Japan’s Mizuho Financial Group said on Wednesday it will stop financing coal-power generation by 2050, strengthening its actions for a carbon-free society.
The bank will halve its 300 billion yen ($2.8 billion) outstanding coal lending by the year starting April 2030 and bring it to zero by 2050, Kallanish Energy reports.
It will also halt new loans for coal-fired power plants from June, while promising to invest or lend 25 trillion yen in renewables and energy efficiency projects during the fiscal years 2019-2030.
Japanese banks are among the world’s biggest lenders to coal power developers, but pressure from environmentalists are increasing. Kiko Network, a Japanese activist group and holds shares in Mizuho, sent the bank a shareholder climate change resolution last month.
Investment funds with roughly $200 billion in assets and holding shares in Mizuho said then they would support Kiko Network’s call.
Sumitomo Mitsui Financial Group, another giant bank in Japan, also announced earlier this month it would finance up to 10 trillion yen in projects aiming to achieve sustainability over 10 years.
This post appeared first on Kallanish Energy News.