No More Money from Japanese Megabanks for Coal-Powered Plants

Starting this June, Japanese megabank Mizuho Financial Group Inc. will stop providing investments and loans to new coal-fired power plants, joining global efforts to reduce carbon emissions.

Once the new policy and financing guidelines are in effect, the group will additionally disallow its borrowers from refinancing their loans to the massively carbon-emitting coal-powered plants.

Mizuho is one of three megabanks in the country, while the other two are also implementing similar policies: Mitsubishi UFJ Financial Group Inc. also aims to stop investing in and loaning to coal power plants, while Sumitomo Mitsui Financial Group Inc. has plans to announce a similar financing policy.