Mumbai Wealth Management：Coal Havens -Asia ’s BigGest Banks Still Open for Coal Business after Cop28

A New Report Released by Banktrack Today Shows that Major Asian Banks & NDASH; Including Mizuho, ​​SMBC and Mufg in Japan, Bank Mandiri IA, And State Bank of India, Axis Bank and Bank of Baroda in India & NDASH; Are OpenFor Business in Coal, The Dirtiest Fossil Fuel. In Spite of Asia Being the "Growth Engine" of the Global Coal Industry and the World Agreeing Away, fossil fuels at Cop28 in December 2023, most of asia & rsquo; s Major Banks have eitherVery Weak or Non-EXISTENT Exclusions of Coal from their Investment Portfolios, Leaving the Door Open to Continued Investment in Climate Destruction.Mumbai Wealth Management

Half of the 30 Asian Banks AnalySed Still Have No Restrictions on COAL Finance, and the Rest Have Only Weak RESTRICTIONS. Other Findings:

"Captive" Coal Power in IndoneSia is Expanding, and theReface Could Growing Finance and UNDERMINE CLIMATE MITIGATION, (1)

Banks' Money is Being Redirect Away from Specific Projects and TOWARDS The Companies Behind Them, With Corporate Lending and UnderWriting Project Finan CE, and

DOMESTIC and Regional Financiers, as well as private equity, are playing a gele in coal.

Coal Havens Surveys the Coal Policies (or Lack TheReof) of 30 MAJOR Banks Across India, Indonesia, JAPAN, Malaysia, Philippines, SOUUTH KOREA, TA IWAN and THAILAND; Banks that have over usd 8 trillion in assets under management collectively. (2) Their Coal Exclusion Policies We Evaluated by Banktrack USING the Criteria From ReClaim Finance & RSquo; S Coal Policy Tracker ; Finance Policies on Coal Projects, Companies & RSQUO; Expansion Plans, WHETHER The Bank Applies Thresholds on Coal Mining and Coal Power Companies,Coal Finance Phase-Out Strategy and the Exclusion of Metallurgical Coal. (3)

Will O & RSQUO; Sullivan, Climate Campaigner at Banktrack, SAID: "The Shrinking Corners of the Coal Industry Are Still Pumped Into Them by Some of Th E biggest Banks in Asia. The japanese megabanks mizuho, ​​mufg and smbc, indesia & rsquo; s "bigFour ", Banks Mandiri, Negara, Rakyat and Central Asia, and Singapore & RSquo; S" Big Three ", DBS, OCBC and Uob, AMONG OTHERS, HAVE Totally Inadeququate COAL PO PO LICIES WHILE TheY ACTIVELY Finance Climate Destruction & NDASH; Long after they should have exitedCoal. All the Banks Should Urgeently and PerManently Adopt Robust Coal Exclusion Policies, and Transition rapidly to renewable engine. "

Anirban Bhattacharya, Team Lead on National Finance at Resure for Financial Accountability, SAID: "Our Own Research Finds That NATIONCIAL Institutes for 93% of the sanctioned loans to coal-based power plants in india. And the publicNMERState Bank of India, Still Are the Major Lenders to Privately Owned Coal Plants. About 25-35% of Indian Bank Loans Are Exposed to Carbon-Intensive Sectors Including As Per MoodyIndore Investment. Even a Recent Survey of the Reserve Bank of India Shows thata Majority of the Banks Have Not Related their Climate-Related Financial Disclosures with Any International's Accept Framework. While it is good that rbi is Surv. EYING The MODALITIES of Green Financing, It Must take on Much More of a Regulatory than An advisory role if we areTo be true to our climate responsibilities. "

The report Finds Three Trends in How Coal is Still Getting Money, in Other Words, Three Havens from the Energy TranSition: 1) Finance is increasing for "Captive" (Coal-Fired Power that is off of the Energy Grid and Used forIndustrial Activities Like SMELTING), 2) Project-Specific Finance is Being Dropped in Favour of Corporate Lending and Underwriting, and 3) Coal Project Pers are increasingly looking to domestic and regional banks and private equity investors to finance their operations.

