Overseas Coal Projects Receive Finance From Chinese Banks Amid Climate Change Concerns
The world has still not healed completely from the pandemic Coronavirus, and yet, it has started to face other monster-sized issues such as climate change, along with the earthquakes and cyclones here and there. While the ongoing year continues to remain just a little less than awful, the nations are slowly moving towards the ‘new normal.’
The devastating and uncontrollable disease Covid-19 emphasizes how we are unprepared to deal with any large scale catastrophe. At the same time, it also notifies how insensitive we have been towards nature all this while, and we still are.
While all the major economies are desperately looking for ways to deal with climate change, people are curious about how China takes a stance regarding this. Reportedly, the Asian country’s banks are continuing to give finance to the Coal Projects.
Climate Crisis and Financial Sector
Over the last few months, financial giants and investment firms have been proactively taking part in the initiative to save the environment we all share.
Recently, the most prominent asset management firm, BlackRock, has declared its decision to divest the funds of most thermal coal businesses. Moreover, a renowned insurance company AXA, along with 18 other sizeable insurance firms, have announced that they will be restricting coverage for and investment in coal.
The way, from all the aspects, we are witnessing a positive change in the approach towards the environment this year, a noticeable shift in the climate is anticipated, although the list doesn’t end here.
Lately, the Royal Bank of Scotland too has asserted that it will stop financing the coal Projects by 2030.
US’s top names in finance have taken some really important actions to control the deterioration of the climate. In recent times, JPMorgan Chase, Goldman Sachs, Citi, and Morgan Stanley have improved their policies regarding coal. Asian countries are also coming forward to save the climate from further disturbance. Two major Japanese firms SMFG and Mizuho, have tightened their coal funding policies.
It seems in the last few years that nations and multinational firms have started taking environmental concerns seriously. Fossil fuels and coal businesses are slowly witnessing a lack of support because of this. It is to be seen how these measures, which are being taken quite frequently these days, affect the climate till the year-end. While this year has started with a lot of bad news, we hope to see some good ones too till December 2020.