Fewer bank loans for coal-fired power abroad

According to a report by Bloomberg, China informed a group of environmental organizations that its largest bank has dropped its plans to finance a three-billion-dollar coal-fired power plant in Zimbabwe. In the report, energy analyst Lauri Myllyvirta stated the decision was „significant“ and, to his knowledge, „the first time a Chinese bank has proactively exited a coal-fired power project„. Within the last two decades, China’s state-owned development banks alone have invested more than $50 billion in coal projects abroad.