Japan: Environment organisations point out outcome of Annual Meeting is a strong signal from investors for banks and energy cos. to strengthen their management of climate-related risks
"共同プレスリリース:世界の投資家、日本企業の気候変動対策及び取締役会の監督能力の実効性に重大な懸念を表明," 8 July 2024
[Japanese-to-English translation by Business & Human Rights Resource Centre]
In April of this year, a coalition of environment organisations and shareholders filed the resolutions targeting Japan’s banks and energy corporations (Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, Mizuho Financial Group, and Chubu Electric Power, which has a major role in the management of JERA, Japan's largest power generation company)...
The outcome of the vote on the resolutions means that there will be continued scrutiny of companies that face challenges in addressing risks related to climate change...
"... Megabanks are also financing a company developing the Rio Grande LNG facility and pipeline on the U.S. Gulf Coast. In addition to its high greenhouse gas emissions, this project has been pointed out to have negative impacts on low-income residents due to the deterioration of the surrounding environment and violations of indigenous peoples' rights, posing serious problems from a human rights perspective. Although all the companies promised to conduct human rights due diligence in their investments and loans, and there were occasions when they emphasized respect for human rights during the Q&A session at the Annual Meeting, these examples do not indicate that the implementation is sufficient. Whether it is climate change or human rights, we need to strengthen the implementation system of the policies we have formulated."Toyoyuki Kawakami, Japan Senior Advisor at Rainforest Action Network
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