{"id":43041,"date":"2020-12-08T15:07:53","date_gmt":"2020-12-08T15:07:53","guid":{"rendered":"https:\/\/www.climatechangenews.com\/?p=43041"},"modified":"2020-12-08T15:12:56","modified_gmt":"2020-12-08T15:12:56","slug":"malaysian-bank-phase-coal-finance-victory-campaigners","status":"publish","type":"post","link":"https:\/\/www.climatechangenews.com\/2020\/12\/08\/malaysian-bank-phase-coal-finance-victory-campaigners\/","title":{"rendered":"Malaysian bank to phase out coal finance, in a victory for campaigners"},"content":{"rendered":"

Malaysian bank CIMB has announced it will phase out coal from its portfolio by 2040, in an effort to align with the Paris Agreement’s 1.5C of global warming goal.<\/strong><\/p>\n

According to researchers from Market Forces<\/a>, CIMB invested $2.6bn in coal in the past decade, mainly through bond arrangement. In July 2020, it signed a loan agreement<\/a> for the controversial Jawa 9 and 10 coal power complex in Indonesia.<\/p>\n

\u201cThe advancement of sustainability principles is complex and must be seen as a journey, one that CIMB started only two years ago,” said CIMB group chairman Datuk Mohd Nasir Ahmad in a statement.<\/p>\n

The change in direction\u00a0marks a victory for environmental campaigners in Indonesia and Malaysia, who took out newspaper adverts<\/a> in October calling for CIMB, RHB and Maybank to stop funding new coal.<\/p>\n

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Great news from Malaysia, as @CIMBMalaysia<\/a> commits to a significant and strong policy to exit from #coal<\/a><\/p>\n

This makes CIMB the first emerging markets bank to make such a commitment! Which other banks will follow with stronger coal policies?@COP26<\/a> @PastCoal<\/a> @BeyondCoal<\/a> @topnigel<\/a> https:\/\/t.co\/IePdjIZBjF<\/a><\/p>\n

— Dr Helena Wright (@_HWright) December 8, 2020<\/a><\/p><\/blockquote>\n