Credit Agricole, SocGen cut coal finance

摘要

Two large French banks have pledged to cut project finance fornew coal-fired power plants and mines, in a move that couldrestrict a roll-out of power capacity in developing countries.Last week’s decision by Credit Agricole and SocieteGenerale (SocGen), intended to combat climate change, will notapply to projects already under way, such as a 2GW extensionat the Tanjung Jati-B 2 plant in Indonesia and the 770MW PuntaCatalina plant in Dominican Republic. Nor does it refer to loansand other credit facilities which bankroll operations.