JBIC to stop financing coal-fired plants by FY2040

NHK -- Aug 27
A Japanese government-backed lender says it is going to reduce to zero its outstanding loans for overseas coal-fired power plants.

The Japan Bank for International Cooperation has set a target date of around fiscal 2040. The policy is part of its push for carbon neutrality, as the world turns to cleaner fuels.

The JBIC says its loan balances for such plants stood at about 6 billion dollars as of the end of March. The lender has already indicated it will no longer offer financing for the projects that involve Japanese companies.

Japan's three biggest private financial groups, Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho, have announced similar plans, also with a fiscal 2040 target date.