Nippon Life Insurance Co. will no longer extend loans for, or invest in, coal-fired power plants due to environmental concerns, an official at Japan¡¯s biggest life insurer said, in the first such move by a major domestic institutional investor.
Japanese banks in recent months have tightened lending criteria for coal power, indicating a global divestment of fossil fuel assets that has cut $6 trillion worth of investment has reached the world¡¯s third-biggest economy.
¡°We have decided to stop new investment and lending to coal-fired power projects at home and overseas,¡± Yusuke Takaishi, deputy general manager at Nippon Life¡¯s finance and investment planning department, said in an interview.
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