Banks 'lent 232 bn euros to coal industry'

Nov 30, 2011
Leading banks around the world lent 232 billion euros ($308 billion) to the coal industry, one of the biggest sources of greenhouse gases, from 2005 to 2010, campaigners say

Leading banks around the world lent 232 billion euros ($308 billion) to the coal industry, one of the biggest sources of greenhouse gases, from 2005 to 2010, campaigners said here on Wednesday.

The figures, presented on the sidelines of November 28-December 9 UN in Durban, come from a trawl through the lending portfolios of 93 of the world's leading , they said.

The total value of financing for 31 major coal-mining companies and 40 producers of coal-fired electricity amounted to 232 billion over the five years.

"Our figures clearly show that coal financing is on the rise," said Tristen Taylor of Earthlife Africa Johannesburg, one of four groups that combined to compile the report, "Bankrolling Climate Change."

"Between 2005 and 2010, coal financing almost doubled. If we don't take banks to task now, coal financing will continue to grow."

Coal has emerged as the biggest single area of concern about greenhouse-gas sources.

A graphic showing the rise in CO2 emissions from coal since 1971

Emissions from coal-fired plants have rocketed as emerging giants, led by China and India, turn to a fuel that is cheap, plentiful and free of geopolitical risk, but also a massive emitter of carbon dioxide (CO2).

The top three banks lending to the coal industry, according to the report, are JP Morgan Chase, which funded 16.5 billion euros; Citi (13.7 billion) and (12.6 billion).

They were followed by Morgan Stanley (12.11 billion); Barclays (11.51 billion); Deutsche Bank (11.47 billion); Royal Bank of Scotland (10.94 billion); BNP Paribas (10.69 billion), Credit Suisse (9.49 billion) and UBS (8.21 billion).

Three Chinese banks -- Bank of China, Industrial and Commercial Bank of China and China Construction Bank -- were also listed in the top 20 lenders.

"Interestingly, almost all of the top 20 climate-killer banks in our ranking have made far-reaching statements regarding their commitment to combatting ," said Yann Louvel of BankTrack, an NGO that monitors the activities of banks.

"However, the numbers show that their money is not where their mouth is."

Levels of carbon dioxide (CO2) surged by 2.3 parts per million (ppm) between 2009 and 2010, according to the World Meteorological Organisation (WMO).

They have risen by around a third since pre-industrial times and are now at their highest in 650,000 years, say climate scientists.

A German environmental group, urgewald, and a South African campaign group, groundWork, also contributed to the report.

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jonnyboy
1.3 / 5 (13) Nov 30, 2011
STFU
omatumr
1.3 / 5 (15) Nov 30, 2011
Obviously the left hand doesn't know what the right hand is doing!

But the public is becoming increasingly aware that government science has been molded into a tool of propaganda for misuse by world leaders.

More and more scientists are speaking out, e.g., Professor David H. Douglass of the Department of Physics and Astronomy, University of Rochester:

www.pas.rochester...shed.pdf

Despite the current atmosphere of fear and uncertainty over implications of the National Defense Authorization Act bill that the US Senate is set to vote on today or later this week:

http://www.infowa...he-ndaa/

With kind regards,
Oliver K. Manuel
Former NASA Principal
Investigator for Apollo
http://myprofile....anuelo09
rwinners
4.1 / 5 (13) Nov 30, 2011
Capitalism, at it's unfettered worst.
ryggesogn2
1.8 / 5 (15) Nov 30, 2011
Notice 'LOAN', which means a private industry is obligated to repay private loans.
Unless govts set in and make the coal industry loose profit so they cannot repay the loans.
But then, govts GIVE taxpayer money to solar companies that are bankrupt and windmills that must be subsidized.
omatumr
1.5 / 5 (8) Dec 01, 2011
The National Defense Authorization Act:

"requires the military to dedicate a significant number of personnel to capturing and holding terrorism suspects in some cases indefinitely even those apprehended on U.S. soil. And they authorize the military to do so regardless of an accused terrorists citizenship, even if he or she is an American captured in a U.S. city."

That may be used against scientists who criticized world leaders and leaders of the scientific community for joining forces with the climate scientists that fudged global temperature data.

See today's news in:

1. Slate:

www.slate.com/art...ns_.html

2. Canadian Free Press:

www.canadafreepre...le/42805

3. Huffington Post:

www.huffingtonpos...166.html
omatumr
1.5 / 5 (8) Dec 01, 2011
Earths climate changes because Earth's heat source is unstable and has always changed.

www.pas.rochester...shed.pdf

www.thegwpf.org/i...orms.pdf

http://arxiv.org/pdf/0905.0704

http://ngm.nation...dex.html

http://arxiv.org/.../0501441

For four decades government scientists hid or ignored experimental data and observations in order to promote the illusion that CO2 caused climate change:

Deep roots of the global climate scandal (1971-2011)

http://dl.dropbox...oots.pdf

That propaganda was designed to unite nations against an imaginary common enemy - global climate change - and to equalize the standard of those living under a one world government.
Howhot
not rated yet Dec 02, 2011
Yeap.. Sound like troll talk. Ignore them.

This link says it all:

http://www.youtub...dlItQkXs