UK banks are Europe’s biggest coal financiers, report finds
Summary
UK banks have been the largest funders of the coal industry in Europe, providing $8.3 billion since 2021, which is more than banks in Germany and France. Barclays and HSBC increased their coal financing during this period, despite making public commitments to reduce such funding.Key Facts
- UK banks provided $8.3 billion in coal-related financing from 2021 to 2025.
- German banks gave $4.9 billion, and French banks gave $3.4 billion in the same period.
- Barclays’ coal financing rose by 34%, from $1.2 billion in 2022 to $1.6 billion in 2025.
- HSBC’s coal financing more than doubled from $200 million to $414 million.
- The report was done by Urgewald, a German environmental and human rights group.
- Barclays said it does not fund companies with over 30% of revenue from thermal coal and is supporting cleaner energy projects.
- HSBC aims to phase out financing for thermal coal power and mining by 2030 in developed markets and by 2040 elsewhere.
- Globally, Chinese banks provide the largest share of coal financing, with $289 billion, and funding by US banks also increased.
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