Climate Friendly Banks: The Key To A Sustainable Energy Transformation?

Amid an increased focus on environmental sustainability, the idea of fossil fuel “bad banks” is gaining traction globally. The concept refers to special companies specifically dedicated to acquiring and winding down fossil fuel assets. As renewable energy becomes cheaper, more investors around the world are turning their backs on fossil fuels, and coal in particular, which is increasingly seen as high-risk relative to other energy projects. Citibank, for example, recently announced that it will stop financing thermal coal mining, with…