TOKYO, JAPAN — A report produced by 350.org Japan exposed that Japanese financial institutions poured a massive sum of $USD109.9 billion into the fossil fuel and nuclear power sectors just between 2011-2016, in spite of a global energy transition towards renewable energy. The findings demonstrate how the Japanese financial services industry trails behind the global momentum toward decarbonizing the energy sector. 195 countries committed to take action to combat climate change at the Paris talks at the end of last year.
Shin Furuno, 350.org Japan Divestment Campaigner stated in regards to these findings, “Japanese financial institutions have a critical role to play in mitigating climate change by supporting the transition from unsustainable fossil fuels and nuclear power towards renewable solutions. However, our research has exposed the enormous sums of money Japanese financial institutions are feeding into sectors that accelerate climate change and perpetuate nuclear risk. Now is the time for Japanese institutions to get into step with the world and take climate risk into consideration in the investment decisions being taken.”
Furthermore 350.org Japan will launch a campaign later this year to identify fossil fuel and nuclear free financial institutions in Japan. To support banks that adopt sustainable investment policies, the campaign will encourage individuals to divest their personal accounts from banks related to fossil fuel and nuclear expansion.
The full report Energy Finance in Japan: Funding Climate Change and Nuclear Risk is available here: 350.org/ja/my-bank-my-future/
Summary of findings below:
Energy Finance in Japan: Funding Climate Change and Nuclear Risk, a report commissioned by 350.org looks into 137 parent companies of Japanese financial institutions (covering 197 subsidiaries) to provide a broad survey of Japanese financial institutions’ investment in companies in the fossil fuel and nuclear power industries. The research also identifies financial institutions that are effectively free of investments in these industries.
The report reveals that during the period January 2011 to May 2016, 61 parent companies provided loans and underwritings attributed to fossil fuels amounting to approximately $USD109.9 billion. 68 parent companies held bonds and shares attributed to fossil fuels in May 2016 with a total combined value of approximately $USD19 billion.
Meanwhile, 54 parent companies provided loans and underwritings attributed to nuclear power amounted to approximately $USD20 billion. 54 parent companies held bonds and shares attributed to nuclear power in May 2016 with a total combined value of approximately $USD2 billion.
This research focuses on syndicated loans, share and bond issuances, bondholdings, and shareholdings. It uses financial data provided by Bloomberg and Thomson EIKON. It should be noted that this research does not cover financing through direct (i.e., bilateral) loans. Data and information on direct loans are not publicly available.
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