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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. According to 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.

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