The report highlights that over 200 major financial institutions have established coal exclusion policies, with Europe leading (114 institutions) followed by Asia-Pacific (53 institutions). Despite record coal company profits during the energy crisis, divestment momentum has accelerated in the past two years, driven by climate action and recognition of climate risk as a systemic financial risk. The institutions include 87 banks, 51 insurance/reinsurance companies, 17 export credit agencies, 7 multilateral development banks, and 36 asset managers/owners. Notable developments include Asia’s jump from 10 to 41 institutions with coal exclusion policies between 2019-2022, though major asset managers like BlackRock, State Street, and Vanguard (managing $20 trillion) have either weak policies or none at all. The most comprehensive policies restrict all financial services and products related to coal companies, including corporate finance, project finance, underwriting and investment.

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