Top global lenders - under pressure from investors, Western governments and campaigners - have squeezed credit lines that finance projects based on fossil fuels in a bid to achieve net-zero emissions across their financing portfolios., as it impedes their ability to provide reliable energy to their citizens.
Environmental activists are increasingly pushing Japanese 'megabanks' away from investing in, or financing, fossil fuels like coal, which still has strong support in Japan. All the banks have committed to stop lending to new coal-fired power plants. A February 2022 report by 28 non-governmental organisations showed SMBC's rivals Mizuho and Mitsubishi UFJ Financial Group were theof the global coal industry, which received $373 billion in loans in nearly three years ending November 2021.
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Source: Reuters - 🏆 2. / 97 Read more »