BNP Paribas sets out rules for coal financing phase out

BUSINESS GREEN | In a string of new measures unveiled yesterday, the bank has tightened its rules on providing finance to companies invested in coal, giving European firms until 2021 to align their coal strategies with a 2030 exit date.

Companies planning to build new coal-fired power plants will no longer be able to get financing from BNP Paribas, following the banking giant's introduction of a string of new policies aimed at eliminating its exposure to coal-fired electricity projects.

In an update to its coal sector policy published earlier this week, the French bank has vowed to stop financing companies this year that would contribute to new coal-fired electricity plants - whether through purchasing, the expansion of existing plants, or the construction of new ones.

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