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Global banks channeled more than $385 billion to the coal power industry over the past three years, with annual flows increasing last year from 2023. Katrin Ganswindt, financial research director at Urgewald, said "It's as if Glasgow never happened" in reference to the COP26 climate summit pledges to phase down coal. According to Urgewald, Chinese banks are the top providers of coal-related financing, allocating almost $250 billion to the industry between 2022 and 2024.

German Chancellor Friedrich Merz warns EU leaders that high government, corporate, and private household debt levels are fueling the risk of a new financial crisis.