Coal expansion is proposed all over the planet, yet projects in Asia represent nearly 80% of planned capacity growth worldwide. After China and India, Vietnam, Indonesia, and Bangladesh all have significant new coal power projects being planned.
"Building new coal plants is an assault on the
Paris climate goals." - Heffa Schucking, Urgewald
Asia's ambitious coal build-out is increasingly coming under pressure from two sides: opposition to new polluting coal plants and the rapidly falling costs of solar and wind energy, which are already outcompeting coal-based electricity in many countries. The question isn't whether Asia will move away from coal, it's whether it will move fast enough to keep us within the temperature limits of a habitable climate and world.
Coal Exit: Divestment Made Easy!
Video from Urgewald
BlackRock’s ownership position:
Coal is the world's deadliest fossil fuel, damaging people's health, destroying local ecosystems, and acting as the #1 driver of climate change worldwide. All scenarios aiming to keep the world at a safe temperature - including the Paris Agreement - involve rapidly phasing out coal.
Yet coal companies and their financial backers continue to plan thousands of new projects. New coal plants are being planned or are under construction in 59 countries. If all of these plans proceed coal capacity could grow by 33%, putting any climate change targets far out of reach.
Human rights impacts:
COAL IS KILLING US, YET MORE THAN
1,300 NEW COAL PROJECTS ARE BEING
PLANNED OR BUILT WORLDWIDE.
None of these coal projects can go forward without finance and insurance. The finance industry has invested over $478 B in the world's top 120 coal planet developers since the Paris agreement was signed.
Despite many touting "sustainable investing" strategies, financial firms have increased their investments in coal since Paris.
BlackRock is in the embarrassing position of being the world's #1 owner of coal.
BlackRock holds over $11B in 56 coal planet developers. When looking at the top 5 companies expanding coal power worldwide, it is one of the top 5 investors in four of them.
Many European asset managers have policies excluding coal from their funds. BlackRock trails the pack with no such policies.
Unless investors and banks rapidly cut off their financial flows to coal plant developers, it will be impossible to keep the world to a safe and habitable temperature.
Click on the link below get involved with the campaign to stop the expansion of coal worldwide.