Italy's Intesa to phase out coal mining financing by 2025

Credit: REUTERS/STEFANO RELLANDINI

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MILAN, July 27 (Reuters) - 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.

In adopting a new policy for unconventional oil and gas, which includes techniques such as fracking or oil sands, Intesa said it was ending new financing immediately and would phase out exposure by 2030.

(Reporting by Valentina Za, editing by Stephen Jewkes)

((valentina.za@thomsonreuters.com; +39 02 6612 9526;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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