UK banks are Europe's biggest financiers of the global coal industry, providing $8.3bn since Cop26, according to a new report by Urgewald. This makes them the top coal financiers in Europe, surpassing German and French banks.
UK Banks Lead Europe in Coal Financing
The report reveals that UK-based banks provided $8.3bn (£6.2bn) in coal financing since the Cop26 climate summit in Glasgow in 2021. This is significantly higher than German banks ($4.9bn) and French banks ($3.4bn) over the same period. The financing supports companies across the coal value chain, from mining to power generation.
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Barclays and HSBC Drive the Trend
Barclays and HSBC are the main contributors, both increasing their coal financing between 2022 and 2025 despite climate commitments. Barclays' coal financing rose by 34%, from $1.2bn in 2022 to $1.6bn in 2025. HSBC's more than doubled to $414m, up 107% from $200m.
| Bank | Coal Financing (2022) | Coal Financing (2025) | Change |
|---|---|---|---|
| Barclays | $1.2bn | $1.6bn | +34% |
| HSBC | $200m | $414m | +107% |
Implications for Net-Zero Goals
This increase in coal financing contradicts the global pledge to "phase down" coal use made at Cop26. It raises questions about the effectiveness of voluntary climate commitments by financial institutions. Heffa Schücking, director of Urgewald, said: "Barclays and HSBC should explain why their financing is moving in the opposite direction to the rest of Europe."
Key Takeaways
- UK banks provided $8.3bn in coal financing since Cop26, the highest in Europe.
- Barclays and HSBC increased their coal financing despite net-zero pledges.
- The trend undermines global efforts to phase down coal and meet climate targets.
FAQ
Which UK banks are the biggest coal financiers?
Barclays and HSBC are the largest UK coal financiers, with Barclays providing $1.6bn and HSBC $414m in 2025.
How does UK coal financing compare to other European countries?
UK banks provided $8.3bn since Cop26, compared to $4.9bn from German banks and $3.4bn from French banks.
What is the coal value chain?
The coal value chain includes companies involved in mining, power generation, logistics, exploration, and trading of coal.
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