Nippon Life Insurance to end coal power investment
Japanese Life Insurance Company Nippon Life Insurance Co has announced it will stop lending and investment activity in coal-fired power plants.
The decision is based on ‘environmental concerns’ according to Business Green and as such Nippon has become the first major Japanese investment company to divest from coal in this way.
According to Reuters, Yusuke Takaishi, deputy manager for finance and investment planning at Nippon, said: “We have decided to stop investment and lending to coal-fired power projects at home and overseas.
“There are discussions among institutional investors, mainly those in Europe and the US, on how to deal with the issue of climate change and we are part of those discussions. Our decision on coal power is just one result of our ongoing discussions on climate change and we are not just considering coal,” he added.
Business Green has reported that up to 50 Japanese corporates will join the R100 initiative, which outlines the aim to use solely renewable energy by 2050.
Nippon Life Insurance company is the largest Japanese life insurance company in terms of revenue. Headquartered in Osaka, the company was founded in 1889 and currently has around 70,000 employees.
Drax advances biomass strategy with Pinnacle acquisition
The Group’s enlarged supply chain will have access to 4.9 million tonnes of operational capacity from 2022. Of this total, 2.9 million tonnes are available for Drax’s self-supply requirements in 2022, which will rise to 3.4 million tonnes in 2027.
The £424 million acquisition of the Canadian biomass pellet producer supports Drax' ambition to be carbon negative by 2030, using bioenergy with carbon capture and storage (BECCS) and will make a "significant contribution" in the UK cutting emissions by 78% by 2035 (click here).
This summer Drax will undertake maintenance on its CfD(2) biomass unit, including a high-pressure turbine upgrade to reduce maintenance costs and improve thermal efficiency, contributing to lower generation costs for Drax Power Station.
In March, Drax secured Capacity Market agreements for its hydro and pumped storage assets worth around £10 million for delivery October 2024-September 2025.
The limitations on BECCS are not technology but supply, with every gigatonne of CO2 stored per year requiring approximately 30-40 million hectares of BECCS feedstock, according to the Global CCS Institute. Nonetheless, BECCS should be seen as an essential complement to the required, wide-scale deployment of CCS to meet climate change targets, it concludes.