G20 Summit: Indian banks ‘invest’ Rs 79,800 cr a year in coal


G20 Summit: Indian banks ‘invest’ Rs 79,800 cr a year in coal

The G-20 governments have more than doubled the financial support they provide to coal power plants in just three years, despite pledging a decade ago to phase out subsidies to all fossil fuels, an independent study said on Wednesday.

India’s public banks invest Rs 79,800 crore per year in the coal sector, said the study published ahead of the G-20 summit in Japan on June 28-29.

The study from the Overseas Development Institute (ODI), Oil Change International (OCI), the International Institute for Sustainable Development (IISD) and the Natural Resources Defense Council (NRDC) tracks three types of government support provided by G-20 governments.

These are fiscal support, lending by public banks and investments made by state-owned enterprises. Read More

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