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MUFG to Join Rivals in Phasing Out Coal Power Financing (1)

Oct. 15, 2020, 11:53 PM

Mitsubishi UFJ Financial Group Inc. is set to announce plans to phase out coal power financing over the next 20 years, joining local rivals in bowing to pressure from environmental groups and investors.

Japan’s largest banking group will unveil measures to halve its outstanding coal energy project finance by the year ending March 2031 and bring it to zero by 2040, according to a person with knowledge of the matter. MUFG had about $3.58 billion of coal loans as of March, the person said, asking not to be identified ahead of an announcement.

Japanese banks, among the world’s biggest lenders...

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