The German government-owned German Bank for Reconstruction and Development (KfW) announced recently that it would stop financing all coal-related commercial activities.
KfW Group's new "Negative List" rejected the funding for "coal exploration, exploration and exploitation", as well as related infrastructure mainly used for coal, including power plants, heating stations and cogeneration facilities.
KfW also revealed that the goal of the new policy is to reduce the share of coal and electricity in relevant power grids and to stop financing coal-related projects.
NGO Urgewald, an environmental protection agency, said it welcomed KfW's new policy. Previously, KfW excluded financing for new coal-fired power plants. But after years of hesitation, the decision was made, and comparable institutions in France, the Netherlands and Switzerland stopped financing coal as early as 2013. Sadly, KfW once again missed the opportunity to play a leading role in public banks. It should use its new energy rules to start withdrawing from other fossil fuels, "Urgewald said.
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