November 26, 2019 / 2:56 PM / 14 days ago

UniCredit to exit thermal coal mining projects by 2023

MILAN, Nov 26 (Reuters) - Italy’s biggest bank by assets UniCredit on Tuesday pledged to fully exit thermal coal mining projects by 2023, joining a growing number of global financial companies striving to improve their green credentials.

Presenting its sustainability targets a week before unveiling a new four-year plan, UniCredit also said it would raise its exposure to the renewable energy sector by a quarter to more than 9 billion euros ($9.9 billion) by 2023.

France’s BNP Paribas last week announced it would completely exit coal financing related to thermal coal sector by 2030 in the European Union and by 2040 worldwide.

$1 = 0.9073 euros Reporting by Valentina Za, editing by Gianluca Semeraro

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