YNTR: IEEFA Update: Capital Flight from Thermal Coal is Accelerating

You Need to Read This IEEFA Update: Capital Flight from Thermal Coal is Accelerating by Tim Buckley.

The Institute for Energy Economics and Financial Analysis is an important source of research at the intersection of economics and climate. Here they assess the trend of banks, brokerages, and other financial institutions refusing to fund, insure, and otherwise economically  support thermal coal. Coal is (forgive us) the proverbial “canary in the coal mine” for climate-polluting industries, showing what will eventually come for all other sectors as the global economy shifts from climate risk to climate opportunity:

Global capital flight from thermal coal and the coal-fired power sector is already at a canter in 2020.

 

BlackRock’s January announcement of its divestment from thermal coal is huge, and an unexpected move by this global giant (US$7 trillion assets under management (AuM), given the asset manager’s entrenchment as a climate action laggard.

 

At the same time, asset manager Aegon has announced a new, enhanced, coal divestment program. In total, 116 globally significant banks and insurers have now put in place increasingly stringent coal policies to move towards alignment with the Paris Agreement.

Corporate greenwash is yielding to polices of substance and impact, and carbon-heavy assets will become riskier and less cost-effective with time.

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