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World Bank's IFC adopts climate rules to deter lenders from backing coal

IFC, which owns equity stakes in many large commercial banks in emerging markets, hopes the restrictions will trigger other investors to exit the coal sector

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International Finance Corporation | IFC | World Bank

Reuters  |  LONDON 

By Matthew Green LONDON (Reuters) - The World Bank's private-sector arm has introduced new climate change conditions for its investments in commercial banks to encourage the lenders to wind down support for coal projects in Africa and Asia. The International Finance Corporation (IFC), which owns equity stakes in many large commercial banks in emerging markets, hopes the restrictions will trigger other investors to exit the coal sector. "I think this is an important milestone. If we look historically, our environmental policies and procedures have been adopted by both ...

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First Published: Thu, September 24 2020. 08:20 IST
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