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Credit Suisse to Stop Financing New Coal Fired Power Plants

Coal News - Published on Thu, 12 Dec 2019

Image Source: Credit Suisse Coal Ban
Switzerland’s second-biggest bank Credit Suisse announced that it will stop financing the development of new coal-fired power plants. Credit said “The bank has decided to no longer provide any form of financing specifically related to the development of new coal-fired power plants. This is in addition to the bank’s existing policy of not providing any form of financing that is specifically related to the development of new greenfield thermal coal mines. This commitment also applies to cases where the majority of the use of proceeds is intended for the development of a new coal-fired power plant or a new greenfield thermal coal mine, respectively.”

Credit Suisse was among 10 big European banks challenged by environmental groups to sever lending to utilities which they say are developing new coal-fired power plants.

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Posted By : Yogender Pancholi on Thu, 12 Dec 2019
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