Japan and China remain among the world’s top coal industry lenders and underwriters, says a report by NGOs such as Rainforest Action Network and 350.org. This despite both countries declaring intent to go carbon-neutral as part of their commitments to climate target set out in the Paris Agreement. According to the study, the top financiers and investors behind the global coal industry (between October 2018 to October 2020) provided loans amounting to US$315 billion with the top three being Japanese — Mizuho (US$22 billion), Sumitomo Mitsui Banking Corporation (US$21 billion) and Mitsubishi UFJ Financial Group (US$18 billion). China, although accounting for less than six per cent of total lending to the coal industry, is responsible for 58 per cent of underwriting with Chinese banks channelling US$467 billion to the coal industry in the past two years.

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