Nippon Life Insurance to end coal power investment

By Olivia Minnock
Japanese Life Insurance Company Nippon Life Insurance Co has announced it will stop lending and investment activity in coal-fired p...

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.

See also:

Ireland becomes first country to divest from fossil fuels

Allianz commits to eliminating insurance coverage for coal plants

Read the latest issue of Energy Digital

“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.

Share

Featured Articles

Q&A: ENGIE Impact’s Exec MD for EMEA & APAC Mark Chadwick

Companies must look forward and devise strategies to decarbonise their operations. ENGIE Impact’s 2024 Net Zero report shares their ambitions vs. actions

Mercedes F1 Team first in motorsport to sign Climate Pledge

Mercedes-AMG PETRONAS F1 have become the first motorsport team to sign The Climate Pledge, committing to reach Net Zero carbon emissions by 2040

Onward: Shell Launches Trailblazing Global Climate Tech

Powered by Shell, Onward’s new advisory board includes executives from major global companies including Nike and XPRIZE to accelerate the energy transition

Bechtel & Westinghouse Unite for European Nuclear Power

Renewable Energy

Swedish Power Company Vattenfall Celebrates 115 years

Utilities

Amazon to use Half of Offshore Wind Farm’s Renewable Energy

Renewable Energy