More than 100 global financial institutions over the past six years have announced they will no longer invest in thermal coal – a move that is likely to leave future coal projects as "stranded assets", according to a new report.

With a focus on the future of coal following global mining giant Glencore last week announcing it would cap its future coal production following lobbying by activists, the report from the Institute for Energy Economics and Financial Analysis said there was global momentum against lending to coal, with a bank or insurer turning their back on coal once every two weeks.