DESJARDINS VOWS TO SHARPLY CUT COAL INVESTMENTS

Desjardins Group, the largest financial co-operative in North America, said it will almost completely stop financing companies in the coal industry. The Canadian co-op said it won't provide investments, loans or underwriting for businesses that operate or develop coal mines, plants or infrastructure, according to a statement posted on Friday. It may still work with some businesses that are transitioning away from coal, Desjardins said. Desjardins said that in May it had joined Powering Past Coal Alliance, a coalition of businesses pledging to stop financing coal power. In recent years, many European banks and money managers have announced plans to end financing or investments in coal, along with oilsands producers and Arctic drillers.