Japan’s Mitsubishi UFJ Financial Group to cease financing new coal-fired power projects

Japan’s Mitsubishi UFJ Financial Group (MUFG) will cease financing new coal-fired power generation projects after July 1, 2019 as it has revised its environmental and social policy framework. The decision will gradually reduce MUFG’s exposure to coal power projects although the company can make exceptions where governments need to build plants to meet the local electricity demand. The 2018 Banking on Climate Change report estimates that MUFG, along with Japan’s other two megabanks – SMBC and Mizuho – have provided a combined $8.6 billion in financing to the coal power sector from 2015 to 2017.

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