While the report focuses on Asian Banks & RSquo; Policy Positions, It Also Highlights that major us and Europan Financial Investing in Coal: , CITI, Standard Chartred, Deutsche Bank and Others are exploing the relaque and UNSCRUTINISEISUnderWriting, to finance the mining and burning of coal across the region.

Sagar Asapur, Sustainable Finance Analyst at Climate Risk Horizons, SAID: "India Is Poised to Becom Energy Leader of Tomorrow, Harnessing Solar, Wind Energ Y Storage at some of the World's Lowest Rates. To Align with this transition, Banks ShouldFocus On SUPPORTING Renewables While Swiftly Enhancing Energy EFFICIENCY and PHASING OUT TheIR Investments in New Coal Power Projects. D from an Electricity Demand Perspective, NOR Competitive Financially and is of Course Incompative with A 1.5 ° C World. "

Bhima Yudhistira, Executive Director of Celios-IDONESIA, SAID: "Banks in the Asian Region are seen as the Financing Institute that has the slowest to adopt Arious InternaL Policies to Avoid Financing Coal Mining and Coal Power.Asia, Especially Developing Countries Like Indonesia, Are Still Financing the Development of COAL POWER to Support Industrial Areas, when Foreign Banks Refuse to P P ROVIDE Financing Due to Concesss About the Contradiction of Net Zero Commitments and the Risk of Stranded Assets. The lack of efforts byBanks to Carry Out Portfolio Transitions is Also Due to the Fact that the Revision of IndoneSia & RSQUO; Evel, event through there is alream a taxonomy in the actan region. "

Danielle Koh, Policy Analyst at Reclaim Finance, SAID: "Despite the Lip Service Paid to Fossil Fu Phaseout at Cop28, Very Few Asian Bank Committed TO END Finance for Coal Expansion, and the Commitments that do exist are full of loopholes.UNDERSCORES The NEED for Regulatory Pressure at the National and International Levels to Effectively STEM The Flow of Finance of the Entire COAL Industry, Including mining. The good news is that the faceing Costs of Renewables in Southeast Asia Offers a Market Incentive forInvestors. The pivot to renewable Energy Investments Must Take Place Now to Meet the Region's Climate Goals. ""

Will O & RSQUO; Sullivan, Climate Campaigner at Banktrack, WhatsApp/Signal: +4784 767 4787, Email:

See More Details at Banktrack & RSquo; S End Coal Finance Page.

"Captive Coal-Fired Power" is not connected to grid infrastructure, and is using to payer specially facilities suic smelters. Research On Indonesia & RSquo; S Emerging Captive Coal-Fired Power.Guoabong Investment

Banks Included in the Report: In India, Axis Bank, Bank of Baroda, Bank of India, EXIM Bank of India, Industral Development Bank of India (IDBI), Punjab and Sind b Ank, State Bank of India (SBI), Union Bank ofIndia; In Indonesia, Bank Central Asia, Bank Mandiri, Bank Negara Indonesia, Bank Rakyat Indonesia, Permata Bank, BANKBTPN; In JAPAN, SMBC, Mufg; aysia, cimb and Maybank; in the Philippines, Rizal Commercial Banking Corporation (RCBC), BANCO de Oro (BDO), Bank of the Philippine Islands; in Singapore, OCBC, DBS, Uob; in South Korea, Hana Bank; in TAIWAN, CTBC; And in Thailand, k bank. (China WAS Excluded as a ASPECIAL CASE, when it comes to coal power and mining project.)

The Bedrock of Data for this Research Includes Global Energy Monitor & RSQUO; QUO; S DIRTY 30 DataBase, CENFA & RSquo; S Data Corner and Urgewald & RSquo; S Global Coal Exit List

Bangalore Investment