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Shareholders urge Japanese companies to take urgent climate action
Japanese corporations have faced a record number of shareholders backing proposals calling for greater action and transparency on meeting net-zero carbon emissions targets. Today, and over the past week, shareholders representing USD 22 billion (JPY 3 trillion) investment in these corporations have put four of Japan’s largest companies in the spotlight on climate-risk management – Mitsubishi Corporation, Sumitomo Mitsui Financial Group (SMBC Group), and two utilities Tokyo Electric Power Company Holdings (TEPCO) and Chubu Electric Power Co who jointly own JERA, the largest thermal power generator in Japan. The shareholders include civil society organisations or their representatives, including 350.org Japan, Friends of the Earth Japan, Kiko Network, Market Forces and Rainforest Action Network. The votes demonstrate that the tide has turned for companies failing to align their business practices with the growing risks due to the climate crisis. There is a strong momentum of institutional investors and shareholders who are demanding action to counter these grave threats. Mitsubishi Corporation “With its significant investments in the polluting and risky LNG sector, Mitsubishi Corporation has been betting shareholder capital against the clean energy transition it claims to support. On proposals 5 and 6, investors representing 1.2 trillion and 960 billion yen investments respectively, have made a clear directive to Mitsubishi that before the company moves forward with any new LNG plans, the company must…