IEEFA highlights Asian financial institutions moving away from financing coal power generation

April 30, 2020
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by Benjamin Torda
Very important

Coal has been a critical part of meeting Southeast Asia's energy demand. However, with organizations like BlackRock and the EIB recently announcing halts to coal project funding, the question remained if Asian banks would take up the slack. We may soon have an answer: Japan's two largest institutional banks, Sumitomo Mitsui and Mizuho (the world's largest private coal financier), and Filipino conglomerate Ayala announced coal divestment plans in 2020, following announcements in 2019 from UOB, DBS Bank, OCBC, and the South Korean government. Governments may step in to fund coal builds, but many banks will have an eye out for new energy sector plays. Clients should expect increased interest in renewables, energy storage, and natural gas.

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