercritical Thermal Power Station (expansion units), Kamalanga Power Station Phase II Unit 4, Neyveli Thermal Power Station II Units 10 & 11, Raghunathpur Thermal Power Station, Talabira Power Station Units 1-3.
The bank did not respond to our letter.
An Khanh - Bac Giang Power Station (formerly Lục Nam Power Station), Boualapha Power Station, Houaphanh Power Station Unit 1, Phonesack Xekong Power Station, Phulbari Power Station Phase I (Sinohydro), Qingdao Zhongcheng Captive Power Station Units 3-6.
The bank did not respond to our letter.
Jambi-1 Power Station Units 1 & 2, Jambi-2 Power Station Units 1 & 2, Masinloc Power Station Units 4 & 5, Parit Baru Power Station Units 3 & 4, SMC Mariveles Power Station Phase II Units 5-8, Sumbagsel-1 Power Station Units 1 & 2.
The bank did not respond to our letter.
Jambi-1 Power Station Units 1 & 2, Jambi-2 Power Station Units 1 & 2, JSW Utkal Steel Power Station Units 1-3, Masinloc Power Station Units 4 & 5, Na Duong Power Station Phase II Unit 1, NTPC Seoni Power Station Phase II, Parit Baru Power Station Units 3 & 4, Phonesack Xekong Power Station, Sekong Power Station, Singrauli Super Thermal Power Station Units 8 & 9, SMC Mariveles Power Station Phase II Units 5-8, Sumbagsel-1 Power Station Units 1 & 2, Talcher Power Station Stage III Units 1 & 2.
"With regards to the requests, unfortunately, we cannot make responses on past, existing, and possible future transactions with individual case due to the confidential obligation. However, we have shared the opinions we received with the relevant departments." The response was inconclusive regarding our demands.
Basundhara Power Station, Bithnok Thermal Power Project, Chhabra Supercritical Thermal Power Station (expansion units), Darlipali Power Station Unit 3, JSW Utkal Steel Power Station Units 1-3, Kalisindh Thermal Power Station expansion, Kamalanga Power Station Phase II Unit 4, Lara Integrated Thermal Power Project Units 3 & 4, MP Adani Power Station Units 1 & 2, Neyveli Thermal Power Station II Units 10 & 11, NTPC Seoni Power Station Phase II, Raghunathpur Thermal Power Station, Singrauli Super Thermal Power Station Units 8 & 9, Sipat Power Station National Unit 6 (Stage III), Talabira Power Station Units 1-3, Talcher Power Station Stage III Units 1 & 2, Udupi Power Station.
The bank did not respond to our letter.
Chhabra Supercritical Thermal Power Station (expansion units), Kamalanga Power Station Phase II Unit 4, Koradi Thermal Power Station Units 11 & 12, MP Adani Power Station Units 1 & 2, Pegadapalli (Jaipur Mandal) Power Station Unit 3, Raghunathpur Thermal Power Station, Satpura Thermal Power Station Unit 12, Udupi Power Station.
The bank did not respond to our letter.
Of the 98 banks that we have engaged with, only 16 banks have committed to not finance any of the 44 new coal power projects identified in our research. But none of these banks have policies in place that completely exclude financing of any coal expansion.
