Almost two months ago, NECU and BankTrack issued an Investor Alert describing the circumstances which had forced Ukraine’s biggest coal company, DTEK, to seek a debt restructuring agreement with a host of European banks, including Dutch ING, Italy’s UniCredit and Austria’s Erste Bank. The troubled coal giant has been seeking a delay in the payment of most of its $3 billion debt.
The banking sector has a huge influence on climate change. Behind every energy carbon-emitting utility, fossil fuel company and infrastructure project you will find a complex web of financing: from underwriting and loans, to advisory services and asset management.
For the last decade, our team at RAN has been challenging banks to take responsibility and work to reduce these emissions.