India's drive to ramp up coal output to meet growing energy demand is faltering due to banks' reluctance to finance newly auctioned mines, though most lenders remain far from ditching fossil fuels for good, analysts and officials said.
Of the 87 mines auctioned to private companies in the past three years in a push called "Unleashing Coal" - part of India's energy self-sufficiency plans - only four are operating, with the rest awaiting financing, a federal coal ministry official said, asking not to be named.
Climate campaigners and investors are asking banks globally to rein in funding to coal, oil and gas - the leading sources of the man-made greenhouse gas emissions heating up the planet, but reports suggest money continues to flow. "Indian financial institutions are a long way behind in terms of formulating coal divestment policies," the report said.Besides growing global pressure for banks to shun coal, the financing delays to new mines reflect bankers' concerns about the granting of environmental permits that are required by miners prior to acquiring land - used by banks as collateral.
"There is a gap of 200 million tonnes in the domestic coal capacity and consumption. We're filling that gap from coal imports currently. These mines are important," said the coal ministry official.
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