Mizuho says it will stop lending to new coal power projects [Reuters (UK)]
Mizuho Financial Group, Inc. Sponosred ADR (Japan) (MFG)
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Source: Reuters
Mizuho says it will stop lending to new coal power projects - Reuters 2 Min Read TOKYO (Reuters) - Mizuho Financial Group said it will stop financing new coal power projects and end all loans for coal by 2050, handing a victory to the global climate movement and adding pressure on the remaining two of Japan’s three largest full service banks. The policy change still leaves Japan’s third-biggest bank by assets a lot of wriggle room on lending to projects planned or under construction, while the 2050 cutoff is considered by many to be too late for a total exit from the dirtiest fossil fuel. Mizuho, one of the world’s biggest lenders to coal power stations, said in a statement on Tuesday that it would cut its outstanding balance of 300 billion yen ($2.8 billion) in loans to coal power projects as of March this year in half by 2030 and reduce them to zero by 2050. A shareholder resolution sent to Mizuho management last month calls on the bank to outline a plan and set targets so that its
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MFG
Sec Filings
- 12/2/24 - Form 6-K
- 11/29/24 - Form 6-K
- 11/14/24 - Form 6-K
- MFG's page on the SEC website