The End Coal Finance coalition report suggests that some commercial banks are prepared to finance a wave of new coal power projects across Asia.

After Inclusive Development International’s research identified 44 coal power projects that have been announced or proposed in India, Indonesia, the Philippines, Laos, Vietnam, Bangladesh, Mongolia, Pakistan, and Thailand, the coalition identified 98 commercial banks likely to be approached for financing. The coalition engaged each of these 98 banks, asking that they commit not to back the projects, but 83 per cent have not ruled out financing any of the projects directly, and none presented policies that exclude the possibility of indirectly financing them.

If developed, the projects would expand coal power capacity in these countries by 10 per cent adding nearly 40GW of new coal capacity, more than Germany or Russia's operating coal power capacity.

“The willingness of so many commercial banks to continue to finance coal is disheartening, when the science is clear that, to curb the climate crisis, all coal expansion should be immediately stopped. If we also consider the adverse impacts on local communities and the environment that many of these projects are set to cause, the picture becomes even more grim,” said Camilla Perotti, banks and coal campaigner at BankTrack.

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