Biggest Italian bank to end coal financing by 2025, fracking by 2030.

Italy’s biggest bank Intesa Sanpaolo ISP.MI on Tuesday said it would end with immediate effect the financing of coal mining with a view to phasing out exposure to the sector by 2025.

Answering questions from shareholders ahead of its annual general meeting in April, Intesa had said it was reviewing its coal financing policy and would set new goals by the end of the year.

Rival heavyweight UniCredit CRDI.MI in September set a goal to cut its coal exposure to zero by 2028, declining to provide banking services for any coal-related projects.

Updating its policy, Intesa said it would phase out all financial services to companies operating in the coal mining sector by 2025.

28 July 2021

IEEFA