Is Japan finally saying goodbye to funding coal plants in Asia?
Yes. Here are 5 reasons why:
First, Japan’s Environment Minister, Shinjiro Koizumi, supports tightening rules around exporting coal power plants. (Source: Reuters, 2020)
Second, the Governor of Japan’s largest public coal power lender, Japan Bank for International Cooperation (JBIC) said, “we will no longer accept loan requests for coal-fired power generation projects.” The JBIC had lent over US$14bn to coal power since 2003. (Source: Diamond Online, 2020)
Third, the world’s largest private lender to coal power developers, Mizuho announced it would stop funding new coal plants for good. (Source: Reuters, 2020)
Fourth, renewable energy is growing fast. It accounted for three quarters of added power globally throughout 2019. (Source: The Guardian, 2020)
And last, communities are saying no to coal power. In Japan, In the Philippines, and in Indonesia.
The clean energy revolution in Asia is coming fast.