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Credit Agricole stops financing coal mining

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World Coal,

Lenders are growing increasingly uncomfortable about funding coal due to environmental concerns. Sharing these concerns French bank Credit Agricole has said that it would no longer finance coal mining or miners.

The decision received praise from environmental groups who have been pressuring banks to cut off loans to coal miners.

"Credit Agricole SA has taken the decision to no longer finance coal mining projects or companies specialised in this field," outgoing Chief Executive Jean-Paul Chifflet said.

Bank of America has already announced that it was reducing its lending to coal companies, recognising the risk that future regulation and competition from natural gas pose on the industry.

Edited from source by Joseph Green. Sources: Reuters

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