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Japan Pulls Back from Coal, Though New Plants Move Forward
Japanese financial institutions and energy companies continue to move away from supporting coal-fired power generation, as the country’s leadership reiterates what it says is an “unwavering resolve to decarbonize.” Several of the country’s investment banks and other financial institutions have signaled their unwillingness to continue support of coal projects, and energy major Mitsubishi in late February said it is pulling out of the $2 billion, 2-GW coal-fired Vinh Tan 3 power plant project in Vietnam, marking its first exit from a coal project. Mitsui & Co. has told Indonesian officials it plans to sell its stake in Paiton Energy, an independent power producer in Indonesia that operates coal-fired plants.