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The bank intends to halve its thermal coal financing exposure by 2030
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Asset-level or general corporate financing will be prohibited for new thermal coal mines and coal-fired power plants, as well as expansions of the projects
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Nest has also pledged to begin divesting from companies involved in thermal coal, oil sands and arctic drilling and be completely divested by 2025
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First State Super has pledged to eliminate the fossil fuel from its investment portfolio businesses, which gain more than 10% of their revenue from thermal coal by October 2020
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The Australian bank says it has increased the share of renewables in its lending to the electricity generation sector from 59% to 75% since 2016
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It is part of the company’s efforts to help reduce greenhouse gas emissions
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It has also committed to power five million homes through supporting renewable projects in the UK by 2020
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