Mizuho to Abolish New Loans to Coal-Fired Plant Projects

Economy

Tokyo, April 16 (Jiji Press)--Japan's Mizuho Financial Group Inc. <8411> will abolish new investments in and loans to construction projects for coal-fired power plants with high emissions of carbon dioxide, effective on June 1.

Mizuho will aim to cut the lending balance for relevant projects, which totaled some 300 billion yen in fiscal 2019, by half by fiscal 2030 and to zero by fiscal 2050, the megabank group said Wednesday.

The move reflects globally heightened momentum toward accelerated measures against global warming.

Mizuho said it may consider loans to projects to upgrade existing coal-fired plants to high-efficiency facilities including ones with lower CO2 emissions.

Mizuho has calculated how credit costs would increase in line with global warming under scenarios provided by the International Energy Agency.

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Jiji Press