Japan megabanks turn further away from coal

May 17, 2021 | News On Japan

May 17, 2021 (NHK) - Japan's top three banks are pushing to get greener. They're tightening lending to coal-fired energy plants, as the world turns to cleaner fuels.

Sumitomo Mitsui Financial Group will stop financing expansions to coal power stations from June. That's on top of its current ban on funding new plants.

Mitsubishi UFJ Financial Group says it's ending lending for coal, although there are some exceptions.

Mizuho Financial Group is expanding its policy to ban financing for plants that are already in the planning stage.

Environmental groups have been pressing Japan's megabanks to give coal the cold shoulder.

Power plants have been under fire for belching large amounts of carbon dioxide.

The three financial groups say they're tightening their rules to highlight support for a decarbonized society.

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