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Japan to End Financing of Coal Projects Under Climate Pledge (2)

June 23, 2022, 6:32 AM

Japan will withdraw financing for key coal-fired power plant projects in Bangladesh and Indonesia under efforts aimed at accelerating a global phase-out of the dirtiest fossil fuel.

Asia’s second-largest economy will stop providing government-backed yen loans to the Matarbari 2 coal expansion project in Bangladesh and the Indramayu plant in Indonesia, the country’s Foreign Ministry said in a statement.

The move comes days ahead of a meeting of Group of Seven nations, which agreed last year to stop international financing of coal projects. Japan initially opposed that move, and while it subsequently tightened conditions for overseas coal projects, it has ...