350

Carbon Dioxide (CO2) released by incinerating fossil fuels such as oil, coal and natural gas is the main cause behind the planet’s warming.  As a new measure to resolve the issue of global warming, 350.org is promoting a divestment initiative around the world, calling for the withdrawal of investments and loans in fossil fuel-related companies.

The Ministry of Environment announced its intention to newly construct (with certain conditions) coal-fired thermal power stations that emit large amounts of carbon dioxide, despite continually having stated that it “could not approve” doing so.  The Paris Agreement reached last year is behind a strengthening global tide to “shift away from carbon dioxide”.  This change of direction in policy will surely invite harsh criticism from international society towards Japan, the country hosting this year’s G7 Summit.

To express a dissenting view against this turn of events, we ascertained the current state vis-à-vis Japan’s investments and loans in fossil fuel-related companies, which are accelerating global warming.  We also investigated the current state of investments and loans in nuclear power-related companies that underpin nuclear power stations – which have for a long time met vociferous opposition from the people of Japan.

As part of its Divestment campaign, 350.org Japan focused on banking groups, insurance companies and local governments, investigating their respective investment and financing in fossil fuel-related companies and nuclear power-related companies, and has announced the results.

Main Findings of Investigation:

• Having investigated investments by banking groups in fossil fuel-related companies, nuclear power-related companies and companies related to expanding domestic coal-fired thermal power stations – with regard to companies related to fossil fuels and companies related to nuclear power – it was ascertained that Mitsubishi UFJ has the highest amount of investment and loans, followed by Mizuho, Mitsui Sumitomo, and then Mitsui Sumitomo Trust.  Furthermore, regarding companies related to expanding domestic coal-fired thermal power stations, Mizuho has the largest amount of investment and loans, followed by Mitsui Sumitomo, Mitsubishi UFJ, and Mitsui Sumitomo Trust (refer to table A-1 and A-2).

• Having investigated investments/loans by insurance companies in fossil fuel-related companies (Mitsubishi Corporation, Idemitsu Kosan Co., Ltd., Mitsui & Co., Ltd., Itochu Corporation, Marubeni, INPEX, JX Holdings) and in nuclear power-related companies (Toshiba, Mitsubishi Heavy Industries, Hitachi), and in companies related to expanding domestic coal-fired thermal power stations (Kansai Electric, J-POWER, Tokyo Electric, Chubu Electric, Kyushu Electric, Chugoku Electric, Kobe Steel, Tokyo Gas, Marubeni, Idemitsu Kosan Co., Ltd.), it was ascertained that for fossil fuel-related companies, Meiji Yasuda Life has the highest amount of investments/loans, followed by Nippon Life, followed by MS&AD.  For investment in nuclear power-related companies and companies related to expanding domestic coal-fired thermal power stations, the highest amount invested for both was Nippon Life, followed by Meiji Yasuda Life, and Daiichi Life (refer to Tables B-1, B-2)

• Having investigated the state vis-à-vis number of shares held by local governments in electric companies, it was ascertained that the Tokyo Metropolitan Area, Toyama Prefecture, Kobe City, Yamaguchi Prefecture, Kochi Prefecture and Okinawa Prefecture all hold a high numbers of shares.

Table A-1: Breakdown of Investment Method of Banking Groups in Companies related to Fossil Fuels/Nuclear Power/Expanding Domestic coal-fired thermal power stations (Unit: 100 million JPY)

Refer to marketable securities reports of each company and Toyo Kezai’s “Major Shareholder Handbook 2014”.

As Marubeni is included in both fossil fuels and domestic coal, the total for all three excludes overlaps.

Table A-2: Order of Investment/Loans by Banking Groups in Companies related to Fossil Fuels/Nuclear Power/ Expanding Domestic Coal-fired Thermal Power Stations (Unit: 100 million JPY)

Refer to marketable securities reports of each company and Toyo Kezai’s “Major Shareholder Handbook 2014”.

As Marubeni is included in both fossil fuels and domestic coal, the total for all three excludes overlaps.

Table B-1: Breakdown of Investment Method of Insurance Companies in Companies related to Fossil Fuels/Nuclear Power/ Expanding Domestic Coal-fired Thermal Power Stations (Unit: 100 million JPY)

Refer to marketable securities reports of each company and Toyo Kezai’s “Major Shareholder Handbook 2014”. Blank columns denote that the amount borrowed is unclear and does no signify that no shares are held.

As Marubeni is included in both fossil fuels and domestic coal, the total for all three excludes overlaps.

Table B-2: Order of Investment/Loans by Insurance Companies in Companies Related to Fossil Fuels/Nuclear Power/ Expanding Domestic Coal-fired Thermal Power Stations (Unit: 100 million JPY)

Refer to marketable securities reports of each company and Toyo Kezai’s “Major Shareholder Handbook 2014”.

As Marubeni is included in both fossil fuels and domestic coal, the total for all three excludes overlaps.

Regarding further details of results, please address enquiries to:

Shin Furuno, Divestment Campaign Manager, 350.org Japan

Email: [email protected] / Tel: 070-2793-3648

Media Contact:

Marie Tanao

Email:[email protected] / Tel: 090-2183-2113