Japan's megabanks, taking heat for climate inaction, vow not to finance new coal plants

Mizuho Financial Group and Sumitomo Mitsui Financial Group join Japan's largest bank, Mitsubishi UFJ Financial Group, to stop providing new investments and loans to coal power plants.
Mizuho Financial Group and Sumitomo Mitsui Financial Group join Japan's largest bank, Mitsubishi UFJ Financial Group, to stop providing new investments and loans to coal power plants.PHOTO: ST FILE

TOKYO - Japan's megabanks have announced commitments, of varying degrees, to stop financing new coal power projects as global pressure ramps up on the world's third largest economy for stronger climate action.

Mizuho Financial Group, the second-largest lender, unveiled its pledges last Wednesday (April 15), followed by the third-largest Sumitomo Mitsui Financial Group (SMBC) one day later.

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