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Japan’s three biggest commercial banks are the world’s top financiers of new coal plants, according to research released Thursday in Spain at the United Nations Climate Change Conference.

Mizuho Financial Group, Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group together accounted for 32 percent of direct lending to coal power plant developers since January 2017, the report by Germany-based nonprofit Urgewald, Dutch bank watchdog BankTrack and 30 other NGOs says. Their research examined loans, underwriting, bonds and shareholdings in companies that were financially invested in the expansion of the coal industry between January 2017 and September 2019.

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