Japan's mega banks vow not to finance new coal plants

Japan's mega banks commit to varying degrees to stop financing new coal power projects as pressure mounts on the world's third-largest economy to take stronger climate action. PHOTO: NOBLE GROUP
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Japan's mega banks have announced commitments of varying degrees to stop financing new coal power projects as global pressure mounts on the world's third-largest economy to take stronger climate action.

The country's second and third-largest lenders - Mizuho Financial Group and Sumitomo Mitsui Financial Group (SMBC) - unveiled their pledges last week.

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A version of this article appeared in the print edition of The Straits Times on April 21, 2020, with the headline Japan's mega banks vow not to finance new coal plants. Subscribe