China’s carbon reduction target looks elusive as banks keep throwing cash at coal mines and power plants, undercutting Xi Jinping’s plan to slash fossil fuels

American and Canadian banks led almost half of the US$3.8 trillion in global fossil fuel financing deals over the past five years. European, UK, Chinese and Japanese financial institutions pale in comparison, but their financing volume rose during the period, with Chinese financing rising by a third to almost US$160 billion, according to the data.