The climate crisis is accelerating. To limit average global temperature rise below 1.5°C, the world needs to stop all fossil fuel expansion immediately. Both the IPCC and the IEA are clear in 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!
Since 2021, commercial banks have provided more than $385 billion to the global coal industry, with no sign of slowing down.
For South and Southeast Asia, our research shows a planned expansion of coal power capacity of more than 45 GW, with 41 new coal-fired power plants being announced or proposed for the region. We further identified 102 commercial banks likely to be approached to provide the necessary finance for this expansion.
#ENDCOALFINANCE NOW!
Our campaign aims to stop all bank finance for coal power expansion in South and Southeast Asia. This is what we have done:
First, we identified 41 proposed and/or announced coal-fired power projects in the region 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 created a network of organisations, communities, and grassroots collectives that are opposing these projects and their developers. Together, we pressured the banks to commit not to finance any of these projects and demanded that they develop policies that exclude financing coal expansion altogether.
Our campaign will continue until all banks stop financing new coal projects and companies still expanding coal.
The map below shows 41 coal power projects that have been recently announced or proposed for financing. If they are all 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 identified 102 commercial banks around the world are likely to be approached for financing these Coal Dodgy Deals. These banks:
According to our research, the banks listed below are most likely to finance the highest number of new coal power projects. These banks also present policies that are not sufficient to absolutely exclude their involvement in finance for these coal projects and their developers.
None of the 102 banks has policies in place that completely exclude financing of any coal expansion.
The State Bank of India (SBI) has committed to achieving net-zero emissions across Scopes 1, 2, and 3 by 2055, positioning itself as a climate leader within India’s financial sector. However, this ambition is undermined by the absence of a coal phase-out timeline and concrete commitments to restrict financing to companies expanding coal operations. Without such restrictions, SBI risks continued exposure to high-carbon assets that could become stranded and conflicting with its 2055 target.
Bank of India has committed to aligning with the country’s vision of achieving net-zero emissions by 2070. In April 2024, the bank adopted an Environmental, Social, and Governance (ESG) policy. However, the policy makes no reference to coal financing and it offers no restrictions regarding the financing of companies involved in the development of new coal mining or coal-fired power plant projects — including captive coal plants.
SMBC has committed to achieving net-zero greenhouse gas emissions across its entire investment and loan portfolio by 2050. It has also pledged to reduce its loan balance to coal-fired power generation to zero by 2040, not supporting new or expanded coal-fired power plant projects, nor any projects operating beyond FY2040. Additionally, it will refrain from financing new clients whose main business is coal-fired power generation. However, several policy loopholes remain: notably, the policy lacks a systematic exclusion of any company developing new coal projects—whether in mining, power generation, or captive coal plants—regardless of whether coal is their primary business or whether they are an existing client.
MUFG has committed to achieving the goals of the Paris Agreement. Accordingly, the bank states that it will not provide financing for new coal-fired power generation projects or the expansion of existing facilities. However, MUFG makes an exception for coal-fired power plants equipped with carbon capture, utilization and storage (CCUS), mixed combustion, and other technologies. This exception is not aligned with the goals of the Paris Agreement. Moreover, MUFG does not restrict financing for companies that are developing new coal-fired power plants or expanding existing ones. Since corporate finance accounts for approximately 95% of fossil fuel financing, this loophole is problematic.
Mizuho Financial Group has committed to reducing financed emissions to net-zero by 2050, in line with a 1.5ºC pathway, and it pledged to reduce its outstanding credit balance for coal-fired power generation to zero by FY2040. To do so, the bank commits to exclude financing and investment for new coal-fired power plants and expansion of existing plants. It also refrains from initiating financial relationships with companies whose primary business is coal-fired power generation or thermal coal mining. However, the policy lacks a systematic exclusion for any company developing new coal projects, including mining, power generation, or captive coal plants, regardless of whether coal is their primary business or whether they are an existing client.
In April 2025, Bank of Baroda announced its aspiration to achieve net-zero emissions by 2057. It also committed to directing at least 50% of its energy sector lending to renewable energy by 2029. However, current policies remain insufficient to align the bank’s activities with its long-term net-zero target, since the bank does not exclude financing for coal-fired power plants expansion projects or companies developing them.
Bank of China has committed to supporting China’s carbon peaking and carbon neutrality by 2060 goal. In line with this, the bank pledged to stop financing new coal mining and coal power projects outside of China from the fourth quarter of 2021, except for already contracted projects. However, Bank of China has yet to adopt a corporate-level exclusion policy for companies developing new coal projects. This gap allows the bank to continue indirectly supporting coal expansion via corporate financing and underwriting activities, even beyond China’s borders.
Union Bank of India has committed to achieving net-zero emissions across its own operations by 2035. However, this ambition is not yet extended to its financed emissions, which represent the vast majority of a financial institution’s climate impact. Furthermore, the bank has not adopted any restrictions on financing thermal coal activities—including coal-fired power generation or mining—which directly contradicts the objectives of the Paris Agreement and India's broader energy transition strategy.
The #EndCoalFinance Network promotes collaboration, cooperation and knowledge sharing among civil society organisations, grassroots movements, and affected communities campaigning against coal power projects and developing companies. The #EndCoalFinance Network is convened by:
and includes:
Top section images: Nicholas D. Cacchione & Artur_Nyk - Shutterstock
About section image: Maksim Safaniuk - Shutterstock