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Paris (AFP)

Financial institutions have chaneled $745 billion over the past three years to new coal power projects worldwide despite effort to reduce fossil fuel use to fight climate change, a report released Thursday said.

The amount was calculated using data covering both lending and underwriting between January 2017 and September 2019 for all 258 coal plant developers identified in the Global Coal Exit List, drawn up by the Urgewald and BankTrack groups.

Altogether, the report cites more than 1,000 new coal power stations or units in the pipeline.

"Most of the top banks providing loans or investment banking services to these companies acknowledge the risks of climate change, but their actions are a slap in the face to the Paris Climate Agreement," said Greig Aitken, climate campaigner at BankTrack.

The top three lenders listed are the Japanese banks Mizuho, Mitsubishi UFJ Financial Group and the Sumitomo Mitsui Banking Corporation.

These are followed by Citigroup and BNP Paribas.

© 2019 AFP