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Almost half of thermal coal firms set to defy climate pledge – report
(The Guardian, 12 Nov 2020) Report identifies 935 firms finance industry needs to blacklist to meet Paris goals.
Almost half the companies involved in the thermal coal industry are expected to defy global climate commitments by deepening their coal interests in the coming years, according to a report.
The study, by the green campaign group Urgewald, revealed that almost 1,000 companies should be blacklisted by investors because they remain tied to the thermal coal value chain almost four years after the Paris climate agreement came into effect.
Almost 440 of these companies plan to build coal plants, mines or other infrastructure in the years ahead, according to Urgewald’s global coal exit list, which it produced alongside 30 NGO partners. Meanwhile, only 25 companies on the list have set a date to phase out their coal use.
Heffa Schücking, the director of Urgewald, said the findings should provide a wake-up call to investors who planned to continue to back companies linked to the coal industry as global governments signal a shift to cleaner energy sources.
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