Banks: do the Paris Pledge to quit coal

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The Paris Pledge is a public commitment to phase out financing for the coal industry that we invite banks to make prior to the Paris Climate summit. Banks currently involved in the financing of coal are invited to publicly pledge to phase out financing for both coal mining and coal power, and to shift their energy lending to support renewables, energy efficiency and associated low-carbon infrastructure. Banks that already rule out support for the coal sector are invited to support the campaign by pledging to continue to avoid coal finance, and to instead finance the transition to a low or no-carbon economy.

For banks, the pledge comes in two versions:

Banks that are involved in financing coal

The pledge reads as follows:

In recognition of the grave threat to the world’s’ climate posed by ongoing mining and use of coal, as well as the urgent need to transition towards a low/no carbon economy, we hereby pledge to fully phase out our finance for coal mining and coal power.

This phase-out will cover all our banking activities and services, including lending, share and bond underwriting, asset management and advisory services, and will start with an immediate end to any new coal project finance. It will be accompanied by a shift in our energy lending towards the financing of energy efficiency and renewable energy.

We commit to publish a detailed ‘coal phase-out plan’ within six months after the Paris Summit, which will include a clear time path and targets for each of our products and services. We also commit to regularly and publicly report on the implementation of our coal phase-out plan.

Signed on behalf of bank,

[name] [position] [BANK]

Banks that are NOT involved in financing coal

Their pledge reads as follows:

We confirm that we are not involved in the financing of coal mining or coal power. This covers all our banking activities and services, including lending, share and bond underwriting, asset management and advisory services.

In recognition of the grave threat to the world’s climate posed by ongoing mining and use of coal, as well as the urgent need to transition towards a low/no carbon economy, we pledge that we will continue to avoid financing coal mining and coal power, and will support the financing of renewable energy and energy efficiency.

Signed on behalf of bank,

[name] [position] [BANK]

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