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UniCredit, Italy's top bank, has announced that it will stop supporting
coal projects by 2028.
Unicredit will not provide banking services for any coal-related projects, including those
aimed at maintaining, improving or even reducing emissions from coal-fired power plants.
Customers can work with UniCredit as long as revenue from coal-related activities does not exceed 25 percent of revenue, as long as they have a solid plan to exit the coal business
by 2028, the filing said.
According to research by the NGO Reclaim Finance, which rates the coal policies of hundreds of financial institutions, the move believes that the move will make UniCredit the first in Italy to adopt a high-quality coal policy
.
Reclaim Finance said UniCredit ranked 16th globally after 15 French financial firms
.
Banks around the world are under pressure from investors, regulators and climate activists to transition
to a low-carbon economy.
UniCredit Bank announced in November 2016 that it would stop lending
to all thermal coal projects by 2023.
UniCredit, Italy's top bank, has announced that it will stop supporting
coal projects by 2028.
Unicredit will not provide banking services for any coal-related projects, including those
aimed at maintaining, improving or even reducing emissions from coal-fired power plants.
Customers can work with UniCredit as long as revenue from coal-related activities does not exceed 25 percent of revenue, as long as they have a solid plan to exit the coal business
by 2028, the filing said.
According to research by the NGO Reclaim Finance, which rates the coal policies of hundreds of financial institutions, the move believes that the move will make UniCredit the first in Italy to adopt a high-quality coal policy
.
Reclaim Finance said UniCredit ranked 16th globally after 15 French financial firms
.
Banks around the world are under pressure from investors, regulators and climate activists to transition
to a low-carbon economy.
UniCredit Bank announced in November 2016 that it would stop lending
to all thermal coal projects by 2023.
