CITY OF COAL: The Climate Crimes of UK Finance

The report finds that the City of London is the world's third largest source of loans for the global coal industry, with top UK banks providing $56 billion to coal companies between October 2018 and October 2020. It highlights a significant gap between the UK's net-zero rhetoric and the actual activities of its financial sector, noting that no UK financial institution has adopted a robust coal exit policy. The document specifically identifies Barclays, HSBC, and Standard Chartered as major providers of coal finance, and Legal & General as the largest UK investor in coal. It contrasts this with the French financial sector, where many institutions have committed to ending support for coal expansion. The report concludes with a set of ten rules for UK financiers to exit coal and calls for an immediate end to the expansion of all fossil fuels, including oil and gas.

• The City of London is the world's third largest source of loans for the global coal industry, trailing only Wall Street and Tokyo. Between October 2018 and October 2020, the five largest UK banks—Barclays, HSBC, Standard Chartered, NatWest, and Lloyds Banking Group—provided $56 billion to coal companies through loans and underwriting.
• UK investors held $47 billion in shares and bonds in coal companies as of January 2021. The top 10 UK investors were responsible for 78% of this amount, with Legal & General being the largest holder at $7.2 billion, followed by Standard Life Aberdeen ($6.4 billion) and Schroders ($5.2 billion).
• Major UK banks continue to finance companies with coal power expansion plans. Between October 2016 and October 2018, Standard Chartered, HSBC, and Barclays collectively directed over $11 billion toward such companies. Standard Chartered is the leading UK banker of coal developers, largely due to its activities in Asia.
• UK financial institutions lack robust coal exit policies compared to their French counterparts. While 19 French institutions have robust policies and 26 have committed to stop supporting new coal plants and mines after 2021, zero UK financial institutions have adopted robust coal exit policies.
• Lloyd’s of London's coal policy, adopted in December 2020, is deemed inadequate because it allows new insurance cover for thermal coal mines and plants until January 2022 and does not cover coal transport infrastructure. It is identified as a potential insurer for the Whitehaven coal mine in England and Adani’s Carmichael project in Australia.
• The report argues that net-zero pledges by UK financial institutions are insufficient if they do not include immediate stops to fossil fuel expansion. It notes that the five main UK banks provided $314 billion to fossil fuel companies since the 2015 Paris Agreement, with Barclays and HSBC ranking among the top ten financiers of tar sands, shale oil, and offshore drilling.

APA

Reclaim Finance (2021). CITY OF COAL: The Climate Crimes of UK Finance. https://reclaimfinance.org/site/wp-content/uploads/2021/05/City_Of_Coal_UK_Finance_Report.pdf

Chicago

Reclaim Finance. CITY OF COAL: The Climate Crimes of UK Finance. 2021. https://reclaimfinance.org/site/wp-content/uploads/2021/05/City_Of_Coal_UK_Finance_Report.pdf.

Wikipedia

{{cite report |author=Reclaim Finance |title=CITY OF COAL: The Climate Crimes of UK Finance |date=May 2021 |url=https://reclaimfinance.org/site/wp-content/uploads/2021/05/City_Of_Coal_UK_Finance_Report.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{reclaimfinance2021city, author = {{Reclaim Finance}}, title = {{CITY OF COAL: The Climate Crimes of UK Finance}}, institution = {Reclaim Finance}, year = {2021}, month = may, url = {https://reclaimfinance.org/site/wp-content/uploads/2021/05/City_Of_Coal_UK_Finance_Report.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }