LONDON - Some of Europe's biggest banks are being challenged by environmental groups to sever all lending to utilities which they say are still developing new coal-fired power plants.
"Some banks have pledged to not directly finance new coal plants but they are providing general finance to companies which are building new plants," Katrin Ganswindt of German environmental pressure group Urgewald told Reuters. The 10 banks were Barclays, BNP Paribas, Credit Agricole, Credit Suisse, Deutsche Bank , HSBC, ING, Nordea, Standard Chartered and UniCredit.
Since Paris, many European banks have adopted policies such as cutting lending to firms which rely on coal for a high percentage of their revenues or pledging to end funding for new mines. Some banks have increased their funding of renewable energy projects and stepped up engagement with clients to encourage a faster shift away from coal production and consumption.
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