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CNN Business: Banks say they’re getting tough on coal, but they keep lending trillions to polluters

CNN Business, April 11, 2022, Banks say they’re getting tough on coal, but they keep lending trillions to polluters

The biggest lenders to coal, the study found, include Japan’s Mizuho Financial Group, Barclays, Citi, and JPMorgan Chase. All four banks are members of the UN Net Zero Banking Alliance and have committed to aligning their portfolios with net zero carbon emissions by 2050.

Institutional investors hold a combined $1.2 trillion in coal industry assets as of November 2021, numbers that appear to be on par with holdings in 2020.
At the top of the list was BlackRock, which held 9% of global coal stock holdings. About $110 billion of its equity is in coal producing companies, and $34 billion is invested in companies building new coal plants, the report found.
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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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