Despite lofty promises at the 2021 Glasgow climate summit to phase down coal, global bank financing for coal projects rose about 6% annually to $130B in 2024, per a new report from Urgewald. (Axios)
China led with $248B in coal financing over the past three years, but US banks came in second at $51B. Even Citi, the only major US bank still publicly committed to a coal phaseout, increased its exposure post-Glasgow.