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The Hidden Financial Pipelines Supporting New Coal
The continued expansion of global coal infrastructure and new coal projects is one of the biggest threats facing humanity. One-third of the world’s carbon emissions come from burning coal, making it the world’s single largest contributor to climate change. Coal also contributes to toxic air and water pollution, which kills millions of people each year. The latest IPCC report unequivocally stated that no new coal facilities can be added to the existing global fleet to avoid the worst impacts of climate change. Additionally, the International Energy Agency’s Net Zero by 2050 report advised that unabated coal use for electricity must end in advanced economies by 2030 and globally by 2040. While significant progress has been made to phase out the global coal fleet, there is much work to be done to ensure the world gets on track to accelerate the transition away from coal to renewable energy, and achieve a Paris-aligned pathway. Ending coal funding is the key to stopping new coal, because without funding, the coal industry will cease to operate. With coal remaining a major part of the world’s electricity grid, it is critical to uncover how funding flows to coal infrastructure and identify solutions to curb coal’s growth.
Last modified 11/13/2022