Financial Industry Shifts from Coal Without Any Funding Cuts

Global financial industry’s vow to shift from coal has not translated into reduced funding as per new analysis from environmental groups, reported Axios. This analysis found that 650 commercial banks which provide finance for thermal coal production and coal fired power, showed $130billion in loans and underwriting in 2024. 

This is similar to the $132billion in the year 2022 and an increase from $123billion in 2023. China has been the biggest source of finance from 2022 to 2024 with $248billion followed by the US, Japan, Europe, and Canada. A number of banks, including the big US banks are leaving various climate alliances except for the Citi Bank which has also increased its coal financing. 

OPEC Cuts Oil Demand for Next Four Years on No Peak Demand in Sight

The OPEC group of oil-producing nations has cut its global oil demand forecasts for the next four years, as Chinese growth slows, Reuters reported. However, it also raised its longer-term forecast and said “there was no sign oil use had reached its peak”

The OPEC+ producer group, composed of OPEC plus allies including Russia, is also pumping more oil to regain market share to support the market after years of cuts.

India’s Import of Crude Oil From Russia Hits 11-Month High in June

India imported 2.08 million barrels per day in June from Russia, highest since July 2024 on the Israel-Iran War, reported ET Energyworld.  While India’s global imports dropped 6% in June, Russian rose 8% month-on-month. 

More than half of these imports from Russia were made by three Indian refineries, which also export refined products to G7+ countries. 

China’s Coal Import Declines to a 2-Year Low in June

China’s coal imports declined to a two year low as miners speed up domestic production to replace lower grade coal imports, reported ET Energyworld. China’s June imports stood at 33.04 million tonnes, lowest since February 2023 and 26% down since June last year. 

In the first half of the year, imports 11% year-on-year to 221.7 million tonnes. The import could also fall for a full year between 50 million and 100 million tons. 

Trump’s Inaugural Fund Collected Over $19million From Fossil Fuel Industry 

The fossil fuel industry donated over $19million to Trump’s inaugural fund, sparking concerns regarding the US President’s relationship with the oil industry, Guardian reported. This amounted to 8% of all donations it raised. The President raised $239 million for his inauguration which is more than the past three inaugural committees combined and double the previous record. 

Chevron, the energy giant, made the largest contribution to the inaugural fund of $2 million, followed by ExxonMobil, ConocoPhillips, and Occidental Petroleum, among the fossil fuel giants.

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