Amundi, HSBC Asset file joint climate resolution at J-Power again (updated)
09/05/2023 01:02
(Adds details of the resolution)
TOKYO, May 9 (Reuters) - Two major European asset
managers have jointly filed a shareholder resolution at Japanese
electricity generator Electric Power Development Co Ltd
9513.T , known as J-Power, for the second consecutive year in a
row.
Amundi AMUN.PA and HSBC Asset Management filed the
resolution with the Australasian Centre for Corporate
Responsibility (ACCR), the non-profit climate group said in a
statement on Tuesday.
The resolution is supported by Man Group EMG.L , the
world's largest publicly traded hedge fund, ACCR said. Amundi,
Man Group, and HSBC Asset Management have nearly $3 trillion in
assets combined under management.
J-Power is Japan's largest operator of coal-fired power
stations.
The asset managers are calling on J-Power to set and
disclose credible short and medium-term emissions reduction
targets, aligned with the goals of the Paris Agreement.
J-Power "has presented no indicative schedule for retirement
of its coal-fired power assets - instead presenting a plan that
involves capital expenditure into speculative technology such as
ammonia co-firing prolonging the life of these assets," the
statement said.
Last year, Man, Amundi and HSBC filed a similar shareholder
resolution, which they say was the first climate-related
proposals by an institutional investor group to a Japanese firm.
One of their proposals received support from 26% of
shareholders.
(Reporting by Makiko Yamazaki; Editing by Tom Hogue and Stephen
Coates)
((Makiko.Yamazaki@thomsonreuters.com; +81-3-4563-2805;))