World’s Fifth-Largest Bank Drops Stink Bomb On US Coal Industry
The US coal industry has been banking on overseas buyers to make up for its ever shrinking share of the US power generation sector, but the world’s fifth-largest bank has just tossed a banana peel in its path. That would be Japan’s Mitsubishi UFJ Financial Group, Inc., otherwise known as MUFG. Last week MUFG set the Intertubes on fire when it announced that it will no longer finance the construction of new coal power plants — but that’s not what should really worry US coal stakeholders.
