May 23, 2019 / 1:33 AM / 7 months ago

Japanese bank Mizuho to tighten financing norm for coal-fired plants

FILE PHOTO: Pedestrians walk under a logo of the Mizuho Financial Group Inc. in Tokyo, Japan, May 15, 2015. REUTERS/Yuya Shino/File Photo

TOKYO (Reuters) - Japan’s Mizuho Financial Group Inc said on Wednesday it will tighten its financing policy for coal-fired power projects from July 1 to help tackle global climate change issues.

Mizuho, Japan’s No.2 bank by assets, will provide financing to coal-fired power projects in line with international guidelines and only to highly efficient ultra-super critical (USC) plants or those using more advanced technology, it said in a revised sustainability policy.

The new policy will exclude the projects for which the bank has made plans to provide support before July 1, it said.

It could also make exceptions for the projects using lower-efficient technology than USC as long as they comply with international guidance such as OECD agreement, a company spokeswoman said.

In an original policy issued a year ago, Mizuho said it would provide financing to coal-fired power projects after verifying the technological efficiency and economic rationality.

Mitsubishi UFJ Financial Group said last week that it will no longer provide financing for new coal-fired power generation projects after July 1.

Reporting by Yuka Obayashi; editing by Rashmi Aich

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