Combined, the five banks issued about $1.5 billion in new coal-related loans last year, according to Rainforest Action Network. The analysis includes loans to companies like Glencore and BHP Billiton, which produce commodities like copper and oil in addition to coal. The analysis looked only at new loans, not at the banks’ overall exposure to the coal industry. The banks made their pledges around the time that world leaders negotiated the Paris agreement to reduce carbon emissions. In March 2016, JPMorgan said it would eliminate such financing, as well as stop lending to new coal mines.

Source: New York Times May 28, 2018 15:45 UTC