The Japan Bank for International Cooperation (JBIC) cease funding for coal-fired power plants overseas, Ecotown reports.
Last December, JBIC decided to provide $1.7 billion for the construction of a new coal-fired power plant in Vietnam (Vung Ang 2 project). This project has become the object of criticism for foreign investors.
JBIC will no longer join the implementation of new "dirty" projects.
"There is a worldwide shift away from carbon fuels," Tadashi Maeda, Governor of Japan's Bank for International Cooperation, said March 3. "Coal is the energy source that produces the most carbon dioxide emissions."
JBIC is involved in financing overseas energy projects involving Japanese businesses.
Earlier, Finland allocated €7.7 million to stop burning coal.
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