September 11, 2020 Read More →

UniCredit, Italy’s largest bank, to cut all ties to coal industry by 2028

Reuters:

Italy’s top bank UniCredit set a goal to cut its exposure to coal to zero by 2028 in a recent update of its policy for the sector and related activities, a document on the bank’s website showed.

UniCredit will not provide banking services for any coal-related projects, including those aimed at maintaining, improving and even cutting emissions at coal plants.

Clients with coal-related activities that account for no more than 25% of revenues can work with UniCredit as long as they have a credible plan for pulling out of the coal business by 2028, the document said.

Based on research by non-governmental organisation Reclaim Finance, which rates the coal policies of hundreds of financial institutions, the update makes UniCredit the first financial institution in Italy with a high-quality coal policy.

UniCredit announced in November 2016 it would halt all lending for thermal coal projects by 2023.

[Valentina Za]

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