Major loopholes in hundreds of financial institutions' coal policies have been revealed by Reclaim Finance, in partnership with 16 other NGOs, using a new online tool to identify, assess, and compare the policies adopted worldwide to restrict or end financial services to the coal sector.

The Coal Policy Tool rates the coal sector policies of 214 financial institutions on a consistent and transparent scoring grid built upon five key criteria; it also names the largest banks, re/insurers, asset owners and asset managers that have not begun taking steps on the coal policy road.

According to the Coal Policy Tool’s analysis, only 16 financial institutions have a robust coal phase-out policy, these being AXA, Crédit Agricole/Amundi, Crédit Mutuel, and UniCredit along with six other French financial groups: AG2R La Mondiale, CNP Assurances, La Banque Postale Asset Management, MACIF, OFI Asset Management and SCOR as an investor (the reinsurer SCOR has a minimal coal policy that only ends facultative coverage at project level).

The tool is accessible at coalpolicytool.org.

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