An extension of the coal reduction policy to all lending will act as a strong impetus for Indian financial institutions to strengthen their own policies on coal reduction.
Previous policy allowed the IFC’s financial clients to support new coal projects as long as they exited coal by 2030, but the new update explicitly rules out new coal.
A new report released today by Centre for Financial Accountability India and Recourse reveals how India’s 7th largest commercial bank – Federal Bank Limited – has turned its back on new coal. The bank received a $126...
India’s 7th-largest commercial bank, Federal Bank Limited, has turned its back on new coal, according to a new report released October 7, 2021. The bank is a key lender to firms such as Jindal Steel Works (JSW)...
Federal Bank Limited will discontinue financing of any new-coal related projects, including coal-fired power projects. The announcement comes on the heels of the equity infusion from the International Finance Corporation (IFC) in July 2021.
