Some banks associated with the Net-Zero Banking Alliance (NZBA) continued financing coal companies, but the trend was not uniform: a new Urgewald analysis reported in Climate Change News on October 2, 2026, found that roughly half of NZBA banks active in coal finance increased it from 2022 to 2025, while roughly half reduced it. The analysis counted loans and underwriting, and NZBA membership was a voluntary net-zero commitment—not a blanket ban on coal finance.
What the reported coal-finance findings show
The October 2026 Climate Change News article summarizes a new analysis by Urgewald. It reports mixed movement among NZBA banks active in coal finance over 2022–2025: roughly half increased their coal-related financing and roughly half reduced it. The article also says lending and underwriting for coal activities did not fall at some major banks during that period. The published summary does not give a complete bank-by-bank table of changes, so it does not support a claim that every member increased financing—or a precise overall total for NZBA banks.
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A separate 2026 NGO publication, the Still Banking on Coal media briefing, reported the following figures for US banks. They are that briefing’s coal-financing estimates, not audited bank disclosures:
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|---|---|---|
| US banks, combined | $13.6 billion | $16.7 billion |
| Bank of America | $1.5 billion | $2.3 billion |
| JPMorgan Chase | $1.5 billion | $2.2 billion |
| Wells Fargo | $1.2 billion | $1.9 billion |
These figures provide a US comparison, not an NZBA-wide total. The briefing describes global coal finance as broadly flatlining while noting regional differences: it says Chinese banks account for more than 60% of total bank flows to the coal industry, and US banks are the largest coal financiers outside China. Those figures are also claims from the briefing, not independently audited totals.
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Which banks are named—and in what context
Banks identified with NZBA at launch
Climate Change News identifies Bank of America, Barclays, Citigroup, Deutsche Bank and Santander as heavily involved in NZBA and the associated Glasgow Financial Alliance for Net Zero when it launched ahead of COP26 in 2021. This is the article’s description of launch-era involvement, not a list of every NZBA member.
Banks named in the Glencore example
The article separately names Bank of America, Citigroup, Santander, Barclays, Deutsche Bank, HSBC and Standard Chartered as providers of loans and underwriting to Glencore in the preceding year. HSBC and Standard Chartered are part of this company-financing example; they are not on the article’s stated list of banks heavily involved at the alliance’s launch.
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Glencore, which the article describes as Switzerland-based, derived 4% of its revenue from coal. The article says the company received preliminary regulatory approval to continue coal mining in Australia’s Hunter Valley until 2045. The seven banks’ financing is evidence of loans and underwriting to Glencore, not by itself proof that they directly financed a new mine or plant.
Why “financing coal” does not necessarily mean funding a new coal project
Urgewald’s analysis, as described by Climate Change News, includes both loans and underwriting. It also allocates part of a company’s financing to coal according to the share of revenue the company earns from coal. For example, the article says a hypothetical $100 million loan to RWE would count as $21 million of coal finance if 21% of RWE’s revenue came from coal.
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- This approach can capture general corporate financing to a company with coal revenue, rather than only money earmarked for a coal mine or power plant.
- A coal-revenue allocation does not establish that the financed company is expanding coal activity; the analysis does not distinguish expansion from a company phasing out coal while shifting to greener alternatives.
- Urgewald’s attributed-finance figures should therefore not be read as a tally of direct project finance for new coal infrastructure.
What NZBA membership committed banks to—and what it did not
NZBA was a voluntary alliance under the UN Environment Programme Finance Initiative. Members independently committed to transition their financing activities toward net-zero emissions by 2050 at the latest and to set intermediate sector targets for 2030 or earlier. That commitment did not, on its own, prohibit financing coal companies.
NZBA’s 2024 progress report shows membership grew from 43 banks at launch in April 2021 to 144. Its findings were based on information from 122 member banks submitted through the end of May 2024. The report’s coal figures are historical, not current membership or policy counts:
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| Coal-related disclosure in the 2024 report | Reported count |
|---|---|
| Banks with coal targets or phase-out policies | 36 |
| Banks reporting no coal-sector exposure | 51 |
| Banks reporting coal phase-out policies | 14 |
For the banks with phase-out policies, the report describes 2030 as a typical phase-out year in OECD countries and 2040 in non-OECD countries. These were reported policy dates, not a single alliance-wide deadline applying to every bank.
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The alliance also did not prescribe a uniform perimeter for coal targets. Its 2024 report’s definition of coal emissions includes thermal and metallurgical coal mining, transport, and end-use combustion in industrial applications. Banks could therefore cover different activities in their policies and targets, making headline comparisons imperfect.
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What changed after the alliance ended
Climate Change News reports that NZBA’s requirements were diluted in April 2025 and that, after further withdrawals, the alliance shut down in October 2025. Its reported dissolution does not show whether an individual bank retained or changed its own coal policy, and the available reporting does not establish that leaving or ending NZBA caused a change in coal lending.
The Still Banking on Coal briefing offers an advocacy assessment of some individual banks. Niko Lusiani, Climate & Energy Research Director at Rainforest Action Network, said: “The vast majority of banks that left the Net-Zero Banking Alliance continue to uphold their coal policies. But Bank of America and JPMorgan Chase threw their coal restrictions out the window while Wells Fargo abandoned its climate emissions targets. Now all three are doubling down on this deadly and dying fossil fuel.” This is Lusiani’s characterization, not a neutral institutional finding or a substitute for comparing each bank’s policy with its financing data.
The 2026 coverage and briefing do not provide a complete bank-by-bank follow-up on policies after 2025. They support the narrower conclusion that coal-related financing continued at some banks and that reported trends differed across banks; they do not establish that all former members abandoned coal restrictions.
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