ACCR Company Engagement J-POWER

Electric Power Development Co Ltd (J-POWER) is the sixth largest energy utility in Japan.

J-POWER (TYO: 9513) is Japan’s largest coal power operator, reporting 64.88 million tonnes of CO2 emissions in FY2020. It has interests in 17 power projects around the world - fueled by gas, coal, hydro and biomass – and also invests in Australian coal mines.


ACCR and a US$3 trillion investor group, including the Man Group, HSBC Asset Management and Amundi, has engaged privately with J-POWER on its decarbonisation commitments and strategy since January 2022,  later working together on co-filed resolutions at the company’s ordinary general meetings in 2022 and 2023.


In 2023, despite J-POWER’s claims of working “steadily to achieve carbon neutrality”, ACCR found the company’s climate transition plan fell well short of alignment with the goals of the Paris Agreement.

ESG engagement initiative of the year, Asia: Investor coalition at J-Power

ESG engagement initiative of the year, Asia: Investor coalition at J-Power


The initiative, representing around $3 trillion, became the first institutional investors to file a climate resolution in Japan when it called for more ambitious action by J-Power. The coalition was formed in January 2022 by the Australasian Centre for Corporate Responsibility and is made up of Man Group, HSBC Global Asset Management, and Amundi.


Man Group told Environmental Finance it was "delighted to receive this award on behalf of the co-filing group". It said this "recognises the significance of these pioneering climate shareholder resolutions by institutional investors in Japan”.

Updates

  1. Media release

    J-POWER responds to shareholder pressure: five coal-power units to close by 2030

    J-POWER has committed to closing five coal power generation units within domestic coal plants by FY 2030.

  2. Media release

    J-POWER faces second consecutive year of shareholder dissent on climate at AGM

    J-Power investors have once again signalled a lack of confidence in the company’s current decarbonisation strategy.

  3. Research

    Investor brief: Electric Power Development Co. Ltd. (J-POWER)

    Supporting investor brief to our 2023 Shareholder Resolutions to Electric Power Development Co., Ltd. (J-POWER)

  4. Research

    Investor Briefing - Electric Power Development Co., Ltd (J-POWER) 2023 AGM

    Analysis of J-POWER climate plan; analysis and voting intentions on shareholder resolutions and director re-election

  5. Media release

    Global asset managers with close to US$3 trillion AUM support climate shareholder resolution filed with J-Power - flag voting ‘no’ on director

    Three major institutional investors announced their support for a shareholder resolution filed with J-Power - with each also signalling an intent to vote against the director principally responsible for its climate strategy.

  6. Shareholder Resolution

    Shareholder Resolutions to J-Power on emissions reduction targets and remuneration incentives

    ACCR has co-filed Shareholder Resolutions to J-Power to set Paris-aligned emissions reduction targets and remuneration incentives.

  7. Media release

    Strong call by J-Power shareholders to strengthen decarbonisation strategy

    First institutional investor group-led climate shareholder proposals filed in Japan receive strong investor support

  8. Research

    Investor briefing: Shareholder Resolutions to Electric Power Development Co. Ltd. (J-POWER)

    Supporting investor brief to our Shareholder Resolutions to Electric Power Development Co., Ltd. (J-POWER)

  9. Media release

    First institutional investor group-led climate shareholder proposals filed in Japan

    US$3 trillion investor group encourages J-Power to scale up climate commitments

  10. Shareholder Resolution

    ACCR Shareholder Resolutions to J-Power on emissions reduction targets and disclosures

    ACCR has filed Shareholder Resolutions to J-Power to set credible emissions reduction targets and disclose plans to achieve them.