Mitsubishi UFJ Financial Group, one of the world’s largest banks, has announced that it will no longer provide financing for coal-fired power stations, in an update to its social and environmental policies. The bank joins a list of more than 1,000 financial institutions and investors who have begun to divest themselves from coal and other fossil fuels, under pressure from societies and governments who recognise the need to dramatically reduce carbon emissions.
Phasing out coal, which generates more carbon emissions per kilowatt hour than other fossil fuels, and contributes to air pollution, is a global priority. Although the transition is still too slow, there are signs that countries are reducing their use of the fuel, and plants have been shelved or cancelled across the world.
Source: Global Energy Monitor
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