https://newsletter.mw.creamermedia.com
Coal|Gas|LNG|Power|PROJECT|Projects
Coal|Gas|LNG|Power|PROJECT|Projects
coal|gas|lng|power|project|projects

Japan to end financing of key coal projects under climate pledge

24th June 2022

By: Bloomberg

  

Font size: - +

Japan will withdraw financing for key coal-fired power plant projects in Bangladesh and Indonesia under efforts aimed at accelerating a global phase-out of the dirtiest fossil fuel.

Asia’s second-largest economy will stop providing government-backed yen loans to the Matarbari 2 coal expansion project in Bangladesh and the Indramayu plant in Indonesia, the country’s Foreign Ministry said in a statement.

The move comes days ahead of a meeting of Group of Seven nations, which agreed last year to stop international financing of coal projects. Japan initially opposed that move, and while it subsequently tightened conditions for overseas coal projects, it has faced sharp criticism over its support for new developments under certain condition.

Japan accounted for more than half of the $6.6 billion of coal support from G-7 countries in 2019, according to Bloomberg NEF.

Bangladesh now plans to build a liquefied natural gas-powered plant for the Matarbari project, connected with an LNG terminal, The Daily Star reported citing Bangladesh state minister Nasrul Hamid.

Japanese companies are also withdrawing from the coal sector amid scrutiny from activist investors. Sumitomo Corp. and Toshiba Corp. have both indicated they won’t take new orders for coal-fired projects, while commercial banks have also made similar pledges.

Edited by Bloomberg

Comments

Latest News

Ramelius sets sights on 500 000 oz/y with Spartan merger
Ramelius sets sights on 500 000 oz/y with Spartan merger
Updated 14 minutes ago By: Mariaan Webb

Showroom

Multotec
Multotec

Multotec, recognised industry leaders in metallurgy and process engineering help mining houses across the world process minerals more efficiently,...

VISIT SHOWROOM 
ESAB showroom image
ESAB South Africa

ESAB South Arica, the leading supplier of high-end welding and cutting products to the Southern African industrial market is based in...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (14/03/2025)
14th March 2025 By: Martin Creamer
Magazine round up | 14 March 2025
Magazine round up | 14 March 2025
14th March 2025

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.169 3.338s - 126pq - 2rq
Subscribe Now