Financements de Glencore : Les banques européennes soutiennent encore l’expansion du charbon

The document argues that European banks continue to support Glencore's coal expansion through general-purpose bond issuances, enabled by inadequate exclusion thresholds and policy loopholes regarding metallurgical coal and corporate-level financing.

• Glencore is expanding its thermal and metallurgical coal portfolio through 17 mine extensions across Australia, South Africa, Canada, Russia, and Kazakhstan, which contradicts International Energy Agency (IEA) scenarios predicting a global decline in coal production.
• Between January 2024 and April 2025, twenty major banks participated in 12 Glencore bond issuances totaling 8 billion dollars. Nearly half of these banks are European, including Deutsche Bank, Commerzbank, ING, Santander, BBVA, UBS, Standard Chartered, HSBC, and Barclays.
• European banks can continue financing Glencore due to policy gaps such as inadequate exclusion thresholds, restrictions limited to new clients or future activities, and tailored exemptions. Specifically, only ING and HSBC have metallurgical coal restrictions, but these only cover project-level financing rather than corporate-level funding.

APA

Manickawasagar, A. (2025). Financements de Glencore : Les banques européennes soutiennent encore l’expansion du charbon. Reclaim Finance. https://reclaimfinance.org/site/2025/05/21/financements-de-glencore-les-banques-europeennes-soutiennent-encore-lexpansion-du-charbon/

Chicago

Manickawasagar, Aatiraï. Financements de Glencore : Les banques européennes soutiennent encore l’expansion du charbon. Reclaim Finance, 2025. https://reclaimfinance.org/site/2025/05/21/financements-de-glencore-les-banques-europeennes-soutiennent-encore-lexpansion-du-charbon/.

Wikipedia

{{cite report |last1=Manickawasagar |first1=Aatiraï |title=Financements de Glencore : Les banques européennes soutiennent encore l’expansion du charbon |publisher=Reclaim Finance |date=20 May 2025 |url=https://reclaimfinance.org/site/2025/05/21/financements-de-glencore-les-banques-europeennes-soutiennent-encore-lexpansion-du-charbon/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{manickawasagar2025financements, author = {Manickawasagar, Aatiraï}, title = {{Financements de Glencore : Les banques européennes soutiennent encore l’expansion du charbon}}, institution = {Reclaim Finance}, year = {2025}, month = may, url = {https://reclaimfinance.org/site/2025/05/21/financements-de-glencore-les-banques-europeennes-soutiennent-encore-lexpansion-du-charbon/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }