Powering Past Coal Alliance feedback on the Finance Principles

Reclaim Finance argues that the Powering Past Coal Alliance's (PPCA) current Finance Principles allow members to continue supporting coal expansion. The organization recommends updating the global phase-out deadline to 2040, removing the term "unabated" to ban all coal power, expanding the scope to include the entire coal value chain (including mining), banning general financial services to companies planning coal expansion, and implementing a sanction mechanism to exclude non-complying members.

• Reclaim Finance recommends that the PPCA update its phase-out deadlines to align with climate science, specifically requiring a global coal phase-out by 2040 and a phase-out in European and OECD countries by 2030.
• The current use of the term "unabated coal power generation" in the Finance Principles creates a loophole; Reclaim Finance argues for the removal of this term to exclude all new coal projects and all coal power generation, noting that carbon capture efficiency remains uncertain.
• The PPCA's scope is currently limited to coal power, which allows members to continue financing other parts of the value chain, such as coal mining and transport infrastructure.
• Reclaim Finance suggests that the PPCA should ban all financial services to companies planning to expand activities in the thermal coal sector, rather than only banning services directly used for coal plants.
• The document calls for the creation of a sanction mechanism, potentially including a "watchlist," to exclude financial institutions that fail to adopt strict criteria against coal expansion within one year of joining the Alliance.
• Reclaim Finance proposes that the PPCA broaden its scope to include metallurgical coal used in primary steel production to address the 7% of global greenhouse gas emissions produced by the steel industry in 2018.

APA

Martin, L. (2022). Powering Past Coal Alliance feedback on the Finance Principles. Reclaim Finance. https://reclaimfinance.org/site/en/2022/08/23/powering-past-coal-alliance-feedback-on-the-finance-principles/

Chicago

Martin, Léo. Powering Past Coal Alliance feedback on the Finance Principles. Reclaim Finance, 2022. https://reclaimfinance.org/site/en/2022/08/23/powering-past-coal-alliance-feedback-on-the-finance-principles/.

Wikipedia

{{cite press release |last1=Martin |first1=Léo |title=Powering Past Coal Alliance feedback on the Finance Principles |publisher=Reclaim Finance |date=23 August 2022 |url=https://reclaimfinance.org/site/en/2022/08/23/powering-past-coal-alliance-feedback-on-the-finance-principles/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{martin2022powering, author = {Martin, Léo}, title = {{Powering Past Coal Alliance feedback on the Finance Principles}}, publisher = {Reclaim Finance}, year = {2022}, month = aug, url = {https://reclaimfinance.org/site/en/2022/08/23/powering-past-coal-alliance-feedback-on-the-finance-principles/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }