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Commercial banks have channeled more than $1.5 trillion across the coal supply chain since the start of 2019, according to a report from German researcher Urgewald and its partners. The findings come just over three months after dozens of banks joined Mark Carney’s global alliance to achieve net-zero emissions from finance.

Most agree it’s necessary to fight rising temperatures, yet few major global banks are willing to shun profitable fossil-fuel clients. The biggest coal lenders included Mizuho Financial Group Inc., Barclays Plc, Citigroup Inc. and JPMorgan Chase & Co., the study showed. Chinese banks dominated the underwriting of capital raised by the coal industry.

“What we’re seeing is the tip of the iceberg,” said Heffa Schuecking, founder of Urgewald, in an interview. “This is a clear sign that companies aren’t transitioning.”