Despite the downward trend of coal financing, money is still going into the industry. In the past 14 years, the industry received $15 billion from banks.
This is AI generated summarization, which may have errors. For context, always refer to the full article.From 2009 to 2020, local banks funded $4.3 billion for the renewable industry. But after the coal moratorium in 2020, financing drastically increased in just a span of three years, amounting to $3.7 billion.
While the decline in coal financing had been “drastic,” said Avril de Torres, deputy executive director of CEED, they are still concerned because a huge amount of money is still coming in. “That’s a question that we want to keep answering as we continue scoring the banks,” she said. “But we do believe that the end of coal is near.”
However, despite this trend, banks continue to finance coal. In the past 14 years, the 15 banks in the report financed the coal industry with $15 billion. Meanwhile, the renewable industry got $8 billion in 14 years.
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