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UniCredit to exit thermal coal mining projects by 2023

UniCredit to exit thermal coal mining projects by 2023
FILE PHOTO: Unicredit bank logo is seen on a banner downtown Milan, Italy, May 23, 2016. REUTERS/Stefano Rellandini   -   Copyright  Stefano Rellandini(Reuters)
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MILAN (Reuters) – Italy’s biggest bank by assets UniCredit <CRDI.MI> on Tuesday pledged to fully exit thermal coal mining projects by 2023, joining a growing number of global financial companies striving to improve their green credentials.

Presenting its sustainability targets a week before unveiling a new four-year plan, UniCredit also said it would raise its exposure to the renewable energy sector by a quarter to more than 9 billion euros (£7.6 billion) by 2023.

France’s BNP Paribas <BNPP.PA> last week announced it would completely exit coal financing related to thermal coal sector by 2030 in the European Union and by 2040 worldwide.

(Reporting by Valentina Za, editing by Gianluca Semeraro)

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