Sumitomo Mitsui Banking (SMBC) will phase out corporate and project finance exposure to coal mining by 2040 but does not have a concrete timeline for reducing support to trade finance, a senior company official said Thursday.
The main banking arm of Sumitomo Mitsui Financial Group said in disclosures to investors last year that it would halt funding for new mines, expansion of existing ones and related infrastructure, but stopped short of giving a timeline on ending corporate finance for companies linked to coal mining.
Rajeev Kannan, SMBC's Managing Executive Officer and Co-Head of Asia Pacific Division said Thursday there would be no project and corporate finance exposure to coal mining or coal-fired power plants by 2040.