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Nippon Life Insurance Co. will no longer extend loans for, or invest in, coal-fired power plants due to environmental concerns, an official at Japan’s biggest life insurer said, in the first such move by a major domestic institutional investor.

Japanese banks in recent months have tightened lending criteria for coal power, indicating a global divestment of fossil fuel assets that has cut $6 trillion worth of investment has reached the world’s third-biggest economy.

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