Continued Growth in Asia’s Coal Sector Even After Signing of Paris Agreement: Study

In the past five years (2016–2020) since the signing of the Paris Agreement, financial institutions operating in key Asian countries identified in Fair Finance Asia's latest study have provided USD 683 billion in loans and underwriting services to companies active in coal mining and coal-fired power operations in the region.

November 11, 2021. By News Bureau

In the past five years (2016–2020) since the signing of the Paris Agreement, financial institutions operating in key Asian countries identified in Fair Finance Asia's latest study have provided USD 683 billion in loans and underwriting services to companies active in coal mining and coal-fired power operations in the region.

The biggest investors in the coal sector, based on the study, are Japan's Government Pension Investment Fund, India's Life Insurance Corporation, US asset managers BlackRock and Vanguard, and Malaysian investors Khazanah Nasional, PNB and EPF.

Coal accounts for 74% of all electricity produced in India, 66% in China, 59% in Indonesia, 52% in the Philippines, 47% in Vietnam, and between 1% and 45% in the other eight Asian countries covered in Fair Finance Asia's (FFA) new study in collaboration with Profundo, which focuses on the region's linchpin nations for just energy transition.

Together, these 13 countries[1] continue to finance, operate, and develop new coal-fired power projects with approximate life cycles of 35 to 40 years, effectively derailing Asia from aligning with the IPCC's 1.5 degrees Celsius scenario

Commenting on the study, Bernadette Victorio, Program Lead of Fair Finance Asia, says, "Just transition should be a fair and equitable process that leaves no one behind. It's disappointing that many Asian nations are not stepping up their commitments at COP26, and the lack of urgency to act is alarming especially for a region most at risk of the negative socio-environmental impacts of climate change.

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