Three European asset managers, including the largest, Amundi , said on Wednesday they had jointly filed climate-change resolutions at Japanese electricity generator Electric Power Development Co Ltd , known as J-Power.
In what they say are the first climate-related proposals by an institutional investor group to a Japanese firm, Amundi, hedge fund Man Group
and HSBC Asset Management called on J-Power to set credible emissions-reduction targets and to disclose plans to achieve them.Register now for FREE unlimited access to Reuters.comThe move highlights a shift of attention to Japan by major asset managers that have been challenging companies in the United States and Europe over plans to transition to a low-carbon economy. Few Japanese companies have had to deal with such resolutions so far.
The filing followed months of engagement with J-Power about concerns that its current decarbonisation strategy "would see the company lose competitiveness as Japan moves to cut greenhouse gas emissions to net zero by 2050," the group said in a statement. Amundi, Man Group, and HSBC Asset Management have a combined $3 trillion in assets under management. Man Group is the world's largest publicly traded hedge fund company.
A spokesperson for J-Power said its board was discussing how to respond to the resolutions. The company would announce its intentions when decided, he said.Last month, climate activist groups including Japan's Kiko Network and Australia's Market Forces jointly submitted shareholder resolutions to four Tokyo-listed companies urging greater commitment to tackling climate change.
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