Coal news and updates

Mitsubishi Corp 8058.T has decided to pull out of the Vinh Tan 3 power plant in Vietnam, two sources familiar with the company's thinking on the matter told Reuters, as it shifts away from carbon intensive businesses in the face of climate change.

 

Mitsubishi's move to exit the estimated $2-billion project shows how willing Japanese companies and financiers are to drop once-strong support for coal, under pressure from shareholders and activists.

 

Japan's big banks regularly topped lending league tables for coal mines and power stations. But, in a little over a year, they have committed to ending their financing for the dirtiest fossil fuel, albeit over decades.

 

The Japanese trading house will pull out of the 2-GigaWatt Vinh Tan 3 project in the southern province of Binh Thuan, because of climate targets, said the sources, who spoke on condition of anonymity.

 

Source : https://www.nasdaq.com/articles