Coal "blacklist" in Bonn

Coal "blacklist" in Bonn

Editorial Staff
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Many companies worldwide are contributing to the production of CO2 emissions due to their continued reliance on coal as a source of electricity generation. During the COP23 conference in Bonn, the first global database of these companies was presented with the aim of stopping the financial world from investing in them

The dossier lists 770 companies that rely on coal to produce electricity and thereby contribute to increased CO2 emissions with damaging effects on climate change. The list was presented by several environmentalist organizations at the COP23 global Climate Change Conference currently underway in Bonn, Germany. 143 of the companies on the list are in China, 95 are in India, 92 are in the United States, and 71 are in Australia. There are also many German companies, including the RWE energy group, Europe's largest coal plant operator. Most of the planned new power plants are in China, India, Turkey, Indonesia, Vietnam, and Japan. "We developed the Global Coal Exit List - stated Heffa Schuecking from Urgewald, one of Germany's main environmentalist organizations - to provide the finance industry with a concise list of companies that should be divested." Climate protection goals, say these organizations, can only be achieved if banks and investors divest from these companies completely. However, according to Urgewald, over 1,600 new power plant units are currently being planned worldwide. If built, these would expand the world's coal-fired power capacity by 42.7%. Insurance companies such as Allianz and AXA announced their intention to divest from coal some years back, while the British banking group HSBC announced a few days ago that it will provide approximately USD 100 billion in sustainable financing and investment by 2025.